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New Toronto phenomenon throws rules out the window

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Real Estate Professional | 29 Apr 2015, 08:00 AM Agree 0
Bully bids are becoming increasingly common in Canada’s largest city, prompting frustrated agents to question the integrity of sales reps who rely on that strategy.
  • EddieN | 29 Apr 2015, 12:10 PM Agree 0
    Integrity? Seriously? As a listing agent, you are looking after the interests of your client, the seller. You are also obligated to present all offers, regardless of the offer date. So, if the seller chooses to accept the offer, it is their right. The last thing we need is more ridiculous rules. Act according to the rules with your client and be courteous to other agents. That's all there is too it. Just because your buyer didn't act quickly enough, is not anyone's fault. Maybe you, as a buyer's agent, should have been more proactive and professional in education your buyer?
  • judy | 29 Apr 2015, 02:08 PM Agree 0
    You have sales data, use it to price the listing so no one has unrealistic expectations to steal it!!! This really just sounds like the way Court Ordered Sales happen here in BC.
    Of course the seller and their agent want the cleanest and highest offer, and of course the buyer and their agent want the most safety and lowest price guaranteed.
    Simple Economics of Human Nature.....the fact is a sale doesn't happen without compromise, and depending on market conditions, one party usually has to compromise more than the other!!!!
    Quit pointing fingers!
  • Peter B. | 29 Apr 2015, 02:41 PM Agree 0
    Eddie, you contradict yourself. Judy, what exactly are you trying to say?
    Yes, our job as a seller's agent is to get the highest price for our seller. There is no way to prove that a successful bully bid is in the best interests of the seller. How can a buyer act quickly if the property is sold before the friggin sign is posted or before they can even get in for a viewing? Sleazy agents are good at pulling this "sold in one day" crap and the integrity of this profession suffers because of it.
    Any seller's agent that let's their seller fall for a bully bid is doing a half-ass job and any selling agent that pre-sells a property before showings can occur, or pre-sell a property then post it as available with a SC clause and no escape is cheating their seller.
    In a proper market, there is no compromise, a property will sell for the highest amount an educated (or intelligent) buyer will pay but only when the property is properly exposed and offered for competition.
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