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Agents second guess phantom bid regs

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Real Estate Professional | 19 Jun 2015, 11:30 AM Agree 0
All the effort to crack down on fake bids may have obscured an even bigger problem for agents and their clients.
  • Peter B. Realtor | 19 Jun 2015, 12:39 PM Agree 0
    Tighten the rules to prevent Phantom Bids. Good.
    Refuse to make it illegal for an agent to post a pre-sold property on the MLS as a "no further showings and no escape". No good.
    Bandage one toe and shoot the other. I think RECO has to open its eyes a bit more , worry less about consumer impressions and more about what ethical Realtors have been telling them them to fix.
    Same for the Toronto Board.
  • Josie Carrillo | 19 Jun 2015, 01:11 PM Agree 0
    I would love to see what they do with these records. Will they be available to other agents. For example, I presented an offer last night for a CRE property in Waterfront Community between King and Adelaide. I was told there were 11 offers! I don't doubt there were multiple offers, but Im curious to see the actual number and what the offers looked like in comparison to mine. We went over the asking price of $800,000 by $200,000 and still lost to a higher bidder! They did not even keep a copy of my offer! Im sure they didnt keep any of them. How can they prove they had 11 offers? On another residential property we went over $50,000 and we won to a "supposed" number of 7 bidders! On the other hand, if Im the listing agent, do I really want to keep 11 offers? Most people come in with 1 copy. I guess after July 1, 2015, we all better request 2 copies or request that all offers be sent by email first! One for us to keep and one to return to Buyer Broker agent. Either way, I like the new rule, maybe it will keep more agents honest.
  • Peter B. Realtor | 19 Jun 2015, 01:39 PM Agree 0
    Yea, keeping umpteen copies of failed offers seems cumbersome and just plain dumb. All a listing agent should be required to do is keep a signed registry of all offers. Signed by the co-operating-submitting agent. No specific details to gum up the ambiguous notion of privacy, just an acknowledged list off all agents and their respective brokerages. Don't need the buyers names, amounts, details, just the agent registering the offer. What more proof would be needed and simple to attach to the deal file for future reference. Instead we get this mish-mash of rules.
  • Lyle McNair | 19 Jun 2015, 01:39 PM Agree 0
    As with every piece of legislation that I have ever seen, by the day it becomes binding, those who want to circumvent the intent have already figured out how to do that. There's nothing in the amendment to the ACT that requires the Listing Brokerage to disclose any terms of any other offer in a multiple offer situation, even if the other offer was from friend of the Registrant dealing with the Seller on behalf of the Listing Brokerage at 80% of the asking price. (So from a legal standpoint it is still an "offer".) So is RECO going to be able to take action because someone did not obey the "intent" of the law, or will it be restricted to the actual wording of the law?

    Sometime down the road, it would be great to see some people writing laws that can put into practice some real world experience, instead of a load of theory.

    With the pending approval of allowing electronic signatures in Ontario, following several other jurisdictions, the issue of keeping copies of paperwork should rapidly become a concept buried in history. Keep up with the times, change careers, or retire!
  • Greed is the driver | 19 Jun 2015, 02:58 PM Agree 0
    Bottom line greedy tour guides that fool consumers can't be trusted..reflects in a industry that you qualify with barley a high school diploma and a 3 month course
  • Lawl | 19 Jun 2015, 04:45 PM Agree 0
    And the Troll strikes again!
  • Hehehe ... | 19 Jun 2015, 04:55 PM Agree 0
    TROLLs have to stay active!

    Or else no meaning to life or existence!


    One of the Dr. Phills
  • Phantom Scams | 21 Jun 2015, 12:23 PM Agree 0
    3 month coursers tour guides scamming with phantom bids instead of real value...surprise surprise...take a 3 month course and u are trading the most important transaction and they want 20,000-50,000. Don't we expect the schooling of a doctor to expect those kind of fees?? these tour guides talk like they are surgeons....but they resort to scams like Phantom Offers, Bidding wars, rocket science look up comparables...

    Consumers look on line for a agent that will do it for 1,000-2,000 and just a good a job if not better because u save Thousands for ur kids education..
  • R Beaumier | 21 Jun 2015, 02:45 PM Agree 0
    In Quebec, we have a brokerage law requiring to archive a copy of each and every offer. We also need to keep a list of each offer (accepted or not) for our annual report (and for potential annual inspection). Also each party should have a copy of the signed offer (buyer, seller, listing broker and collaborating broker). If you have any doubt about the number of effective offers, you can ask for assistance. Simple and efficient.
  • Chip | 21 Jun 2015, 06:44 PM Agree 0
    Law doesn't come into effect until July 01, although many brokerages have started keeping the Offer Summary Document or the complete offer. Easy: when the offer is submitted, keep a copy. Period. No problem. When they go electronic. Do the same.
  • Donahue | 23 Jun 2015, 03:08 PM Agree 0

    "Commission Wars", "Phantom Scams", (or whatever his/her name is these days!) is being absolutely sincere and serious when he/she says, "...I have no friends, this is my only outlet to the real world, to try to start a fight..."

    This is the same TROLL you'll find in ALL the articles here (under different names of course)!

    As always, the TROLL will resort to saying that I have nothing better to do with my time then to write this (2-3 minute) response after reading this article.

    He/she is angry at the world for being in the same situation day after day! He/she has a degree in Conflict Engineering and Envy! He/she will make fun of the same education that he/she clearly failed to complete (as noted in previous comments!). I guarantee you he/she has friends/family in the real estate business, and it eats at his/her soul every day!

    Hey TROLL you'll use judgements, making-fun-of (or at least trying to!, and extreme examples to judge people you know nothing of! And, yet after all of these comments, it's the same old wine and cheese song! You haven't even changed your tune to make it a little more exciting!

    Like usual. You've started your day by checking these responses (such as mine!), including an alert reminder! And then with a grin, shaking of your hands due to your anger issues and excitement to reply, you will prepare the same repetitive insecure comments!

    Unfortunately "Phantom Scams" I won't be taking the time to read your well thought-out and meticulous comeback! I read the article and used my 2-3 minutes!

    1... 2... 3... Let the TROLLING continue!
  • Omer Quenneville | 23 Jun 2015, 05:53 PM Agree 0
    It is hard to tell if it will work without seeing the other 10 rules to enforce it. Like everything the process will be more cumbersome than effective. Yes something needs to be done, this isn't it. But we have to live with it.
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