As an ethical, active real estate broker in Toronto who is very familiar with the concerns buyers have with multiple representation (mainly
in multiple offer scenarios), I do not support the position the Ontario Real Estate Association (OREA) or the government (banning «double - ending» altogether) has taken.
We can help top that up, strengthening their negotiating power with the seller, who sees a larger deposit or financial strength, giving them the edge
in multiple offer scenarios,» says Greenspan.
As an ethical, active real estate broker in Toronto who is very familiar with the concerns buyers have with multiple representation (mainly
in multiple offer scenarios), I do not support the position the Ontario Real Estate Association (OREA) or the government (banning «double - ending» altogether) has taken.
For the same reason that double ending has not been a big problem where there is only one buyer and one seller (because there is full transparency as to all the terms being negotiated) wouldn't it be ideal if all parties
in a multiple offer scenario were afforded the same transparency?
This spring a CBC Marketplace segment ran an undercover sting operation to see how honest a Realtor would be about the details of other offers
in a multiple offer scenario, if the agent was representing both the buyer and the seller in a transaction.
Think about
that in a multiple offer scenario consumer where one buyer with a big fat rebate is offering no more than the other.
New Registrants should know that it's perfectly acceptable to get excited
in a multiple offer scenario, however the the suggestion of the willingness to write an offer shouldn't be confused with having an offer to Purchase, and 1 + 1 = 2, always!
How are they supposed to properly and professionally represent their buyer clients
in a multiple offer scenario?
Caution should prevail
in a multiple offer scenario in every regard imaginable.
Every homebuyer benefits from having their interests represented in a real estate transaction, but
in a multiple offer scenario, you'll gain even more if you're working with an Accredited Buyer's Representative.
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Multiple -
offer scenarios are a fact of life
in hot real estate markets like Vancouver and Toronto.
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A
multiple -
offer scenario may be good for the seller, the real estate agent and the mortgage broker
in the short term, but
in the long - term, the purchaser may face challenges when selling the property
in less active market conditions.
He predicts that
multiple -
offer scenarios will continue
in Toronto and advises agents to deal with them by being completely transparent with clients and having a clear game plan, which includes the now mandatory summary documents.
A
multiple offer scenario where the listing agent is
in multiple representation with a competing
offer is.
The times
in my career where I was able to generate
multiple offer scenarios for my seller's was fundamentally about the access I had as a professional real estate practitioner to the other members of the industry — the medium used to facilitate this access wasn't key.
The confidentiality relating to
offer substance (
multiple offer scenarios) from an industry perspective and
in particular at the point when all
offers have been presented is further reinforced by the following:
The
multiple offer scenario — Buyer's agent has no idea
in truth as to how many there are and if
in fact there is more than one.
That is how potential buyers and their agents will ascertain a property's value, especially
in a
scenario where a property is set up for
multiple offers (listed at a very low price).
When a top producer was competing
in a
multiple -
offer scenario for a client that was out of town with no access to a printer, scanner, or fax machine, she used my DocuSign account to obtain the signatures and winning
offer.
There are a few different
scenario's
in which a
multiple offer situation could arise.
In the 1st
scenario the listing agent should be informing the buyers agents that there are
multiple offers being presented to the seller.
In the San Diego real estate market, it seems like
multiple -
offer scenarios are here to stay.