Toronto Real Estate: Bidding war rules
October 27, 2014
I agree with almost everything Mark refers to in this article other than #1 which is the reasoning given for “holding back offers”.
The strategy for setting an offer date is not solely to create a bidding war. Depending on your perspective, it can look like it only benefits a seller but with Toronto’s fast real estate market, often buyers with busy schedules never even get a chance to get a foot in the door before the home is sold.
Setting an offer date allows all potentially interested parties to get their financing in order, have a home inspection and get all their questions about the property answered so that they can make an informed decision that they will be comfortable with years down the road. In the early days of ‘holding back offers’, often properties would get listed and sold in one day (or less) and the seller never really knew if they truly got market value since their home was never exposed to the market for a reasonable amount of time. Although most buyers wouldn’t agree (until they sell their own home), the way offer dates are set now are a benefit to everyone.
Click here to read his article