[Real Estate] How to spot and walk away from phantom / shill bids?
Not really sure how regulators can can crack down if there are "actual" formal offers in writing. Will regulators contact these individuals for questioning? One year for unsuccessful bids (likely many of the shill or fake bids will fall under this category) seem to short.
Real estate regulator aims to crack down on dubious practices
http://www.theglobeandmail.com/report-o ... e23604736/
In July, the provincial government is introducing new rules requiring selling agents to keep records on successful bids for six years and retain the details of unsuccessful bids on file for a year. It will also be illegal for agents to claim they have other bidders unless they’ve received formal offers in writing.
Besides walking away and being approached with a lower asking price, what other tests can we perform to determine whether the bidding war are smoke and mirrors?
Real estate regulator aims to crack down on dubious practices
http://www.theglobeandmail.com/report-o ... e23604736/
In July, the provincial government is introducing new rules requiring selling agents to keep records on successful bids for six years and retain the details of unsuccessful bids on file for a year. It will also be illegal for agents to claim they have other bidders unless they’ve received formal offers in writing.
Besides walking away and being approached with a lower asking price, what other tests can we perform to determine whether the bidding war are smoke and mirrors?