[Real Estate] How to spot and walk away from phantom / shill bids?
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?