REMAX admits “blind bidding” is only blind for some: “Many real estate agents are telling buyers what they will need to secure a property.”

https://ift.tt/3iWLaum real estate agents are ignoring the restriction whereby buyers are not permitted to know the details of other competing offers. Instead, they are choosing to inform buyers what they will need to secure a property. For example, if prospects are visiting a home for sale that is going for $910,000, some realtors inform them that six bids are topping $1 million.Others have become concerned that this strategy has become the dominant method of buying homes in Canada’s most populous housing markets. As a result, some are pushing for changes to system through tighter regulations, reaching out to the Real Estate Council Of Ontario (RECO), Office of the Superintendent of Financial Institutions (OSFI), and even the Ministry of Finance. via /r/canadahousing https://ift.tt/3gXLrux