Wednesday, April 2, 2014

Was there ever a competing offer? Or did they just imply...

google-site-verification: google8f30ea4b25e0f0b2.html There is no greater feeling of dread then when you are making an offer on a property and the Listing Agents says "THERE ARE COMPETING OFFERS"

Real Estate Regulations - Increasing Transparency in Multiple Offer Transactions

Ministry:Ministry of Consumer Services
Regulation Number(s):Ontario Regulation 567/05 General
Ontario Regulation 580/05 Code of Ethics
Bill or Act:Real Estate and Business Brokers Act, 2002
Summary of Proposal:The ministry is seeking input on proposals that strengthen the transparency of real estate bidding practices

The Stronger Protection for Ontario Consumers Act, 2013 strengthens the integrity of real estate bidding practices and increases the transparency in multiple offer situations by:
- Requiring real estate salespersons and brokers acting on behalf of a buyer to only present written offers
- Prohibiting real estate professionals from indicating they have an offer, unless they have that offer in writing
- Requiring brokers acting for the seller to retain copies of all written offers received or other prescribed documents
- Permitting anyone making a written offer on a property to ask RECO's Registrar to report the number of written offers on that property.

We want your opinions on two key areas:

1)What information should be included "other prescribed documents"?

2)How long should real estate professionals be required to retain unsuccessful offers or the other prescribed documents? 
Further Information:Click to open  Real Estate Regulations    (Download Adobe Reader)
Click to open Real Estate and Business Brokers Act, 2002 
Proposal Number:14-MCS009

If it turn out that there are no other offers; you have the right take yours back.
Here's how.

This Offer is being submitted on the basis that it is part of a Multiple Offer. If the Seller receives no other offer by 10:00 p.m. today, the Seller will notify the Buyer or the Buyer's Agent, and the Buyer will have one hour from such notification to revise or revoke their offer. If the Seller accepts the Buyer's offer, the Seller's agent will provide the name, address and contact numbers for the Brokerage and the agent that submitted the competing offer.

If they shop your offer,meaning that you sent your offer in, and they held it for a day, all while procuring different offers to compete; then dismissed you out of hand, YOU also have remedy.  SIMPLY PUT

The have your offer for a day, Then tell you they have accepted another. 

Not happy with this? They shopped your bid. You were in a bidding war and you didn't know it.They did not disclose. If your clients want the property, RECO can't get it for them. Consider suing the vendors. Their agent's actions are binding upon them. Sue, apply for a Certificate of Pending Litigation, register that against title and you'll soon see some changes in attitudes.

Let's be better informed out there.  A Registered Offer means that the offer is signed and ready to be presented with a reasonable time frame available.

Would you like to talk about buying or Selling? 
Call me at 647 218 2414 or email