Banning bully offers won't make Ontario real estate any more fair, via Zoocasa
to ban"bully," or pre-emptive, offers. While the proposal has the noblest of intentions in"levelling the playing field" for home buyers, such a measure would only restrict choice and agency for home sellers, while overlooking a key compliance gap that has remained prevalent in the market.A bully offer is a bid to purchase a property before the designated offer date indicated on the listing.
The existing REBBA 2002 makes it crystal clear the steps listing agents must make when receiving pre-emptive offers: should they receive a bully offer their clients are willing to work with, they must notify in writing anyone else who had expressed"An expression of interest includes parties that have booked viewing appointments, have viewed the property, have informed the brokerage or the listing representative that they will be submitting an offer on the property, or have submitted an...
As they are ethically bound to always act in their client's best interest, listing agents are obliged to ensure their sellers have every opportunity to consider all possible offers available to them — and you should expect any agent worth their salt to frantically hit the phones once a bully comes in. Unfortunately, not all agents will do this due diligence, either because they have their own vested interest in the outcome of the transaction, or they simply don't wish to do the legwork.
in listings they would reserve the right to accept bully offers without providing notice. This is in breach of REBBA 2002, and prompted a requisite warning from RECO. This lies bare the true issue of compliance in the real-estate industry, and the need to give RECO the teeth and resources it needs to actually enforce the issue. While incorrect offer handling makes up the bulk of, it can take months — or even years — under the current system to achieve any recourse. It is here that efforts to improve the system should be focused, rather than removing sellers' autonomy to work with any offer they choose, regardless of when they receive it.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ontario Government Should Ban So-Called 'Bully' Offers, Realtors SayOne group says it prevents all buyers from having a fair shot at making an offer.
Read more »
Ontario realtors urge the province to end so-called ‘bully’ offers‘Bully’ offers are submitted by a buyer ahead of a seller’s established offer date, a move made to avoid competing with other buyers and pressure the seller into accepting the bid
Read more »
Ontario realtors advise government to end so-called 'bully' offersOntario's realtors say the province should ban so-called 'bully' offers that they say give some home buyers an unfair advantage.
Read more »
Realtors want Ontario to outlaw bully offers they say give some home buyers an unfair edgeOntario Real Estate Association president says banning the practice will ensure all interested buyers are able to make a fair offer on a home
Read more »
Ontario announces Toronto subway plan between Ontario Place and Ontario Science CentreThe plan comes amid protracted talks between the province and city on Queens Park’s plan to take over ownership of Toronto’s subway network and control of expansion planning
Read more »
Chinese real-estate investors wary of Vancouver head to TorontoChinese investment in Vancouver commercial property from companies such as Anbang Insurance Group Co. has slumped amid a flood of regulations, with investors looking to Toronto instead.
Read more »
Real Estate: What $500,000 will buy in five Canadian cities - Macleans.caFrom a sprawling Edmonton two-storey home to a compact condo in downtown Vancouver, here's what $500,000 will buy across Canada.
Read more »
Treaty Rights Remain An Afterthought In Canada's Law-Making Process (Blog)Expect more court battles as long as the Crown has no duty to consult with Indigenous groups before passing laws.
Read more »
Former Governor of CWHL made offer to assume control of league - Sportsnet.caW. Graeme Roustan, the former Governor and a financial contributor to the CWHL, made an offer to assume control of the league.
Read more »
Roustan makes offer to take over CWHL - TSN.caVenture capitalist Graeme Roustan, a past governor and financial contributor to the CWHL, has made an offer to the league's board in an effort to assume control.
Read more »