I’ve heard that these multiple offer deals are nothing more than a scam perpetuated by the listing agents.
There was some talk by the new president of TREB that steps should be taken to make the multiple offer thing more transparent.
We were looking for a home a few years ago and almost got into one of those bidding wars but I declined, heard the eventual purchaser paid way more than the bank appraiser said it was worth… but they did have a financing contingency
This young woman put waaaaay to much trust in her agent. She should take action against him/her.
Had an inspection on a bungalow in Etobicoke (west Toronto) two months ago. The agent indicated about 50% of his clients opted for no inspection. Daring folks out there.
- Jim Walker