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Originally posted by febpreet

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Originally posted by Fido

Thanks FH,
What is the general procedure here ? Are these things revealed or not ?

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Generally speaking, no. The seller's realtor doesn't disclose the offers. I lost out on a house in an excellent neighborhood as there was no way I could know what the other buyers bid on the house. I bid $10k more, but still lost on the house. In a few months I got to know from the BC evaluation website (https://evaluebc.bcassessment.ca) that the house was actually sold for the same price as what I bid it for. Still a mystery to me as to why I didn't get the house. The same house increased its value to over 40% in just over 1.5 years.

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Fido.

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Originally posted by RBO

Is any website where we can see what price the house has been sold in Ontario?

tried at Google but could not find much information...

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SS
Reiki Grand Master

One thing you and me forget is that the seller has his own agent and the buyer his own. If they co-ordinate the bidding then you can cut it down to a very slim increase to enable you to be the buyer who bid slightly over the previous one.

Most of the time it is only a SINGLE ROUND of bidding and it is gone because the buyer got what he asked PLUS a few bucks over. (In the current day bidding it has gone over in tens of thousands.)

Only if it falls under or the Seller's asking price and your agent is on the ball, does the SECOND round of bidding enter the picture. But it becomes difficult to co-ordinate these and so you could have bid higher, not wanting to lose out on the property.

AND YOU KNOW SOMETHING!! The property value already moved up just after you signed on the dotted line. ENJOY the increase in the price of your property and the Purchase.

I wish you and the family all the GOOD LUCK and many more years of happiness in it.

FH.

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Originally posted by Fido

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Originally posted by febpreet

Quote:

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Originally posted by Fido

Thanks FH,
What is the general procedure here ? Are these things revealed or not ?

---

Generally speaking, no. The seller's realtor doesn't disclose the offers. I lost out on a house in an excellent neighborhood as there was no way I could know what the other buyers bid on the house. I bid $10k more, but still lost on the house. In a few months I got to know from the BC evaluation website (https://evaluebc.bcassessment.ca) that the house was actually sold for the same price as what I bid it for. Still a mystery to me as to why I didn't get the house. The same house increased its value to over 40% in just over 1.5 years.

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Thanks FP. Good to know but I do have a friend who was bidding for the house he finally brought and the seller's realtor did disclose to both him and his realtor the other offer beforehand....

This may be an exception and not the norm, I am not denying that .

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If you DO KNOW that you placed such an OFFER and you also know the time and date and also had a witness and now that you know that you lost out on that property, you can take the Broker to task and sue him till he is black and blue, even after 1.5 year later. ( He might say that he never got it.)

I am not asking you to do it. Just make sure you have all of the ammunition before you go to war.

FH.

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quote]Originally posted by febpreet

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Originally posted by Fido

Thanks FH,
What is the general procedure here ? Are these things revealed or not ?

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Thanks FH ,

I have a bad feeling that my realtor knew about the other offer amount and yet did not disclose that to me , making me bid higher than I would have had I known the other offer.

Is it not a breach of 'in client's best interests' ?

OR as FP has mentioned , there should not have been a way for him to know or disclose the other offer amount and if he was aware he did the right thing of not breaking some ethic by disclosing it to me.

Q is - if he knew it , should he have shared with me or not - was he under a fiduciary duty to do so ?

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Fido.

You have a good point. That is about all that I can say. But you don't know the deal that he had with the other Broker.

When push comes to a shove, he will always cover himself by saying "I told him too" and asked him to bid slightly over and "YOU PLACED A BID THAT WAS FIVE GRAND ABOVE IT".

Where does that place you.

I don't want to rub it in. Some times we all come to know that these guys are all in cahoots and act thick as thieves and split the loot.

Regardless, you have a Beautiful house and it has shot up in value over night and it is still going up!!
(You are not going to call him and give him a few extra bucks are you!)

FH.

Quote:

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Originally posted by Fido

Thanks FH ,

I have a bad feeling that my realtor knew about the other offer amount and yet did not disclose that to me , making me bid higher than I would have had I known the other offer.

Is it not a breach of 'in client's best interests' ?

OR as FP has mentioned , there should not have been a way for him to know or disclose the other offer amount and if he was aware he did the right thing of not breaking some ethic by disclosing it to me.

Q is - if he knew it , should he have shared with me or not - was he under a fiduciary duty to do so ?

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