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The starting bid of a Toronto home sale, eBay style

by:COSCO     2019-08-20
Like eBay, but for real estate in Toronto.
In the neighborhood, a real estate brokerage firm in Vaughan is looking for a new way to sell houses, which the company says will make the process more transparent to buyers and still bring the highest to sellers
The company is adopting sales-by-
Auction \"technology as a choice of customers.
When the seller lists the house, it will appear on the MLS for about six to seven days and count down on the brokerage\'s website to let people know when the auction will start.
During this period, potential buyers can look at the staged house and get the details of the house inspection.
The auction will then be broadcast live online, usually ending in three or four days, and the location of the auction will be the highest place to bid.
The seller has also set a \"reserved\" price to ensure a minimum price is reached.
\"I \'ve been doing business for 10 years and in the bidding war I noticed a lack of transparency in knowing what other buyers are offering,\" said Katie Stern Field, president of the block.
\"This is a big drawback in traditional sales.
If they compete with another buyer, this is the key message they don\'t have, and they don\'t want to go higher.
It is very subjective if a list agent tells you that you are very close or far away.
By seeing the services offered by others, they can make comfortable decisions about their services.
Steinfeld added that for sellers, the information provided by the auction is that each buyer has reached the highest level at the Comfort price they provide for the house.
\"They have taken control of the whole process,\" she said . \".
\"Instead of accepting offers within the first few days of listing, it is not known if they will get a higher offer, a model that allows them to sell their house in enough time before reviewing the offer.
According to Forbes, 20% of Australian home sales were sold through auctions from September 2014 to September 2015.
Auctions are also popular in the UK.
However, although the Ontario Real Estate Association (OREA)
Saying auction is an option, few people choose auction because people may be uncomfortable, make the auction process such a public sight, or risk an intervention scam artist who might try to raise the bid
\"Auctions are not the answer to the Ontario family affordability challenge,\" said orea ceo Tim Hudec . \".
Hudak recommends an increase in supply, especially for townhouses, stacked houses and intermediate apartments
High-rise buildings are the best way to solve the problem of economic burden.
\"While this is not perfect, the closed quotation process is designed to give buyers and sellers more room to make informed decisions,\" he said . \".
\"Buyers have the opportunity to do their best in the initial offer, and if the offer is not accepted, they may have an informed discussion with the Realtor about the next step.
\"Now, in the first auction of the block-
Live broadcast will begin on November. 16 —
It is an apartment at 37 Helendale Ave.
Currently priced at $399,000, you can choose to \"buy now\" at a higher set price of $450,000 \".
Once the reserve price is reached, the seller cannot withdraw from the transaction, which provides some protection for the buyer. @ Postmedia. com
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