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The Truth About Calgary Real Estate Bidding Wars

Posted by Rachel R. Vanderveen on Tuesday, August 7th, 2012 at 12:30pm.

There’s nothing worse than writing an offer on a property and then having your agent tell you that another offer has come in on the property you just wrote on. There is a lot of misinformation about the multiple offer process in Calgary so I would like to take a minute to dispel a common myth about Calgary real estate bidding wars: do Calgary real estate agent’s invent multiple offers?

We do not “invent” them, as in we make up something that doesn’t exist. We do, (if we’re a good listing agent) do absolutely everything we can to encourage them with every skill we have, and there are ways of legally doing that! We actually cannot make up a false bid because we are required to disclose to all agents bringing offers, all the names and brokerages of all the other agents who they are competing with.  A good buyer’s agent will always phone every single one of these agents to confirm that they are still in the game, minutes before the offers get presented.

It would be pretty easy to catch an agent who lied in any way during this process, and a call would be made to RECA (our governing body) who would stomp the offender with the long arm of the law. Although the process could stand to be a little more transparent (for example, in Toronto I’m told that all written multiple offers have to register with the front desk of the listing brokerage so that participating agents can phone the front desk and get an up to date number of registered offers on a property at any given time), what we have in place protects the buyer and seller from fraud decently well. Agents do not invent multiple offers. I would say that agents engineer and perhaps create a climate for multiple offers, but we do not flat out make them up out of the blue sky. When they come in, I know for sure in the Vanderveen Team’s case, they are bona fide, real, marketable buyers looking to buy the listed property. Period.

Rachel Vanderveen

The Vanderveen Team
Maxwell South Star Realty
Phone: 403.253.5678 Fax: 403.592.6736

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