Federal Liberals forward proposals to halt Blind Bidding. Why are we not surprised to learn that TRREB is gearing up to battle the Federal Liberal government`s proposal to ban “Blind Bidding” for houses.
To paraphrase an astute article from Rachelle Younglai of the Globe and Mail. Ontario real estate boards are being asked to introduce small policy changes that despite all the ballyhoo. Continue to effectively maintain the status quo regarding, the Blind Bidding Process. The option out proposal affiliated with the Open Offer Process is just that, Optional!
Upon review it is debatable whether the Open Offer Process will effectively mitigate much of the irrational exuberance being witnessed in the G.T.A. The inferred intent is to design a platform for multiple offers by being analogous to a Sotheby`s or Christie art auction. Where Bidding frenzy often prevails. However this initial proposal may not be a perfect solution but at least it is small step in bringing greater transparency to the Residential Real Estate bidding process. Fingers crossed regarding the next policy twiddle.
If this R.E. market has you bewildered . Be assured that our experienced staff are happy to confidentially answer any of your inquiries.