Bid for bidding war fizzles, Toronto home relisted
36 DUGGAN AVE., TORONTO
ASKING PRICE $949,000
SELLING PRICE $935,000
TAXES $5,236 (2012)
DAYS ON THE MARKET Six
The Action: Just down the street from Upper Canada College, this detached, brick property was listed under $900,000 in a gamble that it would generate a bidding war in the spring. Competition didn’t materialize with many buyers sitting on the sidelines, so it was relisted at a higher price and a deal was negotiated shortly after for $935,000.
What They Got: This 1,328-square-foot house bears traditional design and decor with a front porch leading into a fireside living and dining area cushioned with broadloom carpeting and a rear deck off a separate kitchen with laminate floors.
The upper floor is divided up for three bedrooms and a bathroom, while the 623-square-foot basement has an open recreation area with concrete floors.
Two-car parking on a mutual driveway completes the 22-by-122-foot lot.
More by SYDNIA YU @ The Globe and Mail
Bidding war offers on a home for sale must remain secret
Joe Richer: Once the sale is final, your agent can tell you what the home sold for
All you can know before making an offer on a home is how many others are bidding on the property.
I lost a bidding war on a house. Can I see the other offers and find out how much the house sold for?
As the name suggests, a competing offer situation (often referred to as a bidding war) happens when more than one buyer submits an offer on a property. In these scenarios, only the seller and their real estate agent are entitled to see the offers.
The only information that must be shared with you as a buyer is the number of competing offers you are up against.
It’s important to note that the obligation for confidentiality is with the real estate representative. The seller can choose to disclose as much information as they wish, regardless of whether they are working with a real estate professional or selling their home privately.
If you choose to participate in the process, you’re essentially tabling your top offer and hoping for the best. If your bid is unsuccessful and you’re curious about what the new owner paid for the house, your real estate professional should be able to tell you once the deal is firm or after it has closed.
Keep in mind that a seller won’t necessarily choose the highest-priced offer. Other factors, such as conditions attached to an offer and closing date, may determine which offer is accepted.
Regardless of the scenario, it’s a good idea to make your offer conditional on your satisfaction with a home inspection.
Joseph Richer is Registrar of the Real Estate Council of Ontario (RECO). He oversees and enforces all rules governing real estate professionals in Ontario. Email questions to firstname.lastname@example.org . Find more tips at reco.on.ca, follow on Twitter @RECOhelps or on YouTube at http://www.youtube.com/RECOhelps .