Right, it would be unethical if the selling agent straight up tells the buying agent that there was a higher bid and that they should offer a new bid.
But at the same time, I don't think it is unethical if the selling agent told the other agents they have an accepted offer which unfortunately opens up a lot of grey areas.

I think we are on the same page, just semantics at this point.

Curious to see why OP's wife delisted.

On the flip side, for people who gave no clue what prices are at, if they get a bunch of offers at asking they may assume their realtor (who they were totally dependent on to price their home) listed it too low and they're worried they're losing out on money.

Granted that would partly be their own fault for being too lazy to figure out what something worth that much money is actually valued themselves.

Yeah I'm not a fan about this, I bid on work all the time and although I know games are played they aren't suppose to be in my case low bid is suppose to win the project and in the sale of a home it's obviously opposite.

It would be like me being the lower bidder on a project and the general contractor calling the next guy and saying hey if you can come under this number I'll give you the contract and back and forth. Like I said I'm well aware this happens, I actually had a GC call me and do this last year told me he was going to go to the other bidders and do the same so I should sharpen my pencil. I was like nah bud, we're pulling our bid no thanks we no longer have interest in this project good luck and haven't bid another project to them and never will. Shady fucks going to be shady fucks you can't change them but you don't have to do business with them. There are other contractors I also have on my no bid list due to the shit they pull behind the scenes, one day I'll probably run out of people to bid to hah.

Maybe we should institute Vickrey action rules for home purchases

Probably something like this

Realtor: We should list it at this price ($1,499,900) because that's just above the rest of the comps in the area. It'll give us a bit of room to negotiate should any potential buyers come in lower than our list price

Husband/wife: Ah, that makes sense. Yeah, let's do that!!

Realtor: Exciting news guys, the buyers that came in earlier today saw the place and loved it. Let me send you guys the offer ($1,465,000) and we can discuss this over the phone on our next steps.

Wife: How come the offer came in lower than our list price?

Realtor: That's the offer that was presented to us but there's always room to negotiate. They put in an offer 4 hours after viewing, so this bodes well for us because they clearly love the place to put an offer in so quickly. We can counter back with a higher offer so they come up closer to our number and negotiate a longer close so we get the benefit of more time to find a new home for you guys!

Wife: "We didn't get over asking so we're going to delist"


Trying to find a house that you love is already hard enough. Nobody needs to deal with this sort of bullshit tbh

Im pretty curious too. To me it make no sense. Ud think the OP would wait a week for more offers and then go from there. If they werent happy with the offers then delist.....

*Debating between Mr.HappySilp joke & winter tire joke here*

:eek5r:

I think I know the listing. I tried to book showings on it for clients looking in Panorama/Sullivan/Fleetwood. It was listed multiple times since the fall with a cumulative total of like 10 days active on the market before unconditional release each time.

List price is just an invitation to offer. Seller/listing broker can counter over their ask if underpricing backfires instead of re-price/re-list.

What a dick move.

Gerbs,
Buying realtors if anything take lots more expenses - driving around, time, printing tour sheets, it's a real grind for when you're starting out.
If they're doing 30+ a year they are doing well - if you average $500K per property you are likely grossing $8,000+ per property.

x30 = $240,000! That's a pretty good number... until you look at expenses side.

Expenses and obviously marketing costs (rebates to clients, dining, gifts, marketing expenses, realtor fees, license fees, etc) can take a big chunk out of that. If they are REALLY discounting 50% on all deals (before tax), they may not be making much at all NET. Still at 30+ deals a year they are definitely ahead of many realtors in the industry, most average less than 5 a year (stats). In that instance they would be wise to incorporate and build out a PREC (Personal RE Corp) to defer taxes and income for leaner years.

I don't think a 30% rebate back end of the day especially for a larger house ($1-2M) is unreasonable but in my own experience most people who appreciate your efforts and fact you got them a good deal / sold property for more $ isn't going to nickel and dime you for an extra $2-3K.

With low rates again and presales heating up - if I got anyone a great smoking unit that 5 other people will write with me with no ASK of 50% rebate, guess who I'm calling first?
With most things in life, you get what you pay for.

that's a very nice realtor who doesn't mind having their time/energy wasted

While it doesn't sound great - testing water for a property isn't illegal even when its listed. Seller holds rights until offer is accepted. If there are subjects then ball's in buyers court to remove/or not.

Legally speaking, listing realtor cannot shop price around but it's human nature to try and get highest possible price (or above asking) for the client. Best selling agent can do is start taking offers and move it up to the best possible offer playing mind games with each party while making sure none walks because there's still financing and inspection to go through.

We don't know the full situation, in many cases people will ask below the $50k intervals (see Realtor.ca or Homespotter), prices are set per $50 or 150K.... Your audience is far larger below $1.49M versus $1.59M.

Most of the time if it's priced that far below neighbors based on $/sq ft, it's a good chance to get all bidders in place to try and bid it up.
It's not great to waste everyone's time, but it's in seller's full right to nix the listing anytime they want.

After trying a couple offers in Coquitlam, we went to Poco.
2,000sqft house can be split into 2 suites. Sub-dividable. Listed just below $1.0m.

Mortgage was already approved, and we took our realtor's advice and went in at $1.1m and sniped it from the other bidders trying to decide if $1,050,000 would be sufficient. The similar properties we wanted in Coquitlam were listed at $1.2m. I think we did alright.

Good job and congrats, Presto! Totally a smart move to offer a touch more and sniped the property without hassle. I wish I had learned that lesson a lot earlier lol~

Welcome to the hood.

x2. Welcome

Seems like a lot of RSers moving east. We were emotionally defeated after 4 months of actively looking and bidding on duplexes and townhomes in East Vancouver. Really wanted to stay in Vancouver but it was near impossible to find a decent condition home that fit our budget and style.

Ended up with purchasing a pre-sale townhouse in Burquitlam area. We literally had to run to the bank to print the bank draft on the same day after viewing to ensure we could lock down the offer...

Looking forward to the future RS Coquitlam/Poco meets :D

^^ less vis too. ??? Profit

Wouldn't be so sure about that one. Cain reportedly lives in Coquitlam, and has apparently given out a box 2 to someone on Coast Meridian

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Wasn't Cain recently promoted to part of that join task force between all jurisdictions.
That's why we saw them giving VI's in Richmond.

Yeah IRSU I believe. But doesn't matter, all police officers have jurisdiction across the whole province. Except for CN Rail grounds LOL

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Welcome to POCO! Just purchased a detached in south poco a couple months ago too.

I look forward to seeing more of you in the tri-cities esp if some of you have been gambling on the markets due to reddit lol. Maybe I'll help kick start the car meets in the area when this virus thing settles down.

I remember a time when people from Vancouver had no clue of the area and would ask me if I had to take the ferry in when I told them that I lived in Port Moody :facepalm:

they never set foot east of granville street or something lol

Honestly, that wasn't too long ago. I thought poco was far as hell, like buttfuck nowhere about 5 years ago LOL

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