Source: https://www.straight.com/news/vancou...at-only-828800

[Update: After this report went live, a social media post stated that the property’s title was tenancy in common, which means combined ownership. The post also stated that the purchase price of $840,000 was for half of the property. The Straight's account was based on the listing, which did not mention the nature of the ownership and that half of the property is for sale. The report will be updated further when more information becomes available.]

Feel like this is relevant to the last pages.. I’m not sure but this feels borderline illegal?

So my buddy came across this listing and put it an offer (well knowing this is priced below market if you saw nothing but this first picture)

https://i.imgur.com/T3JaBio.jpg

Then the listing realtor sends this fucking message out to the bidding realtors?

https://i.imgur.com/Om2KlsL.jpg

The final sale:

https://i.imgur.com/ttQno7c.jpg

Well did your friend really think they would get it for $999999?:drunk:

It’s not illegal, but it should be. Any offer at or above asking price should be legally binding. This isn’t fuckin eBay.

maybe i'm PJSalt but how is that ethical? how do we know all 17 offers weren't below $1.248m? if that's you're number, then put it out there, sure you get multiple bids etc, but doesn't seem fair/ethical from a realtor's point of view.

of course as an owner, you can be as unethical as you want, there's no governing society for owners :lol

I was under the impression you cant basically request an amount on top of asking, nor can you reveal the number of offers until after the sale is finalized? Maybe im wrong though

That I don’t know. You could be right, but there’s no fucking rules it seems here so I’d be surprised.

I've been watching that house for sale for a while.
It's been on the market for a while and many different prices. I think the owner was hoping to get $1.7M or more since a few other houses in the area sold for $1.8 and $1.9 but those were special units whereas this one isn't.

STill sold for $1.47 which was under the $1.58 they originally listed for.

Isn't this the same as dealers asking over MSRP? I mean the realtors job is to get the best highest deal for the sellers. Even if they list at $X if big baller walks by and offers $500 over asking nothing wrong with that. He's not really disclosing the bid prices but just saying what will make it happen. He's not forcing you to up your bid.

Yeah I mean maybe they should just start doing it with food too?

They should have tiled all the way up the wall, something just doesn't look right here.

Also, I really hope the door opens inward or I would curse every time I shower lol

https://cdnparap130.paragonrels.com/...2682748-24.JPG

I don't know why your buddies realtor would even waste his time writing up an offer for 999k

Tenancy in common is usually for non married owners. With Joint Tenancy there's a right of survivorship but Tenancy in Common, each owner can do as they please. Sell/Rent/will to anyone.

If it's not signed by both sides, there's nothing legally binding.

Correct. Can't ask for "X" amount on top and can't reveal other bidded numbers (which media is saying put a stop to "blind bidding" should be transparent bids) .

You can however reveal how many bids there are but the slimy/dirty tactic is to ask all bids to resubmit their offer with a better number. That's not illegal but ethics is questioned. How this listing agent did was well within ethics as in not starting a bidding war between the 17 offers

What's the downside of listing a property that's realistically worth $600K for like $499K or even $100 to grab attention?

Can I just reject offers that are at $499K - $599K all day long and if no one wants above $600K. I just take it off the listing, selling realtors tanks a few hundred in photography and listing?

It's the same thing as listing a car low. Whoever throws the most amount of money at me first gets it.

The fact is no one cares about wasting other people's time as long as it doesn't happen to them when they are buying something.

Because it's scummy. if you obviously have a number in mind that you want to sell it for, then why not list it for that price and don't waste people's time throwing bids at you that aren't close to your ballpark. People looking for a place to buy to live in is already stressful enough and there are emotions involved, they don't need to also navigate your smoke and mirrors.

Why condo owners think there's still bidding wars is beyond me. It's time owners have reality check and realize it's a different market out there now.

It's not.
They have a realtor on their side to help them with the smoke and mirror.
Back to the original point, the lower asking price is to increase the number of people going through the process which will open you up to increased offers.

When we were selling, we were thinking in the $900 range given not many examples of units like ours sold and one neighbor had their unit up for 2 months without selling.

At the end, we sold above asking and above our expected selling price.

And realtor made a few extra dollars on their commission.

Funny you say that cause some buyers missed the memo. My old neighbor just sold their unit for $1.18M for a 2bed TH.

That's not a condo though. Condos are not moving.

TH's should not be this high priced either.

There was a corner unit TH that sold for $1.4 and has $400 a month in strata fees. For that price they should have bought a 0 lot house for $1.3, just no water front view in the same neighbohood

Being legal doesn't magically make something not scummy lol. There is a million things you can do that are legal but would still make you a cunt, you just don't care because money is involved and you're in the drivers seat.

Area dependent. Look at Brentwood

There was a TH at River Green strata was $3100 a month

I hope it comes with some sucky sucky for that price.