Multiple offers create Gazumping

By
Real Estate Agent with RE/MAX Realty Specialists Inc.,

So here we go.... 2014.  Low inventories. Heightened Demand and a competitive Toronto market. I learned a great Lesson this year from Leo Bruneau  from Coquitlam BC. We talked at the RE/MAX Kickstart held in Toronto, just last week.   


GAZUMPING is where you have a real estate agent (REALTOR®) who has verbally agreed to your offer; but when you arrive, show up with all the paperwork signed they took more money from someone else. This is happening!  GAZUMPING



The other thing that's going to happen this year, in West Toronto detached homes sales,

is pocket listings. 


Pocket listings are where a Real Estate Agent takes that listing, keeps it off the MLS for those extra few days or a week, provides it only to his sign calls or to the client database 

that he already has.

 

This does a big dis-service to the sellers of that property because [they] may have had more money had the home been exposed to the real estate market for a reasonable length of time, to find BUYERS, looking in that pocket but under contract with other brokerages.

 

You cannot work for the best interest of the seller if you are in your own way.

 

Call me.  647 218 2414  I can help you

 

https://plus.google.com/u/0/+DavidPylypToronto/posts

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Rainmaker
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Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS

At both the NAR meeting in San Fran in November, and this past week at FR Mid Winter meetings in Orlando, we heard a LOT about pocket listings....not good if the brokerage/agent do not have written permission from the seller to market in that fashion. 

Jan 29, 2014 09:51 AM #1
Rainmaker
246,651
David Pylyp
RE/MAX Realty Specialists Inc., - Toronto, ON

Thank you for your response Carol!

It is good only for the real estate agent; unfortunately the commission breathe really comes through.   NUDGE NUDGE WINK WINK   I found my own buyer for your place.

Having been in many multiple offer situation in Toronto, I am pleased when I have the listing and plainly tell the BIDDING agents I have no vested interest for myself.  The whole process seems much more controlled and calm.

Hope you have a Great Year in Jacksonville, FL!

Jan 29, 2014 11:35 PM #2
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Rainmaker
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David Pylyp

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