There have been some small decreases over the past few weeks but they are pretty tiny in comparison to the changes with bonds.

I drove by the building yesterday afternoon and noticed the windows were papered over. Lyndon is telling me that he saw a story on the news reporting on the closure of the store about a week ago. Apparently the owner claimed that they were going to be looking for investors so they could make some changes and hopefully re-open. I have also heard that the merchandising in the store was poorly done and the prices were high.

“Norm, if I as a seller used an imaginary buyer to play against an other buyer. What would you say to me?”

Absolutely not!

“Would you walk on me and lose a commission?”

Absolutely!

“Would you report me for fraud?”

Probably not. I don’t believe it’s a fraudulent act to propose a fraud.

The agency duty of “obedience” applies to lawful instructions only. Any agent would be foolish to participate in such a scheme as I believe that it would be a fraudulent act. If one suspects they’ve been duped by a bluffing agent a complaint to the Saskatchewan Real Estate Commission would clear things up quickly. When called, an agent must hand over all documents related to any file in question.

I expect such a ruse is more likely to occur in a private transaction where a co-conspirator would not be required.

By the way, disclosing the existence of “other offers” isn’t always in the sellers best interest. One should carefully consider all potential consequences in doing so. For instance, your best offer could be withdrawn and never return.

Norm, if I as a seller used an imaginary buyer to play against an other buyer. What would you say to me? Would you walk on me and lose a commission? Would you report me for fraud?

“I found this to be a frustrating lack of transparency and was left wondering if there even was another offer”

David, I’ve often felt sellers are bluffing about another offer. I’m think I’m gonna start workin’ on a poker face for real estate.

Norm, you won’t mind if I wear sunglasses when I check out real estate? lol

I’m not sure if some kind of disclosure of competing bids to the bidders is a practical solution.

I work in the financial markets where disclosure of bids and asks is a big part of maintaining an efficient market.

Yes, isn’t it funny? It’s most amazing that inventory essentially ended up at the same place on this particular week three years in a row.

“Did it get eaten up by the low housing starts last spring? Or are we seeing some of that inventory today? Combination?”

Probably a combination of both, plus Cindy’s suggestion of rentals. We’re still a ways off of peak prices and I expect there are some landlords who had hoped to cash in with a quick sale that have been under water since then.

It’s quite amazing to see a house priced at more than $550,000 is housing 6 male university students…

I would like to see the list price adjusted higher if the agent intends to report the full selling price of a property where additional improvements are concerned though I expect that there probably isn’t much intent of any kind behind not doing so.

“Can realtors disclose the other bids to cause overbidding? How exactly does overbidding happen without disclosure?’

A Realtor is required to “obey all lawful instructions of the seller” and there are no laws that would prevent a seller from playing one buyer against the other. The buyer has the option to play or walk away.

Sounds like upselling by a saleperson! “For another 10k we’ll put in granite countertops and stainless steel appliances”. Not overbidding by the purchaser. I think there is a difference.

If the house remained the same for the overbid, then that is “overbidding” to me.

I feel overbidding claims are fraudulent. Can realtors disclose the other bids to cause overbidding? How exactly does overbidding happen without disclosure?