The blind

Oct 11 20:10 2018 Print This Article

Brenda and Khira, her partner, tried to buy four little houses last year. Failed every time. “Yeah, okay, I know we were kind of emotional,” says B, “but after losing out on the first one – it was perfect – we started to panic and just kept offering more, even though it was stupid, because how else are you supposed to get a place? It was insane.”

You wait, kid. Prices don’t go up forever. It’s a lesson which seems obviously now – but nobody believed it last year.

However at the heart of the B/K angst was the fact they kept being outbid by other, anonymous buyers who were making offers for unknown amounts, with undisclosed conditions, deposits or closing dates. This blind auction process, common in most major markets, is designed to give 100% transparency to the seller and 0% to the buyers. Couples like this are expected to make their “best offer” with no knowledge if they’re coughing up too little to be competitive, or too much and will overpay.

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About Article Author

Greater Fool

Author, Garth Turner has been a member of the Canadian Parliamant for nine years, serving as Member of Parliament, Cabinet Minister (in charge of Canada Revenue Agency), national leadership contender (Progressive Conservative Party of Canada), House of Commons Standing Committee member and chairman (Consumer and Corporate Affairs, Finance), Special Advisor to the Leader of the Official Opposition. He is a member of the Privy Council of Canada. In addition, Garth is an ambitious entrepreneur – founder and CEO of Canada’s largest independent producer of network television, providing programming to CTV, Global, YTV and others. He founded and successfully operated chain of six community newspapers in Ontario as well as founded and operated eco-tourism and hospitality company aggregating and restoring heritage properties.

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