Bullet Dodged- First Time Home Buyers Be Ware.

Disclaimer this is a bit of rant. I'm also sorry if this is not the right sub for this. I've been working with an real-estate agent since mid December as a first time home buyer. His team is supposed to be the best in the city/surrounding area and I'm so angry. Recently we found a place we liked. We wanted to offer a bit over asking. Our agent was really irritated at us, saying we will never buy a place if we don't go in majorly over asking. Said the listed price is just a tactic and we needed to go at minimum 100k over, no conditions. Given that this was already 650k townhome (that needed work), we backed out as we're in no rush. Just found the sold listing- sold for 15k over asking. Had I listened to this weasel I would have paid 85K over. What the hell is this. I understand that offers have been ludicrous lately but how much of this is based on pushy agents adding fuel to the fire. I've emailed him the sold listing- no response. Previous to that we saw a townhome for 750k which was one year old. He also told us we needed to bid at least 50k over asking for the buyers to even consider us. Guess what? Listing recently expired and the owners dropped 50k. He's using FOMO to scare us and how many agents are doing the same but are falling for it? I've been using HouseSigma to track these listings. I feel so manipulated. How is it that there is no transparency in bidding like other counties (Australia). I want to know what other people are bidding, I don't want to be pushed by someone who has a vested interest in making more commission. My question is who can I connect with about this, anyone in government, a regulatory body? In my opinion, this lack of transparency needs to end. ​ As an aside: A real estate agents entire job could be done through an app. How is it that they have such a monopoly in Canada. It's 2021 and the industry has not changed even with technology. ​ Edit: Thank you for your responses, I didn’t anticipate this much activity in such a short amount of time. I will be contacting my MP about bidding transparency and encourage anyone who feels the same about this topic to email their representatives/ whoever else you feel may help. Your feedback may also help others who find themselves in the same boat. submitted by /u/ztuperd to r/PersonalFinanceCanada [link] [comments]

Disclaimer this is a bit of rant. I'm also sorry if this is not the right sub for this.

I've been working with an real-estate agent since mid December as a first time home buyer. His team is supposed to be the best in the city/surrounding area and I'm so angry.

Recently we found a place we liked. We wanted to offer a bit over asking. Our agent was really irritated at us, saying we will never buy a place if we don't go in majorly over asking. Said the listed price is just a tactic and we needed to go at minimum 100k over, no conditions. Given that this was already 650k townhome (that needed work), we backed out as we're in no rush. Just found the sold listing- sold for 15k over asking. Had I listened to this weasel I would have paid 85K over. What the hell is this. I understand that offers have been ludicrous lately but how much of this is based on pushy agents adding fuel to the fire. I've emailed him the sold listing- no response.

Previous to that we saw a townhome for 750k which was one year old. He also told us we needed to bid at least 50k over asking for the buyers to even consider us. Guess what? Listing recently expired and the owners dropped 50k. He's using FOMO to scare us and how many agents are doing the same but are falling for it?

I've been using HouseSigma to track these listings. I feel so manipulated. How is it that there is no transparency in bidding like other counties (Australia). I want to know what other people are bidding, I don't want to be pushed by someone who has a vested interest in making more commission.

My question is who can I connect with about this, anyone in government, a regulatory body? In my opinion, this lack of transparency needs to end.

As an aside: A real estate agents entire job could be done through an app. How is it that they have such a monopoly in Canada. It's 2021 and the industry has not changed even with technology.

Edit: Thank you for your responses, I didn’t anticipate this much activity in such a short amount of time. I will be contacting my MP about bidding transparency and encourage anyone who feels the same about this topic to email their representatives/ whoever else you feel may help. Your feedback may also help others who find themselves in the same boat.

submitted by /u/ztuperd to r/PersonalFinanceCanada
[link] [comments]