I read an interesting story on Moneyville yesterday about a Toronto home buyer who paid $90,000 over asking price because they thought they were in a bidding war for the house. Turns out they were the only bidder, and the clients’ real estate agent clued in when their offer was accepted immediately without any counter-bids.
The agent is now calling for tougher regulations around bidding wars – such as providing a list of all the brokers and agents bidding on the same property before the presentation of offers begins.
Are some real estate agents creating ‘phantom offers’ in order to generate higher offers on their listings, or are clients just getting frustrated when they lose (or win) a bidding war? Either way, it sounds like there needs to be more transparency when it comes to multiple offers.
Here are a few more great personal finance stories from around the web this week:
- Financial Highway shares some tips to save money on childcare
- Retire Happy Blog describes how to make a disciplined spending plan
- My University Money wonders why we assume we are smarter than the other guy?
- Financial Uproar weighs in on government competing with private enterprise
- MoneySense says Canadians might need to lose the plastic
- Brighter Life explains the Pooled Registered Pension Plan
- My Wife Quit Her Job shares how embracing the unexpected can lead to unlikely success
- Canadian Finance Blog compares volunteering time vs. charitable donations
- Don’t Quit Your Day Job looks at how your savings rate affects your retirement prospects
- Canadian Couch Potato explains how rising interest rates will affect bonds
We were also included in the following blog carnivals this week:
Have a great weekend, everyone!