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Handling Of Pre-emptive Offers

This problem is wide spread through the GTA market. Many agents and brokerages ignore the law and ethical guideline or just don't care. Most believe they are free to do whatever they want because nobody is watching and they are immune from any consequences. In many cases Buyers are treated very very badly because the listing agent illegally communicated an competing offer price to their own Buyer or a favoured Buyer agent. This is very hard to prove but it definitely happens. On the subject of this article, viewing pre-emptive offers without notifying other interested Agent/Buyers is self serving and does not do justice to the Agents Seller clients. In the end the Seller is in most cases highly impressed with the eventual sale price as it is usually much higher than their asking price so they will believe that their agent did an outstanding job when in reality they shut out many Buyers who may have paid more money and they broke the law by not keeping all interested parties informed of the offer presentation process ( a duty they are expressly required to do ). They do this not to serve their client under their role as Agent but rather for self centred, greedy reasons which are in direct violation of their legal agency duties to their clients.
In my view The Real Estate Council of Ontario should invite Buyers and Licensed Registrants who have legitimate complaints on these matters to make their complaints as soon as possible and devote resources to fast tracking investigations and convictions while it will make an immediate impact. Not 6 months later when many many more incidents will have impacted Consumers.

Toronto realtors warned on handling of pre-emptive offers in red-hot market

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