Received offers from the following on Welbeck
13 REALTORS registered offers
These have been received by email.
Two withdrew
1. Arun Miglani <arunmiglani9@gmail.com> Homelife Maple Leaf Realty
2. Abdul Qamar [abdul9008@gmail.com] Homelife Superstars Real Estate Limited
3. Surjit Ghuman <surjitghuman@gmail.com> Homelife Miracle Realty Ltd
4. Inderjeet Rangi Inderjeetrangi@hotmail.com RE/MAX Realty Services
5. Harinder Sawhney HarinderSawhney1@gmail.com Sutton Group Central Realty Inc.
6. Lakhwinder Singh Luthera DREAMHOME4ALL@Yahoo.ca Fortune Homes Realty Inc.,
7. Kalveer Grewal queen@4561000.com RE/MAX Realty Services
8. Harjinder Singh Gill gillhomes@hotmail.com RE/MAX Champions Realty Inc.,
9. Ravi Bedi ravibedi@hotmail.com RE/MAX Gold Realty Inc.,
10. Bhupinder Singh Jassal bhupinderjassal@gmail.com Homelife Superstars Real Estate
11. Ian Futrega ifutrega@gmail.com Royal Lepage Credit Valley Real Estate
12. Steve Hricky Stevehricky@gmail.com Kingsway Real Estate Brokerage
13. Naji Nader nnnejad@gmail.com Right at Home Realty Inc.,
Thank you for your offers.
One of the Offers has been selected as the winning bid.
The winning bid had been contacted by EMAIL and telephone with confirmation to deliver their deposit cheque.
Sale details will be released immediately upon receipt of deposit funds.
Thank you for your showings, support and professional offers. Unfortunately there is only one winning bid, but many worked on this effort.
the Winning Offer was Bhupinder Singh Jassal from Homelife Superstars Real Estate who placed a bid or $500,000.
We now have a firm and binding agreement.
Updated June 23rd 2016 6:12 pm
All are forwarded, being reviewed by lawyer for estate.
Bidding Rules will be revised according to the situation we
are in;
I do not have an offer of my own in this competition.
Multiple Offer Hand Out
1 Bid Process and Timing
Let’s have some “fair rules” and this would be the place.
What about some of the following rules:
All offers are assigned a number from the time of
registration
All offers will be presented in order of their assigned
numbers
All offers received by fax will be placed in a sealed
envelope
All offers delivered will be placed in a sealed envelope
All buyers' agents will have the opportunity to present
their respective offers in person, should they choose to do so
All offers must be submitted with an irrevocable time
acceptance being no earlier than 10:59 pm on the specified date
The least favourable 20% of offers will not advance to the
next round
The most favourable 80% of offers will be invited to
re-submit and advance to the second round
Only the most favourable 20% of offers will advance to the
third and final round
No offer may be withdrawn prior to its irrevocable time
unless it has been rejected
2 Opportunity to Respond and Participate
Just for clarification:
All bidders will have the opportunity to participate
Only those bidders who have advanced to the next round will
be invited to participate in the second and third rounds, as the case may be
No pre-emptive offers will be entertained or considered,
since clear and specific instructions from the seller have confirmed that
offers with shorter irrevocable times will not be presented and reviewed
The intention of the above rule, is to ensure procedural
fairness for those prospective buyers who have chosen to follow the rules
3 Seller’s Agent’s own Buyer
From time to time, the seller’s agent will have a buyer and
such a potential buyer may have an unfair advantage. The purpose of the
procedural rules is to eliminate, to the extent possible, such unfair
advantage.
Sometimes, buyers will work around their own agent in order
to deal directly with the listing agent. We all appreciate that isn’t fair. So,
here are some rules:
In such cases, the listing agent will secure the services of
his broker of record or office manager who will oversee the fairness of the
procedural rules as “bid supervisor”
The broker of record or office manager may appoint another
delegate, provided such delegate is not receiving any referral fees in the
subject transaction
Only the bid supervisor will communicate, contact, meet, or
discuss in any way the offers with the seller
The listing agent will refrain from contact with the seller
during the bid process
This is not a rule that applies to the brokerage and
multiple representation, this applies only in the case of the individual listing
agent and the individual buying agent, being one and the same person
Commission Reduction Disclosures
On occasion, a party may wish to secure an advantage by not
accepting the full commission as offered by the brokerage to the co-operating
brokerage. So, they will try to leave some money on the table. But, it’s not
free, they want to secure another financial advantage. They just are omitting
the part going to the brokerage and
attending to the payment of various taxes. The problem is how to assess the
value of the reduced bid and give it an “artificial bump up”.
I am suggesting that we simply leave the playing field
level. Take the full commission, pay the brokerage and pay the appropriate
taxes etc. Here are some additional rules:
All commission reduction disclosures by the listing
brokerage shall be made as required by law, prior to submission of the offers
Commission reduction arrangements by other registrants are
not encouraged
Participants are encouraged to accept the commission as
offered, process the payments and attend to the payment of the necessary
taxation on the gross amount of the commission
Third Party Oversight If required.
You will appreciate that one of the most significant
features to ensure fairness is third party oversight. If this is the way ABC
Realty handles all its bidding wars, then that’s fair, and I would participate
again. The system is open, fair and transparent.
Consider these rules:
The bid supervisor is to receive and consider the offers,
meet with the seller and negotiate any further offers and counter-offers with
the buyer.
The bid supervisor shall comply with the requirements of
REBBA, 2002 concerning the validity of offers and identity of buyers and/or
their agents as required
The bid supervisor will communicate any disclosures and
advise all participants, from time to time as to the number of registered
offers, the number of registered offers withdrawn, and the current number of
registered offers.
These are as drafted by Brian Madigan
