Bidding War Drone: In-House Intelligence Report raises questions

BidWarDrone_InHouseIntel_May2014

So far, no one has been injured by a real estate drone taking photos of their listings or homes for sale, but we’re glad the FAA is implementing regulations to prevent that in the future. Contrast that to bidding wars. For six months we’ve been blogging about runaway bidding wars creating real estate refugees in Cambridge, Massachusetts.  More recently, our findings have echoed in this frustrating headline out Seattle:

When bidding $100,00 over asking price isn’t enough

Thankfully, a fellow real estate agent in Toronto, where various regulations are being considered to mitigate “unnecessarily sleazy” bidding wars, wrote an expose entitled The Blind Offer: How it Works and Why Toronto Should Get Rid of It

Overall, the lack of transparency in this system – which only helps the seller and hurts the buyer – sets our housing market up for disaster. If people continue to pay dozens, and even hundreds, of thousands of dollars over listing prices, the value of Toronto real estate could eventually reach an unsustainable level – and then decline.

http://bit.ly/BlindOffers (please share this URL via social networks)

Rather than sounding similar warnings, local coverage — particularly by Curbed Boston and blogger / real estate agent David Bates — has sensationalized bidding wars.  Without a crowdfunding campaign, we don’t have the resources to launch a counter offensive; so with all of the buzz in the real estate industry around drones, we decided to deploy one to document the “inside story” — LITERALLY! — on bidding wars.

Before overreacting, rest assured that our Bidding War Drone is on a Peace Keeping mission.

Our goal is to protect consumers by identifying what’s really happening on the ground; and to invite homebuyers, consumer advocates, elected officials and industry regulators to address the questions in this blog post:

Will Bidding Wars trigger local regulation or global reformation?

http://bit.ly/BidReform (please share this URL via social networks)

Right now our Bidding War In-House Intelligence is a Top Secret document, but if you would like to a preview a copy and join our coalition of Peace Keepers, please contact realestatecafe@gmail.com  Better yet, if you’ve lost a bidding war and want to see corrective action, please contact us about crowdfunding options we’re exploring.

Posted in Bidding wars, Bubble map, Buyer agent, Consumer protection, Defensive Homebuying, Designated Agency, Dual Agency Detective, Investigative Reporting, Luxury homes, RECALL: Real Estate Consumer Alliance

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