With regulations around bidding wars about to change, one broker has developed a program he believes will revolutionize the real estate industry and make the homebuying process much more transparent.
DealDocket allows real estate agents to upload and register every bid made on a property and the seller will be given access to each of the bids made to ensure a fair process.
“The buying agent and the consumer upload the offer, it’s time stamped and locks it in the system. Once the offers are done, the selling agent can sit with their sellers to discuss the offers,” Drew Donaldson, executive vice president of SafeBridge Financial and co-founder of DealDocket told MortgageBrokerNews.ca. “Afterward, everyone that registered an offer can actually have access to the system and see everything; they can see when it was opened and when [each offer] came in.”
Donaldson and Adam Brind, a Toronto-based real estate agent, conceived of the idea after seeing too many clients lose bidding wars.
“It wasn’t that they lost it was that they didn’t know what happened,” Donaldson said. “They didn’t know if it was fair; there was no real regulation on it – Realtors are emailing back and forth offers to purchase and there was a huge lack of transparency.”