Broker launches program that will provide clarity around bidding wars

Broker launches program that will provide clarity around bidding wars

Broker launches program that will provide clarity around bidding wars 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.”


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9 Comments
  • @kiltedbroker 2015-03-26 12:27:23 PM
    Wow... this is a pretty interesting idea. Not only have I been in multiple offer situations personally, I have represented many clients fighting through the same. It's a pretty tense situation for sure.

    I agree a lot of the problems don't arise from losing out on a bid, it was the lack of transparency that frustrated me. I think it would be a real step forward to standardize the multiple offer process!

    Great idea, I wish DealDocket all the best! Very cool.
    Post a reply
  • Sardool Bhogal 2015-03-26 12:33:45 PM
    Multiple offer is not a problem for the seller. It is a problem for buyers where they may be just bidding against Phantom [ non existent ] offers. Buyer needs to now and have assurance that offers are on the table and in writing. That is what OREA is trying to fix.
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  • @kiltedbroker 2015-03-26 12:44:06 PM
    Wow... this is a pretty interesting idea. Not only have I been in multiple offer situations personally, I have represented many clients fighting through the same. It's a pretty tense situation for sure.

    I agree a lot of the problems don't arise from losing out on a bid, it was the lack of transparency that frustrated me. I think it would be a real step forward to standardize the multiple offer process!

    Great idea, I wish DealDocket all the best! Very cool.
    Post a reply