Open bidding on a GTA home to come in an online auction.
TORONTO, ON, CANADA, November 5, 2018 /EINPresswire.com/ — As Ontario discusses the merits of open bidding as a way to provide more choice and transparency to the real estate market, a Toronto brokerage is bringing open bidding to their newest listing.
On Monday November 13, the online auction for a charming bungalow at 6 Mozart Avenue in Scarborough will begin. This property, only a 20-minute drive from downtown Toronto, is available for viewings starting today and through the auction date.
Bidding will start at $650,000, and bidding will run from 5:00pm through 8:00pm or until all bids have been placed. All participants and viewers can see the high bid and can also review all the information about the property including home inspection, neighbourhood details, and even the purchase contract they will be signing. Registering to view all the documentation is free at the auction’s website.
On The Block Realty, a real estate brokerage based in the Toronto area, has been providing open auctions as a listing option for sellers around the GTA for over a year. The process is identical to the traditional listing process, but the arrival at a final price is transparent and takes the ‘silent’ out of bidding wars that have become all too common.
There will be open houses on Saturday November 10 and Sunday November 11 from 2:00-4:00.
Understanding that there are potential buyers who won’t want to wait until the auction, or those more comfortable with the traditional process, there will still the opportunity to make an offer before the auction begins.
The open bidding approach made news recently with the Ontario Real Estate Association recommending that sellers should have the option to choose an approach that is transparent and open for buyers. With a transparent auction, all bidders will know exactly what price to offer to be in the lead, and while it will ensure the seller gets the best possible price, it also will ensure that every buyer is comfortable and confident with their decision.
Viewings of the home can be booked either through a buyer’s Realtor, MLS or on the auction page at www.6mozart.ca.
On The Block is the product of Katie and Daniel Steinfeld, two GTA Realtors with an extensive background in finance, marketing and sales. As platforms like Uber and Airbnb have disrupted their spaces, On The Block is positioned to challenge a real estate process that for too long hasn't seen significant change. With transparency in constant question, and affordability diminishing, it's more important than ever to give people some choice and power in the biggest purchasing decision of their lives.
Source: EIN Presswire