Re: Are bogus bidding stories bogus? – REM, December 2007
 
First TREB president Maureen O’Neill denies the existence of phantom bids, then faced with the reality that it is indeed a problem in our market, strikes a task force to “separate fact from fiction.” Ms. O'Neill advises the task force’s mandate will include an examination of a more transparent form of bid registration and then offers a personal opinion that undermines the task force’s eventual findings.
 
That she is totally against open bid offer formats because she “hasn’t met a seller yet who would want to put his or her house on the open bid market”, is only half of the equation.
 
The format of a blind bid process worked well when the legal relationship between agent and principal involved the seller only. Since the advent of buyer agency, registrants have a duty to buyers as well as sellers and therein lies the problem with the outdated thinking of Ms. O’Neill.
 
Of course sellers favour a closed bid process. But what about the buyers who TREB members represent? How are they supposed to properly and professionally represent their buyer clients in a multiple offer scenario? The present scenario is rife with problems and ample opportunity exists for abuse. Compound the difficulties with multiple representation and it’s simple to draw the conclusion that the present system needs changes made   fast.
 
Ms. O’Neill’s personal opinion is irrelevant. She represents the membership and before offering a personal opinion about what is a very contentious issue, perhaps she should let the task force do its job and make its recommendations.
 
Niels Christensen, CCREC, CFE
Broker
Re/Max Professionals
Toronto