{"id":830,"date":"2021-04-19T13:48:00","date_gmt":"2021-04-19T13:48:00","guid":{"rendered":"https:\/\/www.realestateleads.ca\/blog\/?p=830"},"modified":"2023-09-26T14:02:06","modified_gmt":"2023-09-26T14:02:06","slug":"rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2","status":"publish","type":"post","link":"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/","title":{"rendered":"Rise of Blind Bidding in Canada\u2019s Overheated Real Estate Markets"},"content":{"rendered":"
<\/div>\r\n
\r\n
\"\"<\/figure>\r\n<\/div>\r\n\r\n\r\n\r\n

Many people are reporting how it can be nothing short of an absolute frenzy of activity when a house is put for sale on the local real estate market. It\u2019s true that often times a home is sold before any more than a handful of people have even become aware of it being on the market, and that can be especially true in regions of the country that are desirable for people and places where owning a home isn\u2019t a simple proposition by any means.<\/p>\r\n\r\n\r\n\r\n

While there\u2019s a host of factors that go into that, the basic reality here is that demand continues to far outstrip supply and then there\u2019s the role of record-low interest rates that make it easier than ever for would-be homebuyers to be mortgaged into being able to buy a home. That\u2019s not always the best long-term idea for a lot of people, but it\u2019s their decision to make and if the bank is willing to finance them, the bank is willing to finance them.<\/p>\r\n\r\n\r\n\r\n

Realtors who are newer to the game may have more difficulty prospecting new clients in comparison to other more established agents. Nothing beats tested and true hustle for countering that, but our online real estate lead generation system here at Real Estate Leads<\/a> is a good way to level that playing field somewhat. One thing\u2019s for sure \u2013 the real estate business is never going to be an any less competitive one.<\/p>\r\n\r\n\r\n\r\n

But back to topic, and one of the things that\u2019s become more of a pronounced trend during all of this frenzy across Canada is the phenomenon of \u2018blind bidding.\u2019 That can be figured out fairly easily to mean bidding on a property \u2018blind\u2019, but what\u2019s really to all of that?<\/p>\r\n\r\n\r\n\r\n

Let\u2019s have a look at this week.<\/p>\r\n\r\n\r\n\r\n

No Views, No Problem<\/strong><\/h3>\r\n\r\n\r\n\r\n

A blind real estate offer is a purchase contract written by a buyer who has no problem with the fact they\u2019ve never actually seen the property. Up until recently this was at leas somewhat common for commercial properties, but it was never something you\u2019d consider for somewhere where you\u2019d be planning to leave at least.<\/p>\r\n\r\n\r\n\r\n

That is, until 2020 and the Coronavirus pandemic it seems.<\/p>\r\n\r\n\r\n\r\n

So part of the reason people are making blind bids on homes is because they\u2019re reacting to the frenzy and don\u2019t want to miss out any of the few properties that make the grade for them on paper. But the pandemic and its restrictions are playing a part in this too, and specifically with the way that open houses aren\u2019t possible the way they used to be and showings of homes have to be on a 1-viewer at a time basis.<\/p>\r\n\r\n\r\n\r\n

This puts would-be buyers at an obvious disadvantage, unless of course they have some means of ensuring they\u2019re always one of the first to view and evaluate whether they want to bid on a home. This extends to inspections, approvals, and the like too. When you add all the delays up, many buyers have experienced how a home they were planning to make an offer on is already long since sold.<\/p>\r\n\r\n\r\n\r\n

And so we are with the blind-bidding trend picking up steam. Is it a massive leap of faith to bid on a home you\u2019ve never laid eyes on or set foot in? You\u2019re darn right it is, but obviously some clients feel that\u2019s what is called for nowadays.<\/p>\r\n\r\n\r\n\r\n

After all, if it\u2019s entirely not what you expected it\u2019s entirely true that you can probably sell it yourself right away yourself (aware of the fact most Provinces have $ penalties attached to \u2018flipping\u2019 this way.<\/p>\r\n\r\n\r\n\r\n

So while blind bidding is a product of the times, it is a way for homeowners to actually get bids in before a home is sold in a staggeringly short amount of time and leaving these buyers back at square one with finding a home for themselves.<\/p>\r\n\r\n\r\n\r\n

Enough to Confidently Make a Move?<\/strong><\/h3>\r\n\r\n\r\n\r\n

The reality is that blind bid real estate offers are dangerous. They impede the buyer\u2019s ability to have properly overseen the property, and as we all know there\u2019s plenty of technology and ability out there to make a home look a lot better on a screen than it does in person. There\u2019s risks for the seller too, as they may get tied up with a buyer who may or may not be willing to go through with the sale once the home is finally seen in person.<\/p>\r\n\r\n\r\n\r\n

There\u2019s no way around this handicap if you are truly bidding blind and trusting that the home you\u2019re aiming to buy is legitimately represented in the images you\u2019ve seen of it. Most realtors will tell you it\u2019s never a good idea, but they\u2019ll also tell you that in today\u2019s market in certain areas of the country it may be what you need to do once you become aware a home that meets your criteria goes onto the market.<\/p>\r\n\r\n\r\n\r\n

The old saying \u2018he who delays is lost\u2019 is very true much of the time here, and that\u2019s not a good thing considering you should always be evaluating major life purchases \u2013 but it is what it is!<\/p>\r\n\r\n\r\n\r\n

Is it less risky making blind bids on lesser-priced properties? Of course it is, but ask yourself this \u2013 if it\u2019s a lower-priced property then is it going to be the type of home that\u2019s going to be fiercely bid on and selling withing hours of being listed on the market?<\/p>\r\n\r\n\r\n\r\n

It may be, but probably not. Most of the blind bid home buying that\u2019s going on in Canada these days is in major metro areas where the home is far from inexpensive but there are not shortage of buyers who are ready to pay asking price, if not much more than asking price. If you are going to make blind bids, have a solid idea of what your bidding threshold is and overrule any urge to go past that point.<\/p>\r\n\r\n\r\n\r\n

Sign up for Real Estate Leads here<\/a> and receive a monthly quota of qualified, online-generated buyer and \/ or seller leads that are delivered to one realtor, and one realtor only \u2013 you! You\u2019ll be the only realtor to receive them, and these leads will be for individuals, couples, or families who have shown their intent to either buy or sell a home in the near future and in the same city or town in Canada where you are working as a real estate agent. It\u2019s a dynamite way to supercharge your client prospecting efforts and build up your personal real estate business.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

Many people are reporting how it can be nothing short of an absolute frenzy of activity when a house is put for sale on the local real estate market. It\u2019s true that often times a home is sold before any more than a handful of people have even become aware of it being on the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-830","post","type-post","status-publish","format-standard","hentry","category-general-topics"],"yoast_head":"\nRise of Blind Bidding in Canada\u2019s Overheated Real Estate Markets - Real Estate Leads Blog<\/title>\n<meta name=\"description\" content=\"Rise of Blind Bidding in Canada\u2019s Overheated Real Estate Markets - Real Estate Leads Blog\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rise of Blind Bidding in Canada\u2019s Overheated Real Estate Markets - Real Estate Leads Blog\" \/>\n<meta property=\"og:description\" content=\"Rise of Blind Bidding in Canada\u2019s Overheated Real Estate Markets - Real Estate Leads Blog\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Real Estate Leads Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-19T13:48:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-26T14:02:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.realestateleads.ca\/blog\/wp-content\/uploads\/2021\/04\/AdobeStock_245860149-1024x892.jpeg\" \/>\n<meta name=\"author\" content=\"Real Estate Leads\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Real Estate Leads\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/\",\"url\":\"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/\",\"name\":\"Rise of Blind Bidding in Canada\u2019s Overheated Real Estate Markets - Real Estate Leads Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.realestateleads.ca\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.realestateleads.ca\/blog\/wp-content\/uploads\/2021\/04\/AdobeStock_245860149-1024x892.jpeg\",\"datePublished\":\"2021-04-19T13:48:00+00:00\",\"dateModified\":\"2023-09-26T14:02:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.realestateleads.ca\/blog\/#\/schema\/person\/413386b258baa1b3e7d5709228082e86\"},\"description\":\"Rise of Blind Bidding in Canada\u2019s Overheated Real Estate Markets - Real Estate Leads Blog\",\"breadcrumb\":{\"@id\":\"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/#primaryimage\",\"url\":\"https:\/\/www.realestateleads.ca\/blog\/wp-content\/uploads\/2021\/04\/AdobeStock_245860149-1024x892.jpeg\",\"contentUrl\":\"https:\/\/www.realestateleads.ca\/blog\/wp-content\/uploads\/2021\/04\/AdobeStock_245860149-1024x892.jpeg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.realestateleads.ca\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Rise of Blind Bidding in Canada\u2019s Overheated Real Estate Markets\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.realestateleads.ca\/blog\/#website\",\"url\":\"https:\/\/www.realestateleads.ca\/blog\/\",\"name\":\"Real Estate Leads Blog\",\"description\":\"Welcome to RealtorLeads Blog\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.realestateleads.ca\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.realestateleads.ca\/blog\/#\/schema\/person\/413386b258baa1b3e7d5709228082e86\",\"name\":\"Real Estate Leads\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.realestateleads.ca\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/4801655c68dae8c9486a6bdf5e4c6505?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/4801655c68dae8c9486a6bdf5e4c6505?s=96&d=mm&r=g\",\"caption\":\"Real Estate Leads\"},\"url\":\"https:\/\/www.realestateleads.ca\/blog\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Rise of Blind Bidding in Canada\u2019s Overheated Real Estate Markets - Real Estate Leads Blog","description":"Rise of Blind Bidding in Canada\u2019s Overheated Real Estate Markets - Real Estate Leads Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/","og_locale":"en_US","og_type":"article","og_title":"Rise of Blind Bidding in Canada\u2019s Overheated Real Estate Markets - Real Estate Leads Blog","og_description":"Rise of Blind Bidding in Canada\u2019s Overheated Real Estate Markets - Real Estate Leads Blog","og_url":"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/","og_site_name":"Real Estate Leads Blog","article_published_time":"2021-04-19T13:48:00+00:00","article_modified_time":"2023-09-26T14:02:06+00:00","og_image":[{"url":"https:\/\/www.realestateleads.ca\/blog\/wp-content\/uploads\/2021\/04\/AdobeStock_245860149-1024x892.jpeg"}],"author":"Real Estate Leads","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Real Estate Leads","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/","url":"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/","name":"Rise of Blind Bidding in Canada\u2019s Overheated Real Estate Markets - Real Estate Leads Blog","isPartOf":{"@id":"https:\/\/www.realestateleads.ca\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/#primaryimage"},"image":{"@id":"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/#primaryimage"},"thumbnailUrl":"https:\/\/www.realestateleads.ca\/blog\/wp-content\/uploads\/2021\/04\/AdobeStock_245860149-1024x892.jpeg","datePublished":"2021-04-19T13:48:00+00:00","dateModified":"2023-09-26T14:02:06+00:00","author":{"@id":"https:\/\/www.realestateleads.ca\/blog\/#\/schema\/person\/413386b258baa1b3e7d5709228082e86"},"description":"Rise of Blind Bidding in Canada\u2019s Overheated Real Estate Markets - Real Estate Leads Blog","breadcrumb":{"@id":"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/#primaryimage","url":"https:\/\/www.realestateleads.ca\/blog\/wp-content\/uploads\/2021\/04\/AdobeStock_245860149-1024x892.jpeg","contentUrl":"https:\/\/www.realestateleads.ca\/blog\/wp-content\/uploads\/2021\/04\/AdobeStock_245860149-1024x892.jpeg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.realestateleads.ca\/blog\/rise-of-blind-bidding-in-canadas-overheated-real-estate-markets-2\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.realestateleads.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Rise of Blind Bidding in Canada\u2019s Overheated Real Estate Markets"}]},{"@type":"WebSite","@id":"https:\/\/www.realestateleads.ca\/blog\/#website","url":"https:\/\/www.realestateleads.ca\/blog\/","name":"Real Estate Leads Blog","description":"Welcome to RealtorLeads Blog","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.realestateleads.ca\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.realestateleads.ca\/blog\/#\/schema\/person\/413386b258baa1b3e7d5709228082e86","name":"Real Estate Leads","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.realestateleads.ca\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/4801655c68dae8c9486a6bdf5e4c6505?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4801655c68dae8c9486a6bdf5e4c6505?s=96&d=mm&r=g","caption":"Real Estate Leads"},"url":"https:\/\/www.realestateleads.ca\/blog\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/www.realestateleads.ca\/blog\/wp-json\/wp\/v2\/posts\/830"}],"collection":[{"href":"https:\/\/www.realestateleads.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.realestateleads.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.realestateleads.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.realestateleads.ca\/blog\/wp-json\/wp\/v2\/comments?post=830"}],"version-history":[{"count":0,"href":"https:\/\/www.realestateleads.ca\/blog\/wp-json\/wp\/v2\/posts\/830\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.realestateleads.ca\/blog\/wp-json\/wp\/v2\/media?parent=830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.realestateleads.ca\/blog\/wp-json\/wp\/v2\/categories?post=830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.realestateleads.ca\/blog\/wp-json\/wp\/v2\/tags?post=830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}