Bidding wars are a common side effect of hot real estate markets. Whether you’re bidding against one or five buyers, the situation is always tense. It’s often an all or nothing offer – go big or go home. When multiple offers are on the table, the only strategy is to aim high, which is great for sellers. So great, in fact, that some sellers are trying to profit off of “fake” bidding war situations.

A Toronto realtor is calling for tougher bidding war rules after her client was duped into paying $90,000 over asking for a midtown home. The couple believed that they were in competition with three other bidders for the property, when in all actuality they were the only interested party.  Continue reading →