Even though J and I aren't technically property virgins, we have never really experienced these emotions that we are having because the property that we own now was bought pre-construction - which works on a first come, first served system. Sadly, the resale market doesn't work like that! I think this particular search has been more emotional because of what this house symbolizes for J and I. This will be the house that we move into for the long haul, and to start and raise a family - some emotionally charged ideals for sure!
Last week we made another offer on a property in South Mississauga, and lost another bidding war. The housing market outside of the city isn't quite as competitive as Toronto proper, but areas that are in high demand will still result in multiple offers. This property was a bungalow, completely renovated on a great lot with a large yard and finished basement in a great residential area - pretty much what a lot of other buyers are looking for. Our realtor called us before presenting the offer and had some good news for us - there were only 3 offers including ours and we had a good shot at getting the house.
One of the other buyers did not have an agent representing them so the listing agent was representing both the buyer and seller - meaning the listing agent would be getting double commission. Typically, agents get a 5% commission - which is divided to give 2.5% to the listing agent and 2.5% to the buyer agent. I know that this is legal and a situation that does happen- but I really think this is a conflict of interest. Supposedly the agent cannot tell the buyers what the other offers are, but from what I have read and heard, the successful bid always seems to be the double agent's. We lost the property - and it was tougher than the last one because we got emotionally invested and thinking we had a shot got really excited. It was pretty deflating - but the home search is still on!
Andrew, our agent has been amazing and making sure we don't lose hope. In an effort to broaden our horizons (and listings) we are moving a little farther west and including listings from Oakville. Yes, it's farther away from the city but if this is our house for the long term, space is really the most important thing. We will definitely get more space in the suburbs than the city. I am trying to come to terms with not living in the city anymore, and I know that I will miss it terribly but excited for everything the future has in store.
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