Re:Canada bans foreign home buyers for two years
by TimPC on Tuesday April 19, 2022 @08:40AM
(#31082301)
The one advantage of blind bidding is the slowness. You’re able to consult with everyone you need to between bids. In a live auction you might not get to call your family before having to decide if you want to go $10k higher. Even if your wife is there you don’t have time for an extended discussion on whether it’s worthwhile.
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Re:Canada bans foreign home buyers for two years
by interblag on Tuesday April 19, 2022 @08:44AM
(#31082338)
This makes me wonder why not just use a one-time second price auction? In that case everyone just needs to huddle up with their family once, submit their maximum price for the house, and know that they won't have a risk of over-paying relative to everyone else's valuation.
Re:Canada bans foreign home buyers for two years
by srveale on Tuesday April 19, 2022 @09:30AM
(#31082804)
I would guess most sellers would not want to do this
Re:Canada bans foreign home buyers for two years
by mc32 on Tuesday April 19, 2022 @08:48AM
(#31082370)
Wouldn’t people set a maximum ceiling beyond which they would not go? Like you make your initial bid, which would not be the maximum and you go up till you win or you hit your max.
If you bade your maximum already then obviously you’re out of contention.
Re:Canada bans foreign home buyers for two years
by PeterBarrett on Tuesday April 19, 2022 @08:47AM
(#31082366)
I have found straight up bidding to be a much slower process. You don't have to immediately respond, if an estate agent is applying pressure you should just ignore them and respond with your bid when you're ready.
On the other side if the sellers aren't happy with the highest bid they can just keep waiting for more people to turn up.