A new measure is going into effect on July 17 that will provide some greater transparency to homebuyers who may find themselves in a multiple offer situation on the purchase of a home. The Greater Vancouver, Fraser Valley and Chilliwack real estate boards are the ones applying this new measure.
Where a home seller receives multiple offers, the vendor is now required to provide a disclosure form to all parties that had submit an offer, within 24 hours.
The new disclosure form will state all the brokerages that submitted an offer and will be provided to ALL the bidding parties. This will now provide the bidders with a formalized count of how many offers were put forth on a home, in a competing bid situation.
It is important to note the disclosure form does not name specific agents or brokers who submitted offers, nor the amount of each offer. Moreover, it is provided after the fact, and not in real-time during the actual bidding process.
See Global News BC's segment below, or click the following for a direct video link: Lower Mainland real estate: Sellers will soon need to disclose multiple bids.
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