When a buyer submits an offer on a home, they do so with a reasonable expectation that the details will remain confidential. Only that buyer and seller along with their respective representatives are privy to the information.
This privacy is doubly important in the case of a multiple offer scenario on which CREB’s rules are strict. In part they read:
Under no circumstances shall a Member disclose the price or terms of an Offer to Purchase which is under consideration as a means of obtaining a better Offer from another party
The only info buyer agents are permitted to know about other bidders is this:
When the Listing Associate is dealing with competing Offers, the names of the competing Buyer’s Associates and their Brokerage will be provided to the Associates representing the competing Buyers.
However, the seller has the option of issuing a lawful instruction in writing to their agent to not disclose that there are competing Offers or the names of the Brokerages or Associates involved.
Multiple offer situations are handled in accordance with CREB’s rules for the protection and privacy of all parties involved.
In the case of court-ordered sales, real estate board rules set out for multiple offers are not followed by the Court of Queen’s Bench. The courts want to get the maximum price for these properties in order to recoup losses.
The Court Representative may provide each competing buyer (or agent) with everyone else’s information :
- offer price
- buyer’s name & other details
If you’re not comfortable with your offer & other information being publicly accessible, then you should not write offers on Judicial Sales.