Online real estate auction draws Ontarians’ attention to the open bidding process
NEWMARKET, ON, CANADA, June 22, 2022 /EINPresswire.com/ — In less than a year, Ontarians across the province will adopt government rules that introduce a more open bidding process for real estate transactions. Domus Optima Co. Ltd., a Newmarket-based property auction house, has taken the lead in ending blind auctions on property listings with the new launch Real estate auctions Domus Optima site that has recently experienced auction activity on its first list close.
Domus Optima Real Estate Auctions hosted the Stonehaven Property Auction which took place over 10 days. The listing attracted several interested parties. Each party was able to keep abreast of auction offers in real time. As with a traditional real estate ad, the seller could have a minimum price (reserve) that he would accept for his property. At this time, the auctioned property has not reached the reserve price at auction closing time. The property was subsequently removed from the auction site and is currently being marketed by its listing agent in a traditional way.
“When Domus Optima launched its new real estate auction site in April 2022, the goal was to bring greater transparency to the process of buying and selling real estate in Canada,” says Vitaly Kaidanov, founder of Domus. Optima Co. Ltd. “With Ontario soon to move away from totally blind bidding in real estate transactions, homebuyers are more eager than ever to have all the information available before bidding on their ideal property. We believe the transition to open and transparent interactions should happen even faster than currently expected. We live in a world where real estate and market conditions change from day to day. With the headwinds the market is currently facing, it is extremely important to have all the information available to make an informed decision. »
With the current downturn in the real estate industry in Ontario, sellers and their agents are eager to use all available options in order to realize fair market value for the property. Although real estate auctions are not new to Canada, they are rare compared to the traditional process of buying and selling. In a buyer’s market, the real estate auction process has several advantages for all parties involved in transactions. Properties are able to attract more interest due to the simplicity, available due diligence packages, real-time information and transparency involved in the Domus Optima property auction process. There is no guesswork as to the level or competition for a particular listing, as all parties are able to see who is bidding and how much the bids are coming in. The relative newness of the real estate auction process also contributes to the increased attention of the general public eager to participate in an open and transparent process.
“We are satisfied with the results. The site worked exactly as expected,” says Vitaly Kaidanov, founder of Domus Optima Co. Ltd. “Everyone had as much information as possible. The seller was able to set his reserve price, he was able to observe the auctions in real time. What was new was that all potential buyers had exactly the same information. Bidders were able to see how many people were bidding on the house and what those bids were. Above all, everyone acted according to the same rules. Prospective buyers had access to a third-party home inspection report before the auction opened. The bidding conditions were the same for everyone involved. An auction is not a panacea however, with market conditions changing very quickly in Ontario, we knew demand was not as high as it was a few months ago. That said, our goal of ensuring fairness and transparency in the process has been achieved. We are happy that we were able to demonstrate the benefits of an open system and that the system works exactly as it was designed. With such a magnificent home, we have no doubt that a buyer will soon be found.
Real estate auctions Domus Optima Reserve