Excited home buyers welcome end to blind bidding
NEWMARKET, ON, June 10, 2022 /PRNewswire/ — Domus Optima Co. Ltd. is launching a new, more transparent way for home sellers and buyers to transact real estate. The user-friendly site, which allows home sellers to list their property for sale via an auction, along with setting a reserve price if they so choose, allows for a fully transparent process, free from blind bidding. The sellers and buyers are aware in real-time of the current price and the number of interested parties. Interest in the newly launched Domus Optima Real Estate Auctions site has been steady with one luxury Newmarket residential property already set to be auctioned.
"The one thing that people hate about the traditional process of buying a home in Ontario right now is blind bidding. It’s fundamentally unfair," explains Vitaly Kaidanov, founder of Domus Optima Co. Ltd. "The process is so disliked that the federal government recently announced changes to bring greater transparency to the process. As soon as we announced the creation of our home auction site, we’ve seen steady interest from both buyers and sellers. While people are familiar with auctions, most have never attended an online auction for a home before. Given the benefits and transparency of the auction system, we believe people will become more and more comfortable with the idea and that it will become the method of choice for buying and selling homes. The first home that we are auctioning is a stunning 4400 square foot home in Newmarket. It has all the bells and whistles from travertine floors, premium appliances, a double size inground heated pool, and a professionally landscaped backyard."
Domus Optima’s concept, while new in the Ontario real estate market, is one that consumers are familiar with south of the border. Similar to any auction site, there are opening bids, pre-set incremental bid increases, and soft closing times which extend bidding to prevent last-minute auction ‘sniping’. Unlike the current system, which sees Realtors and buyers take a wild guess about what other parties may have bid, the auction allows all parties to see the bids in real-time. Sellers do not lose out on higher home purchase prices as interest in their home will still generate bids over the initial opening price. The only change is in the transparency of the interaction.
"While the wild ‘over-asking’ purchase prices are what often generates headlines in the media, there is another aspect of the hot housing market that does get overlooked," says Kaidanov. "With the traditional process, along with out-bidding other potential purchasers, buyers are offering sometimes reckless conditions, leaving them very vulnerable. When a home is sold on Domus Optima’s auction site, the conditions are the same for all buyers and are clearly set out ahead of time which again, adds to the transparency and fairness of the transaction."
SOURCE Domus Optima Co. Ltd.