Barbara Yaffe: When real estate bidding wars are a ‘sales strategy’

Vancouver homebuyers increasingly encounter real estate bidding wars, some of them artfully engineered by realtors who list properties at prices below their market value. We have all heard about the way this works. An open house is held at an attractively priced property. Prospective buyers are advised as to when offers will be accepted — at which point, in a hot market like Vancouver’s, competitive bidding usually takes place, with several potential buyers offering to pay more than the property’s asking price. Sometimes as much as $1 million more.

from http://www.vancouversun.com/opinion/columnists/barbara+yaffe+when+real+estate+bidding+wars+sales/11786990/story.html