Hi forum members,
I'm not experienced in property buying and selling by any means - quite the contrary - which is why I'm seeking some advice from those much more experienced in this field than I am.
I'll preface this thread by saying I realise I'll likely just have to put this one down to experience, but I would be interested to hear your comments to help me avoid a repeat of the experience.
Anyway, here's my scenario.
I recently sold my owned outright PPOR. So I have a decent deposit from the sale proceeds as well as some savings. I'll only have to borrow about 25% for my next PPOR.
2 weeks ago I found a place I really liked so I made 2 offers on the property.
The first offer was $15k under the $590k asking price and a second offer 7 days later at $583k. I called the agent last Friday and he asked me if that was my best and final offer? I replied that I had a little room to negotiate if there was a genuine offer higher than mine and that I would like to be kept informed before the vendors sign a contract. The agent also said the vendors would have a final open inspection this weekend and they would make a decision after that. So my plan was to submit my best and final offer at the $590k asking price immediately after the final open inspection this weekend.
However, a couple of hours before the open inspection the agent called and said the vendors had accepted another buyer's offer. I was disappointed of course as I really liked the place.
So my questions:
Does this kind of thing happen a lot?
Is it legal if they agreed verbally that they would contact potential purchaser (i.e. me) before contracts are signed? Or is it one of those 'grey areas'.
What do you think of the idea of using a buyer's agent to avoid this kind of thing?
Any other advice appreciated!
thanks in advance
I'm not experienced in property buying and selling by any means - quite the contrary - which is why I'm seeking some advice from those much more experienced in this field than I am.
I'll preface this thread by saying I realise I'll likely just have to put this one down to experience, but I would be interested to hear your comments to help me avoid a repeat of the experience.
Anyway, here's my scenario.
I recently sold my owned outright PPOR. So I have a decent deposit from the sale proceeds as well as some savings. I'll only have to borrow about 25% for my next PPOR.
2 weeks ago I found a place I really liked so I made 2 offers on the property.
The first offer was $15k under the $590k asking price and a second offer 7 days later at $583k. I called the agent last Friday and he asked me if that was my best and final offer? I replied that I had a little room to negotiate if there was a genuine offer higher than mine and that I would like to be kept informed before the vendors sign a contract. The agent also said the vendors would have a final open inspection this weekend and they would make a decision after that. So my plan was to submit my best and final offer at the $590k asking price immediately after the final open inspection this weekend.
However, a couple of hours before the open inspection the agent called and said the vendors had accepted another buyer's offer. I was disappointed of course as I really liked the place.
So my questions:
Does this kind of thing happen a lot?
Is it legal if they agreed verbally that they would contact potential purchaser (i.e. me) before contracts are signed? Or is it one of those 'grey areas'.
What do you think of the idea of using a buyer's agent to avoid this kind of thing?
Any other advice appreciated!
thanks in advance