Hi was hoping to get some advice on a buying experience we had yesterday.
We are looking for residential home to live in Sydney. Over the weekend we found the house of our dreams in Upper North Shore.
The house was listed as offers over $1.2m so after viewing property we decided we liked it.
We put in an unconditional email offer of $1.275m after being told they had another interested party at 1.25.
I was then told to sign contract and cut a deposit cheque and drop it off to agent as the other party also made an offer.
We got the contract reviewed and decided to proceed without conditions. Only thing removed from contract was release of deposit money immediately to vendor which lawyer advised against.
So went and saw the agent and dropped off signed contract and deposit. Was then told oh by the way the other party matched your offer but your contract had the least conditions therefore more attractive.
So we went home thinking we had a good chance. I get a call 1hr later saying unfortunately the vendor went with other offer and no real concrete reason why.
So over to you knowledgable people what did I do wrong here? Should I have tried to up offer on contract when told other party matched it? Frustrating thing is we would of paid another 25k no problems if we were told that was what was needed. Kind of thought we would get several iterations if 2 buyers interested.
Any Advice would be really appreciated as I want to turn this negative experience into a positive learning one for next time.
We are looking for residential home to live in Sydney. Over the weekend we found the house of our dreams in Upper North Shore.
The house was listed as offers over $1.2m so after viewing property we decided we liked it.
We put in an unconditional email offer of $1.275m after being told they had another interested party at 1.25.
I was then told to sign contract and cut a deposit cheque and drop it off to agent as the other party also made an offer.
We got the contract reviewed and decided to proceed without conditions. Only thing removed from contract was release of deposit money immediately to vendor which lawyer advised against.
So went and saw the agent and dropped off signed contract and deposit. Was then told oh by the way the other party matched your offer but your contract had the least conditions therefore more attractive.
So we went home thinking we had a good chance. I get a call 1hr later saying unfortunately the vendor went with other offer and no real concrete reason why.
So over to you knowledgable people what did I do wrong here? Should I have tried to up offer on contract when told other party matched it? Frustrating thing is we would of paid another 25k no problems if we were told that was what was needed. Kind of thought we would get several iterations if 2 buyers interested.
Any Advice would be really appreciated as I want to turn this negative experience into a positive learning one for next time.