Agent failed to disclose an offer

[jaja]

After the property failed to reach the reserve price at auction, our agent was negotiating the price with an interested party. He rejected the offer without consulting me as he thought the price was low. I was prepared for negotiation and the offer was in my range.

All that happend at the end of November last year. Since then I did't have any offer close to the original one. The agent suggest to lower the asking price due to the slow market.

What is his/real-estate agency's responsibility in this case. Your thoughts and advice are welcomed!

 

[turk]

Hi Jaja

What action did you take at the end of November last year?

Cheers

Pete

 

[kathryn d]

Contact that interested party and see if they are still interested.

Imagine how many times this must happen, and you never find out about it.
How and when did you find out this one?

I like our way of negotiating when a REA is involved..everything is in writing with a deadline.
We did have an REA refuse to take our offer (without our knowledge) to the vendor.It was for full asking price. We called the vendor directly and asked why it was refused. He didn't know anything about it, and was not happy with the REA. We ended up buying the property, and the REA was replaced by someone else in the company. It turned out the REA had friends who were also interested in the property, but didn't want to pay the asking price.Hoping it would be on the market a while longer, and also to receive some low ball offers first.

You will find unscrupulous people everywhere.

 

[evand]

Take the number of RE agent complaints (and how much they cost people) on this forum and extrapolate that number into the public in general and its seriously scary what agents do and how often.

And these are just the ones that come to light (that is, when they are caught out or obviously bad. Its absolutely mind boggling! )

It would be a massive amount. People shouldnt believe its just a few dodgy ones that make the RE industry look bad or there is cowboys in every industry. The RE industry is seriously crooked, lazy, dishonest, unprofessional, sneaky, lying...on and on.....and costs unwitting people millions, if not billions of dollars.

If the true numbers were known, it would destroy the RE industry.

OK, to your question. Let me first ask what arrangement (verbal or otherwise) you had with the agent before auction or at any time leading up to him rejecting a satisfactory offer.

Did you give him a price (or range) you'd accept?

 

[jaja]

Contact that interested party and see if they are still interested.

Imagine how many times this must happen, and you never find out about it.
How and when did you find out this one?

I was in the same property, other room, while he was negotiating. He told me after the client left the property. The agency contacted the client on Monday (auction was on Saturday) but it was to late.

 

[KidsInheritance]

Knock on the door

Best way to expose the agent (if) you think they are dodgy is to approach the vendor directly (knock on the door) assuming it's a PPOR.
Politely introduce yourself & let them know you have made an offer & wanted to know if it was likely to be accepted - if the REA has not presented the offer they will shortly wish they had........
Worst thing that can happen is they may tell you to speak to the agent or slam the door in your face (thick skin needed here!)
Works a treat if it is a place that was passed in at Auction & has remained unsold or has been on the market for an extended period - the vendor probably already thinks the agent is incompetent & now is quite interested in negotiating with you.
No law against this & your intent is not to deal directly & cut the REA out of their commission, just keep them honest!

 

[eyaeyao]

oh my god. Your explaination now wake me up why my offer was keep delaying.
And eventually sell a few k's ontop of my offer. I hate those REA that not honest.

 

[evand]

So, what was the outcome?