Put an offer in for a property on Monday. Got told there was another higher offer on the table and could I do better? I did (changed terms, upped price). Haven't heard back from the agent. Is it legal to play one buyer off another? What's stopping the agent going to the other party with my offer, to try to get more? It is feeling almost like a (very long, drawn out) auction to me at the moment. Wondering if I should call the agent to see what's going on or if I should just leave it with them.
Agent playing buyers off against each other?
- Thread starter Prop_Perspectiv
- Start date
How do you know if it is a genuine other buyer?
You don't.
It's all part of the dance.
It's all part of the dance.
One time in Melbourne I went in to sign the contract and the agent showed me the other offer and just hid their details with his hand - so I could see price but privacy was protected. Each agent pulls their own stunts. Without such evidence I wouldn't buy into into (if you will) and stick to your limit irrespective. I still stuck to my limit and missed out.
You don't know.
I had the same situation on my last purchase.
Agent let me know there was another buyer and he would be presenting both offers to the vendor.
I came up with a number I thought would make the property a good deal and turns out I was the highest bidder and got the property. I will never know if there really was another bidder or not. There was no subsequent back and forth silent auction going on in my case. I would have just walked if that occurred.
Sounds like in your case there probably really was another offer and it was a better one.
I had the same situation on my last purchase.
Agent let me know there was another buyer and he would be presenting both offers to the vendor.
I came up with a number I thought would make the property a good deal and turns out I was the highest bidder and got the property. I will never know if there really was another bidder or not. There was no subsequent back and forth silent auction going on in my case. I would have just walked if that occurred.
Sounds like in your case there probably really was another offer and it was a better one.
Could have been a fake contract!
You don't but if its a very hot market the chances are there is another offer on the table and if its a rising market and you know there is still steam then I would just put in the best offer on the table.
Funny enough, I heard that someone in a very hot market, multiple offers placed an offer on the table where he said "I will pay $5000 above the highest offer", he secured the property
Yep, it's not all about price. This vendor wants a clean, quick deal. I'm offering a cleaner deal than the other guy (I think). I do have a bit of room to move money wise though. Just trying to work out if I should call the agent or wait.
Hmmmm, anyone know of any negotiation classes
"Cash offer" is a good negotiator.
Don't forget that the agent IS NOT your friend. If they are doing their job properly then they are obliged by law to get the 'highest possible price' for the property, in the best interests of the owner not you. I don't believe it's illegal but it certainly wouldn't be pleasant having to deal with it.
Little Mate
Little Mate
Remember that it's really worth their while to stuff buyers around.....for every $1000 extra achieved, the agency might see $20 for the effort.
All that extra work isn't in the agent's best interests that's for sure.
While on paper that's true, I know plenty of agents that work extra hard to get the top dollar they can. Those are the agents you want to sell your house. While it doesn't get them much cash in their pocket for this deal, it does go to their reputation and help with future listings, so in the end it is in their best interests to get the best price. Of course vendor wishes also come into play with some wanting a quick sale for whatever reason.
Just thought I would update. We got it Another game played and won. Under no illusions I'll win them all. Learning, learning....
Another game played and won. Under no illusions I'll win them all. Learning, learning....Once the agent has achieved the vendor's price the rest is reputation - it's not about the money but kudos from the vendor for going beyond expectations. (hence the wink)
