How did the owner accept? Guessing just a verbal confirmation?
Goes to show peoples word doesnt mean anything until they sign.. bit rude I think..
Agent telling me other party price...
- Thread starter VCDenton
- Start date
How did the owner accept? Guessing just a verbal confirmation?
Goes to show peoples word doesnt mean anything until they sign.. bit rude I think..
I think you misunderstood. The people whose offer was accepted were the ones who secured the property.
I much prefer our QLD system, where you offer in writing, and it's accepted by the vendor counter-signing the offer. Once both parties have signed, you have a binding contract, and the parties are both committed. (Notwithstanding that there's a cooling off period, and that there may be conditions that may not be fulfilled.)
There's none of this "I'll sell it to you unless I get a better offer in the meanwhile" nonsense.
oz, I read it to be - couple A offered $830k, owner accpeted (but didn't sign the contract). Owner later accepted & signed buyer B's offer of $835k.
Is that right?
I reckon if the vendor verbally accepts the offer they should sign the contract asap, or at least say I have other interested parties coming later this afternoon. Keeps the buyer in the loop
Is that right?
I reckon if the vendor verbally accepts the offer they should sign the contract asap, or at least say I have other interested parties coming later this afternoon. Keeps the buyer in the loop
I would say 99% chance there is no other offer from another party
Hi Boods,
I said 70%, because about 3 times out of 10 where this has come up when making an offer, there *really* was another party.
Also, when selling property, I have had the luxury of several occasions where there has been several offers on the table - and the agents have done a "final round" of making sure everyone had their best offer forward.
It might interest buyers to know that we did NOT necessarily go with the highest price when selling - we went with the most certain, even if it meant a lower price
Cheers,
The Y-man
oz, I read it to be - couple A offered $830k, owner accpeted (but didn't sign the contract). Owner later accepted & signed buyer B's offer of $835k.
Is that right?
I reckon if the vendor verbally accepts the offer they should sign the contract asap, or at least say I have other interested parties coming later this afternoon. Keeps the buyer in the loop
Hi... Couple A & Couple B both saw the property on the Friday....both were aware that the property would continue to be shown until someone exchanged.
Couple A offered first at $830k and this was accepted in the morning... nothing was signed as the vendor solicitor had not given permission for the agent to arrange signing. Couple B offered saturday afternoon at $835k.
Vendor advised whoever signed first at $835k would get it. Couple A got it at $835k.
I think you misunderstood. The people whose offer was accepted were the ones who secured the property.
I much prefer our QLD system, where you offer in writing, and it's accepted by the vendor counter-signing the offer. Once both parties have signed, you have a binding contract, and the parties are both committed. (Notwithstanding that there's a cooling off period, and that there may be conditions that may not be fulfilled.)
There's none of this "I'll sell it to you unless I get a better offer in the meanwhile" nonsense.
I thought that was how it worked in NSW too?
The problem comes from the time it takes from offer being verbally accepted to contracts being exchanged (and entering cooling off period)..... sometimes, especially if the property was listed on a friday and you are inspecting/offering to buy on a saturday, this can be a couple of days - which means that the agent can keep showing the property and accepting offers until the contracts are exhanged and the 0.25% deposit paid.
I have to ask also - what is the difference between conditional and unconditionall offer?
A conditional offer is an offer that has special conditions attached that must be satisfied before the contract is able to be binding. ie, subject to finance, building report, pest inspection, due dilligence, etc...anything at all really, as long as you are confident the vendor will agree to it.
Boods
My understanding from reading on this forum is that sometimes in other states the offer is made verbally or in letter form. An agreement is reached but no contracts signed. Here in Queensland if we make an offer, say on a Saturday, we sign the contract that afternoon, and generally the agent will go straight to the vendor to try to get it countersigned, that very afternoon.
If we offered in letter form, and it was agreed to, isn't this when (in some states) another offer can come in before the contract is signed and I could be gazumped? Because the offer is not binding because both parties have not signed the actual contract?
I like the Queensland system, as it is finished as soon as the vendor signs the contract, usually the same day. It is very rare in my experience of buying and selling to not have both signatures the same day. If the vendor countersigns, the agent usually comes straight back to see of the buyer will counter sign as well.
My mother used to be chasing up signatures, and countersignatures until midnight sometimes.
In NSW offers are meant to be in writting from the buyer, and when submitted to the vendor... however this doesn't always happen, most buyers still offer verbally and all the negotiations begin verbally and followup in writting.
If an offer is accepted, the property is not taken off the market until a contract is signed. The majority of contracts we receive from solicitors are now marked draft and accompanied by a letter advising that the Agent is not permitted to enter into a contract or take deposit with a buyer with out instruction for the vendors solicitor. Basically the solicitors dont want the agents involved for the most part.
Unless specifically instructed to do so by the vendors solicitor we do not accept signed contracts or deposits from the buyer. This isn't necessarily the case everywhere but in my area it is very common... in the last two years i can remember signing maybe two contracts with buyers...all the rest have been done with the solicitors and then we are forwared a copy with the cheque to invest.
If an offer is accepted, the property is not taken off the market until a contract is signed. The majority of contracts we receive from solicitors are now marked draft and accompanied by a letter advising that the Agent is not permitted to enter into a contract or take deposit with a buyer with out instruction for the vendors solicitor. Basically the solicitors dont want the agents involved for the most part.
Unless specifically instructed to do so by the vendors solicitor we do not accept signed contracts or deposits from the buyer. This isn't necessarily the case everywhere but in my area it is very common... in the last two years i can remember signing maybe two contracts with buyers...all the rest have been done with the solicitors and then we are forwared a copy with the cheque to invest.
