I would like to run this story by the forum.
About 15 months ago when the property market was running hot my wife and I were making many inspections, annoying various agents (many at that time were flat out giving you the time of day... let alone returning a phone call), frightened we would miss the boat and never get an investment property . While at work I saw a sign being hammered in the front of an old 70's six pack in what I considered a good area. Quick call to the wife seen her inspecting the unit within minutes of the sign going in. It was decided that we thought it would be suitable for a family member. The family member then proceeded to deal with the agency, negotiated and eventually purchased the property. A month or so later another unit within the block was for sale with the same agency. After an inspection with the principle of the office I said I would make an offer close to $17000 more than what the family member had paid for their unit. The Agent then proceeded to tell me that he thought we had stolen the first unit and as my verbal offer was $5000 below the level of offers his client had instructed him to bring ,he had no intentions of communicating my offer either verbally or on paper to the seller. I reminded him that he had an obligation as a licensed real estate agent in Qld to submit all offers to his client. His response again was he was breaking no rules as my offer was below the level that his client had set. I repeated my offer and would involve the REIQ if my offer wasn't forwarded.I expected he would at least let the owner be aware of my offer. Some time later the unit was sold and after talking to the new owner I mistakenly understood they had paid $27,000 more that the family member had. I let it out of my thoughts as we continue to look for other properties.
Last week the family member decided to get a valuation as they decided to rent it out and a valuation should eliminate any future capital gains tax arguments should the unit be sold in the future. In the process of the valuation comparable units sold in the area showed that the 2nd unit changed hands for exactly what my offer was. This refreshed my memory of all the above and I would like to know what the learned members of the forum would have done in similar circumstances.
And yes this agency belongs to that chain that has a self appointed mortgage on ethics in the Real Estate industry.
Hound Dog
About 15 months ago when the property market was running hot my wife and I were making many inspections, annoying various agents (many at that time were flat out giving you the time of day... let alone returning a phone call), frightened we would miss the boat and never get an investment property . While at work I saw a sign being hammered in the front of an old 70's six pack in what I considered a good area. Quick call to the wife seen her inspecting the unit within minutes of the sign going in. It was decided that we thought it would be suitable for a family member. The family member then proceeded to deal with the agency, negotiated and eventually purchased the property. A month or so later another unit within the block was for sale with the same agency. After an inspection with the principle of the office I said I would make an offer close to $17000 more than what the family member had paid for their unit. The Agent then proceeded to tell me that he thought we had stolen the first unit and as my verbal offer was $5000 below the level of offers his client had instructed him to bring ,he had no intentions of communicating my offer either verbally or on paper to the seller. I reminded him that he had an obligation as a licensed real estate agent in Qld to submit all offers to his client. His response again was he was breaking no rules as my offer was below the level that his client had set. I repeated my offer and would involve the REIQ if my offer wasn't forwarded.I expected he would at least let the owner be aware of my offer. Some time later the unit was sold and after talking to the new owner I mistakenly understood they had paid $27,000 more that the family member had. I let it out of my thoughts as we continue to look for other properties.
Last week the family member decided to get a valuation as they decided to rent it out and a valuation should eliminate any future capital gains tax arguments should the unit be sold in the future. In the process of the valuation comparable units sold in the area showed that the 2nd unit changed hands for exactly what my offer was. This refreshed my memory of all the above and I would like to know what the learned members of the forum would have done in similar circumstances.
And yes this agency belongs to that chain that has a self appointed mortgage on ethics in the Real Estate industry.
Hound Dog
