Agents disclosing other offers

[gbang]

Hey guys,

Currently trying to negotiate on a property for sale. I know what the value of the property is and coming into xmas, I'm trying to low-ball and get a good deal for myself. It's been on the market for about 1 month now and I can tell the agent is a kinda sly. And i put in an email offer and told him to put it into a contract and get it back to me so I can sign it and send it back.

He came back saying there was another offer at xxxx amount already on the table and that I would have to up my offer to be considered. Can he legally disclose other offers to me? The property is currently held by the state govt so I don't know if that makes any difference or not.

 

[geoffw]

The agent works for the seller. He will do what it takes to get the best price for the seller.

An agent will often say that there's another offer on the table. It's perhaps not as common to give you a number- whether it's real or not.

 

[mikezen]

Leave it then

He'll call you and nag you when he realises his stupid game doesn't work and your not going to budge

Then send in the contract w sunset at 24 hours

Meanwhile, low ball another couple of properties

 

[VYBerlinaV8]

I always tell the agent I'm looking at several properties, that they're only for investment and I don't care which one I buy. If the vendor accepts my offer first, they get my money first.

Allow the agent to qualify you. Tell them you have finance ready to go and already own property that you won't be selling. Never, ever get emotional or upset - you've lost if you do.

 

[robbiejuve]

I'm interested in this question too because agents have never told me a price when I have asked so either there is no other offer, they ethically cant or they legally can't. This was in NSW so maybe different again.

 

[geoffw]

I'm interested in this question too because agents have never told me a price when I have asked so either there is no other offer, they ethically cant or they legally can't. This was in NSW so maybe different again.

I have heard it said that, in a negotiation, the first person to name a price, loses. This may be why not many agents will do so.

 

[Richard Feynman]

I'm interested in this question too because agents have never told me a price when I have asked so either there is no other offer, they ethically cant or they legally can't. This was in NSW so maybe different again.

I'm basing this of what a NSW agent told me recently, so take it with a grain of salt. He said there's no rule or law preventing disclosure of offers by an agent, however, he never discloses.

Knowing this can be a powerful tool when making offers..

 

[Richard Feynman]

I have heard it said that, in a negotiation, the first person to name a price, loses. This may be why not many agents will do so.

Another reason is to avoid the hassle of an auction-fest. Imagine a small handful of buyers all one-upping each other in small increments until there's only one buyer standing. It'd be a ****ing nightmare.

 

[Scott No Mates]

It is sufficient to say that "...the vendor has recieved an offer which is more attractive than the offer that you have submitted. If you want this property, you will have to submit an offer which is on better terms/conditions/price than the other offer. Should your revised offer be inferior to the other offer, the vendor will accept the other offer".

Obviously the agent has to be prepared to cover that bet (so he wouldn't use that card unless he knew he could back it).