Best offer/ Silent auction

This must be the new way of buying things in western Sydney, so bloody annoying.:(

Ad had the property at " offers" over $390,000 - ok all good...i can see a carrot - no issues there.

1pm - inspect property

1:20- i make an offer of $397,000 in writing

Agent advised he will collect all the offers and get back to me, if my offer is not accepted he will allow for one more FINAL and best offer- all good.

4pm - Agent calls to say the offers are around $440,000. Advised to make one final offer and that's it. I make an offer of $440,000 with shorter settlement + Sign 66w ( no cooling period)

4:05 - Agent advised it's me and one more person left only, the other party made an offer of $442,000 and will not go any higher....if my offer is higher i will get the property- I offer $444,000

4:06: Calls and advised i got the property for $444,000, ask me to come in and sign.

( 10 min drive away from where i was )

4:20: As the agent is filling in my details, just when his about to write the price- agent advised the offer is now $450,000. WHAT!!! :mad::mad::mad:

He advised the office just got a call and someone offered $450,000...ask me if i wasted to go higher...OMG like seriously ..poor form.

I walked out.

I wont name the agency, but sigh...

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This has been happening a lot in western Sydney for the past 6 months or so with two particular agencies. I tend to walk away.

I won the 'best and final offer' war for a property in Brisbane but the owner could've gotten more if the agent took counteroffers.

I reckon it's just a game at the moment. Hard to know whether there is another party or if agents are pulling higher numbers out of the sky
 
Why would you buy in such a market unless you needed a PPOR?

I suppose it all depends on what the property was worth and what your plans were for it.

I would have bailed at the 440k mark.

I think as a service to forumites you should name the agency. The sequence of events does not reflect poorly on the agency in the sense that everything they had told you may have been true- but they just had a greedy or ratbag client.
 
I won the 'best and final offer' war for a property in Brisbane but the owner could've gotten more if the agent took counteroffers.

There are some good agents in Western Sydney like this too. We bought a house last year where the agent got us to sign a declaration that it was our best and final offer. Ours wasn't even the highest but the agent trusted us over the other buyer. Btw, the agent had promised us that he will not coach the other buyers to pay higher than us, but their offer happened to be higher. Need more agents like that.

Some in Parra surrounds do play this game of keeping the negotiations going. Is this ok? I don't think so...
 
There are some good agents in Western Sydney like this too. We bought a house last year where the agent got us to sign a declaration that it was our best and final offer. Ours wasn't even the highest but the agent trusted us over the other buyer. Btw, the agent had promised us that he will not coach the other buyers to pay higher than us, but their offer happened to be higher. Need more agents like that.

Some in Parra surrounds do play this game of keeping the negotiations going. Is this ok? I don't think so...

But that is not acting in the best interest of the vendor for which the agent was appointed
 
Mick C, all I can say is join the queue of disgruntled potential buyers (myself included) who have been in a way, diddled, by this practice.

Consumer rights depts should be on to this crap. It should be a more transparent process.

I'm just waiting for the tide to turn when these REA have to earn every sale......"oh hello, friendly local REA, you want HOW much for the property, oh well you better get down on your knees and don't stop (begging) till I say so lol".
 
$397 vs $440 is a huge difference!!

at $397 k it must have been a screaming bargain if you are willing to pay $440k !!
 
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