Best offer/ Silent auction

The agents I like to buy from are the agents I would never sell with and vice versa.

Ditto. I try to buy from larger agents that have plenty of listings and go by volume targets. A quick average sale for them is a good sale as they need to get on with business and sell the rest of the listings. Sell through boutique / specialist agencies that milk the few listings they have to the max so that their commission is decent on lower volumes. Also more attention to each property.
My selling agent in Melb CBD is an absolute one in a mill gun. Would pay half a percent more if she asked me to. But would never ever buy from her as much as I love most of her listings
 
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
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I always get really skeptical when agents tell me what the other person is bidding. Why are they telling you what the other person is bidding, cause if they do that for you then clearly they would be doing it with the other person.

Remember agent works for the vendor not for you.

If I was in your situation at 397k and an agent says there is an offer at 440k I would be cya later come back to me if it doesn't work then give them an offer of 390k (as I had found another place I am not really considering).

The agent had you by the short and curlies.
 
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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Hi Mick

I feel your pain but gazumping isn't illegal here in NSW. In fact, given the fiduciary responsibility of the sellers agent towards his client he would have been doing the wrong thing if he didn't present all offers to purchase the property, prior to exchange. Ethically, however, sellers agents walk a thin line when their strategy (eg: accepting best and final offers by a set time - which appears to have been the case in your situation) isn't clear and they mislead/deceive buyers. Better luck with the next purchase :)
 
Unless its a PPOR that I am in love with, I never play along with the silent auctions,

I will usually go in fairly low, but close to my max, and then if they dont get the price they want, Im happy to listen to their follow up lies of "oh we had an offer of $1 trillion dollars but they pulled out, are you interested?"
 
In a sellers market it is not difficult to find someone who will offer above the highest offer to date and then the previous buyer is given another chance to up offer. But regarding asking if the buyers want to up their offer and how this is done I have been giving some thought lately as I may sell my PPOR in the near future myself without using an agent (although I would use an agent if selling IP - different situation).

I understand the strategy of asking for a final/best offer so that the buyer knows not to stuff around with lower offers than what they are really prepared to pay - otherwise they may shoot themselves in the foot. This may save time with a lot of piddly small offer increases.

However, do you really want to tell someone "bad luck you missed out, no more bites at the cherry!" (Assuming vendor/agent will take last best offer and not keep playing one against the other). I think I would prefer to keep the process open until you have milked the best offer out of each person - like at an auction - looking at it from vendors point of view which is obviously different to a buyer.

If keeping the process open to highest possible offer would you tell the under-offerers that there is a higher offer and let them make new offers without disclosing highest offer - which may result in an offer under or over what they may have made knowing what the highest offer was.

If they know last offer and suspect there is only one other party interested they may only make an offer of $1000 over the last highest offer to save paying more than they need to. If they are not told what highest offer is you may keep having to tell them, sorry - your offer is still below highest. Now, they could keep upping their offer by $1000 until you say "OK, you now have the highest offer" and then go onto other interested buyers and do the same, but this could be very tedious. This is I guess what is termed a silent auction.

My inclination is not to disclose highest offer in an attempt to get higher than the minimum the buyer needs to offer, but if buyer starts playing with small change so as not to pay more than they need to you then ask for a best and final offer.

I would be interested in peoples thoughts, not in regard to selling without agent, but strategy for getting best price. It is only when you start thinking about something in depth that you think of angles you had not considered previously - and the learning process continues :)
 
Was like this in Dee Why last year from August onwards, But all agents honoured best and final offer that I dealt with. Although I saw some before first open vendors chose to go to first open and all the properties we were interested in went by the following Wednesday using the process.

Don't know if it's still that hot there now
 
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