I'd be interested in anyone’s opinions on something that happened to me on friday. This is the short version!
I’ve been interested in a property for a few weeks. I have had two inspections and had a final look on Thursday. The agent I had been dealing with from the real estate agency (which turned out not to be the listing agent but from the same agency) tells me about another interested buyer, who has been negotiating for a few weeks, looking for an extended settlement. He told us there was an offer, which has been agreed to BUT not signed yet, still negotiating settlement terms I believe I was told.
He also told us exactly what the offer was.
At this point we were pretty confident in buying it becasue we were prepared to go a little higher than the figure on the table, with a QUICK settlement, because I have the cash, no finance!
So, Friday comes, we offer the same amount as the agent told us the other offer was for, with a quicker settlement. We sign the contract and the cheque (.25%) give it to the agent. He calls, says OUR offer is accepted and can exchange today. Then he comes over, confirms that vendors have agreed, they have signed the contract and given it to their solicitor and ready to exchange! He congratulated us on our successful purchase even makes a joke that he will have to take us out for a beer and we shake hands and all smiles.
Now, I’m not stupid, I know this is not a done deal until I get the call from my solicitor saying it has exchanged, but you couldn’t blame me for thinking that I have done all I needed to do to secure the property!
I call solicitor, who prepares for exchange, then we get the call from the agent.
"I’m sorry but the vendor has exchanged with the other party”
WTF??? I spat the dummy and spent the rest of the day on the phone to the agent and principal and anyone else who would listen to me going off!
After signing our contract somehow the seller was then handed another contract from the other interested party with an identical amount and terms (no lengthy settlement as I was told), they chose the other party because "they have been negotiating for longer"
I believe my biggest mistake was NOT dealing with the listing agent. The agent we dealt with just happened to be the agent who called me back after I left a message with reception expressing my interest in the property and requesting an inspection.
ALWAYS INSIST ON DEALING WITH THE LISTING AGENT!!!
I think, what has happened is that I was used (abused) to push the other buyer over the line. I think the “Listing” agent found out that my offer had been accepted and then quickly intervened by calling her buyer and vendor and making sure that the vendor accepted the other guys offer because that meant she would get the full commission and wouldn’t have to split it!
The sad thing is I was prepared to go higher if given the chance so the seller has been left short too!
Anyways, its not over, 5 days and only a few k is on the line for them until them. Them the boots on the other foot!
Cheers
Greg
I’ve been interested in a property for a few weeks. I have had two inspections and had a final look on Thursday. The agent I had been dealing with from the real estate agency (which turned out not to be the listing agent but from the same agency) tells me about another interested buyer, who has been negotiating for a few weeks, looking for an extended settlement. He told us there was an offer, which has been agreed to BUT not signed yet, still negotiating settlement terms I believe I was told.
He also told us exactly what the offer was.
At this point we were pretty confident in buying it becasue we were prepared to go a little higher than the figure on the table, with a QUICK settlement, because I have the cash, no finance!
So, Friday comes, we offer the same amount as the agent told us the other offer was for, with a quicker settlement. We sign the contract and the cheque (.25%) give it to the agent. He calls, says OUR offer is accepted and can exchange today. Then he comes over, confirms that vendors have agreed, they have signed the contract and given it to their solicitor and ready to exchange! He congratulated us on our successful purchase even makes a joke that he will have to take us out for a beer and we shake hands and all smiles.
Now, I’m not stupid, I know this is not a done deal until I get the call from my solicitor saying it has exchanged, but you couldn’t blame me for thinking that I have done all I needed to do to secure the property!
I call solicitor, who prepares for exchange, then we get the call from the agent.
"I’m sorry but the vendor has exchanged with the other party”
WTF??? I spat the dummy and spent the rest of the day on the phone to the agent and principal and anyone else who would listen to me going off!
After signing our contract somehow the seller was then handed another contract from the other interested party with an identical amount and terms (no lengthy settlement as I was told), they chose the other party because "they have been negotiating for longer"
I believe my biggest mistake was NOT dealing with the listing agent. The agent we dealt with just happened to be the agent who called me back after I left a message with reception expressing my interest in the property and requesting an inspection.
ALWAYS INSIST ON DEALING WITH THE LISTING AGENT!!!
I think, what has happened is that I was used (abused) to push the other buyer over the line. I think the “Listing” agent found out that my offer had been accepted and then quickly intervened by calling her buyer and vendor and making sure that the vendor accepted the other guys offer because that meant she would get the full commission and wouldn’t have to split it!
The sad thing is I was prepared to go higher if given the chance so the seller has been left short too!
Anyways, its not over, 5 days and only a few k is on the line for them until them. Them the boots on the other foot!
Cheers
Greg