hard done by.????

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From: Rob F.


hi all.

check this out,leaving for work yesterday i noticed for sale sign on property two doors away.ring agent for price find out it is not much more than land value, eg. vacant block next door selling for 90k two months ago.
property price 128k 4 bedder slug long term tennant in place paying 210/week =8.5% return
so i am first on doorstep this morning.
make offer for purchase price with sixty day settlement, agent, then before submitting offer to vendor proceeds to see second buyer and accepted their 30 day settlement, do you think i may have a claim for compensation,
your thoughts.

regards rob.
 
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Reply: 1
From: Les .



G'day Rob,

If vendor had not signed on your offer, I personally can't see where you could consider going for compensation.

But, if the "30 day" offer hasn't yet been signed, what's to stop YOU from coming back with a 30-day settlement for $1000 more?

The way I've heard it is - there are 3 parts to a deal

1. Offer
2. Acceptance
3. Consideration (read "money")

In your case, step 1 was complete, but that was IT !!! But, if step 2 and/or 3 are STILL not complete (with the other buyer), you might still have a chance.

Final thought (from Geoff1, if my memory serves me correctly) - "Don't ever, ever, EVER be a desperate buyer!!!"

Regards,


Les


- "Eschew Obfuscation" - ;^)
 
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Reply: 1.1
From: Jakk Bass - The SLUM LORD


G'Day Rob,

Let us not forget here that the Estate Agent is working for the Vendor and not for you.
It is the Vendor that is paying the agents commission.

Therefore it is only fair that the estate agents responsibility and duty is to get the best deal possible for the Vendor.

regards
Jakk
 
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Reply: 1.1.1
From: Gail H


I agree with all that, but don't real estate agents have an obligation to put all offers to the vendor? I don't think it would be a basis for compensation for a prospective purchaser, but perhaps a basis for complaining about the agent.

But I agree that you shouldn't be a desperate buyer. There will be other deals.

Gail
 
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Reply: 1.1.1.1
From: Jakk Bass - The SLUM LORD


Hi Gail,

Yes Estate Agents should put all offers to the Vendor and it is the Vendor that should decide.
In some situations a Vendor will prefer a longer settlement if for instance they haven't found a new residence or are in the process of building etc.

I dare say that the agent in Robs case would have informed the Vendor of another same price offer with a 60 day settlement period.
If they didn't, then the Vendor would have cause for complaint should the Vendor have had a preference for a longer settlement.

I feel it is most helpful when making offers on property to know as much as possible about why the present owner is selling and if they have bought elsewhere or building a new place etc.
Tailoring you offer terms to best suit the Vendor will always put you in the front running. Believe it or not, the highest price doesn't always get the property.
(it does help though)

regards
Jakk
 
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Reply: 1.1.1.1.1
From: Rob F.


hi all.
my concern was that the agent did not inform the vendor of my offer, before the next appointment, he has his asking price, and maybe the terms suited.

regards rob
 
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Reply: 1.1.1.1.1.1
From: Peter Boyce


You don't say which state you are in, but my own experience is similar and I found that the real estate agent was within his rights to accept another offer in the same day because he could not submit the offer to the vendor until later that day. Hence every offer that was submitted would go to the vendor for consideration. In other words it would br a 'dutch auction' of which I was not interested in.

I was totally p***ed off so I spoke to my solicitor who told me to speak to the seller's real estate office manager which was not satisfactory. So I went over his head to the top and after a long time on the phone I eventually got to speak to a very senior REIQ manager who sympathised but basically said that there was nothing he could do to overturn the situation in my favour.

So the moral to the story is ...if you think you have found a 'hot one' to try and pressure the RE agent to speak to and submit the offer ASAP to get a signature, or at least the negotiation process moving.
 
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