Integrity

I am researching a property to buy that could be quite easily found with very little information from me.

What stops someone else on here from gazumping me?

Is there an invisible code of ethics everyone adheres to on here or is it a wild free for all? :D

I am hoping the former obviously. :rolleyes:

Thanks!
 
Hi Melissa

Everyone has different ethics but in saying that I can't think of 1 person that I know personally through the forum that would pinch someone's deal. But remember there are a lot of "guests" reading what you write.

A few years ago a member who divulged a lot of info on the forum was gazumped so be careful.

Until contracts are exchanged I wouldn't divulge too much.

Good luck
 
I would say that in Queensland until the contract is signed by both parties, it is open slather and you can be gazumped. It has happened to us and all I would say is keep pestering the agent to get that other signature. Most agents will work well into the night to get a contract signed after doing the work to bring a contract together. In the case of another offer being made at the same time, morally an agent should present both offers, but that doesn't always happen, as we have found out.

We once offered $15K more than a verbally agreed price for a house. Our offer never made it to the vendor because the other purchasers threatened to sue the agency if they were gazumped. Of course, until the contract was signed by both parties, it was not a contract, but the agent was not prepared to take the risk of the bad publicity, so we missed out. Really frustrating, but you move on.

As a vendor, I wouldn't care what was going on behind the scenes, as long as I got the best price, and as long as I knew a better offer was not being hidden from me.

Our last purchase was a house that a developer couple had contracted on. The vendor had countersigned higher but the contract was not countersigned and we slipped in our higher offer, which was signed off. The agent could have approached the first purchaser to see if they wanted to increase their offer. I don't think that happened, and I would have been annoyed if I was that purchaser. Who knows whether they may have increased their offer.

So, I suppose it depends on which side of the gazumping fence you are sitting on as to how you feel about it.

Wylie
 
I am researching a property to buy that could be quite easily found with very little information from me.

What stops someone else on here from gazumping me?
Nothing. It has happened on this forum previously. A well respected (now departed) member was posting as he negotiated a purchase. Someone here worked out what property it was & gazumped him - it would have cost him $10Ks.
 
After my long reply, I now realise you were talking about someone on this forum gazumping you. Sorry I did not catch that the first time.

I would not do that, and don't think many would do it, but obviously in light of the answers, it has been done. How cheeky!!

Wylie
 
i don't know about others - but not something i would ever do.

at the end of the day, in this business as in any other, integrity is the most important asset you can own.
 
gtf,

I reckon you are pushing the proverbial up hill with a stick of wet spaghetti if you are hoping that there is some invisible code of ethics that will prevent silent and non-contributing forum readers from taking a deal off you if it ain't cemented and the ink is dry.

Who knows, the agent you are argy-bargying with may be an active forum member right here - there are a few.

Of course, when we go out into the real world, there are many more people and properties than this little exclusive club that is the SS forum. If you happen to mention Somersoft internet property forum to a member of the general public, they usually look at you as if you have two heads.

Even at a property seminar with say 150 or 200 people, you might get a small contingent of 8 or 10 people. The other 190 have never heard of it and wouldn't know what you were going on about.

I've found the best way to exclude other buyers is to look at properties that other buyers either ;

a) Would be physically sick to even step foot on....they are usually great. :)
b) Cannot afford. This one is difficult, there's always someone financially bigger than yourself.
c) Too scared to even look at.
d) Wouldn't know what they are even looking at.
e) Don't know are for sale.....these are good also. :D

Once the deal is done, we'd love for you to post up the details. It's amazing what you can pick up from actual deals....no matter what it is.

Good luck.
 
One forumite once posted veiled details of an auction he was going to attend. Some forumites workedout what the property was, and bid against him at that auction.
 
I dont mean to insult anyone, but I wouldnt post all the details here just in case someone took it off you. We keep saying that buying IPs is a business, so it makes sense to protect yourself.

Just because you're paranoid doesnt mean they're not out to get you.
 
Hi

I have always personally enjoyed the wild free for all.....:D :D :p
Ethically speaking, of course

Dale


I am researching a property to buy that could be quite easily found with very little information from me.

What stops someone else on here from gazumping me?

Is there an invisible code of ethics everyone adheres to on here or is it a wild free for all? :D

I am hoping the former obviously. :rolleyes:

Thanks!
 
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