is agent playing games

[MrPeanuts]

Hi everyone.

I want to buy an ip and gave a verbal offer to the agent.
Recently the agent told me the vender is actually buying a new house subject to the sale of his current house. He is running out of time to sell the house to me. Agent told me my offer is not enough and the vendor is trying to borrow more money and/or getting a discount from his new house. On my end the agent is trying to get more money from me like 10-15k.

I think this is pretty confusing and I got a feeling agent is playing games. I think my best strategy noe to to push for writing the contract instead of just talking.

 

[attrill]

Best thing would be to put an offer in writing and put a time expiry clause in it. Something like "Offer expires after 24 hours"

That usually gets a lazy agent moving.

 

[BMan]

whats to stop them signing the contract 4 days after even 1 or 2 (as they didnt get a better deal) and saying it was signed within the timeframe?

 

[Tigerboy]

It sounds like the agent isn't playing games, but rather doing their job. They are employed to obtain the best price for the Vendor and not to look after purchasers.

My approach has always been to take what an agent says with a grain of salt.

 

[AlmostBob]

whats to stop them signing the contract 4 days after even 1 or 2 (as they didnt get a better deal) and saying it was signed within the timeframe?

the agent must return the signed contract before expiry

 

[Ausprop]

a verbal offer to the agent.

I realise you are new here so no problem, but for the 100th time there is no such thing as a verbal offer for real estate

 

[BMan]

I realise you are new here so no problem, but for the 100th time there is no such thing as a verbal offer for real estate

when i bought my house i gave a verbal offer it was accepted then i went in and signed the contract

but in saying that i will always make an offer in writing with a short expiry date.

 

[jim1964]

when i bought my house i gave a verbal offer it was accepted then i went in and signed the contract

I ALWAYS offer verbally,usually i get the agent to ring the seller whilst he is next to me,if we reach an agreement,then i do the contract.This saves the back and forth rigmarole,saves a massive amount of time.

 

[buster]

I realise you are new here so no problem, but for the 100th time there is no such thing as a verbal offer for real estate

Ive bought and sold all my properties bar one with verbal offers. Signing a contract means nothing until the other party signs it.The only property I had strife with was a signed contract that the vendor delayed signing then changed the price.

 

[china]

I tend to give my offer to the agent with email, stating specifically that it is a conditional offer, with an expiry date and that I am able to give 10% deposit immediately. I find that my written offer is often distributed to vendor and carries more weight than a verbal offer. Having said that, I do not own any IPs and I bought my PPOR at auction.

 

[MrPeanuts]

I signed the contract over the weekend but waiting for the vendor's signature.

I noticed some agents like to do verbal instead of written; this agent likes to talk about the price back and forth for a few weeks before getting me the contract.

Is there some restrictions like the agent doesn't want to disclose vendor names/land title until my price is right in their eyes?

 

[AlmostBob]

If its verbal, it doesnt exist. so the agent can screw with whomever they wish

 

[HotRod]

I tend to give my offer to the agent with email, stating specifically that it is a conditional offer, with an expiry date and that I am able to give 10% deposit immediately. I find that my written offer is often distributed to vendor and carries more weight than a verbal offer. Having said that, I do not own any IPs and I bought my PPOR at auction.

 

[MrPeanuts]

more delays...

Just told by the agent that vendor will drop the asking price by $20k and will have another open this weekend.

I guess that means my offer is not good enough AND there's not enough people interested in the house....

The house has been on market for 2 months.

 

[Ausprop]

honestly I don't know how I can make this any clearer:

for the 101st time there is no such thing as a verbal offer for real estate

what you may consider to be a verbal offer is idle chit chat, pub gossip, banter, puffery... all completely worthless.

 

[Ausprop]

more delays...

Just told by the agent that vendor will drop the asking price by $20k and will have another open this weekend.

I guess that means my offer is not good enough AND there's not enough people interested in the house....

The house has been on market for 2 months.

tell the agent you require a written response to your offer by close of business otherwsie it is withdrawn and move on with your life

 

[geoffw]

honestly I don't know how I can make this any clearer:

for the 101st time there is no such thing as a verbal offer for real estate

I signed the contract over the weekend but waiting for the vendor's signature.

So presumably it's no longer verbal?

 

[Ausprop]

So presumably it's no longer verbal?

that's my take on it, however there were several posters still asserting that they are blissfully purchasing real estate with 'verbal offers'

 

[MrPeanuts]

didn't know there's confusion...

I was doing verbal/having a chat with the agent for a few weeks before.

I signed a contract over the weekend with a 2 day clause.

Agent came back wanting more (just talk as I didn't get the contract back with e.g. my figure crossed out.)

That's why I thought this is some agent's style: talk a lot and finally the contract instead of crossing out the figure on the contract multiple times... Maybe the agent likes a 'neat' contract

 

[marks]

I'd ask if the agent has actually presented it. I bet he hasn't! Maybe given his "flavour" of it over the phone.

If you feel if the agent isn't doing the right thing, knock on the owners door and ask. Can be nerve racking but can be very worthwhile, especially if you want to put a few conditions in the contract. You can get the feedback from the horse's mouth!
The worse that can happen is the door is closed in your face and you're back talking to the agent again if you want to continue.

Cheers