Is it legal what this Agent has Done?

[Hysteria]

Hi Ya,

I put in a strong offer on a property yesterday and had the offer presented to the vendor. They officially didn't have their open inspections until today so they wanted to wait till then before accepting the offer......thats fair enough.

My offer was 570k.
Now the agent ran me recently and said they had a couple of offers around
550k and one emotional family put an offer in at 565k.

He then tells me that he told the family "No thankyou we have had a better offer and I cant accept the offer. We will need a better offer to present to the vendor"

So now apparently they have come up with a slightly higher offer and he has come back at me to present a better offer again. So he is trying to auction us off.
I told the agent I will withdraw my offer at 5.30pm today.....he hung up on me pretty quick.

I am sure this is not normal practice. I presumed you would just present all offers.
Thoughts?

 

[jrc]

Of course it is legal, just as it is up to you whether to participate. Would you feel so upset if the agent had come back to you after the open and said someone has offered more than $570, do you want to increase your offer?

 

[Spades]

Hi Hysteria,

Normal agent practice.

Is this for a ppor or ip?

Stick to your guns and offer what it's worth(if for ip?)afterall you presented a strong offer.

If ppor,you may up the offer emotionally.

Play the game either way BUT you can walk or with ur 570k offer,you could offer a 30day settlement,unconditional IF ur in a position to do so.

Is this listed as 'sale by set date'?

Btw i'm going by vic conditions so i have nfi in briz.

If someone can clarify briz practices,sweet.

Cheers Spades.

 

[sanj]

nothing wrong whatsoever, the agent works for and is paid by the seller, sounds like he's trying to get the highest price possible as he should. hanging up is quite unprofessional though, what prompted that?

 

[Terry_w]

I don't understand why you would think this could be illegal.

 

[womble66]

Hi Ya,

I put in a strong offer on a property yesterday and had the offer presented to the vendor. They officially didn't have their open inspections until today so they wanted to wait till then before accepting the offer......thats fair enough.

The only thing you probably could have changed to put the pressure on the vendor would be to make you offer valid only up until the open house.

The agent works for the vendor and not for any of the potential buyer so will always use any tabled offers to indicate to other buyer what the current highest offer maybe to encourage higher offers. REA like shopping the best offer around to increase the sale price and expedite a sale.

The only sales method I have ever seen where REA cannot play this game is for sale by closed tender and even then they try their best.

 

[Harro]

If you were the vendor wouldn't you want the agent doing this for you? Of course you would. You know what to do if you seriously want the place.

 

[Corey Batt]

I usually put an offer with a 24/48 hour expiry, that stops these kinds of silly shenanigans.

 

[Hysteria]

I don't understand why you would think this could be illegal.

Just more disappointed I guess.

After putting in written offers on a few houses over the last 8 months and just missing out by 5k I never had an agent tell me that my offer is to low......or would you like to make another offer, your close but we need a bit more.

I thought in QLD you had to present a written offer/contract. Not verbal.

 

[sanj]

Just more disappointed I guess.

After putting in written offers on a few houses over the last 8 months and just missing out by 5k I never had an agent tell me that my offer is to low......or would you like to make another offer, your close but we need a bit more.

I thought in QLD you had to present a written offer/contract. Not verbal.

If anything you should be happy. In the past the agents haven't come ba k to you and given you a chance to improve your offer to secure the property, now you're being given that chance.

What exactly is the issue?

 

[Colin Rice]

Just more disappointed I guess.

After putting in written offers on a few houses over the last 8 months and just missing out by 5k

5k 8 months ago is equating to ten times that loss if the equivalent properties are now 50k more.

Not familiar with the specific market you are in but according to the experts commentators I have read Brisbane is on an upswing so an extra 5k may not be so bad if you want the property?

 

[Spades]

I usually put an offer with a 24/48 hour expiry, that stops these kinds of silly shenanigans.

Yup CJay,

I agree and also adhere too.I put a prop on the market and i also looked at the market and conversed with various agents.My expectations were not high but my rea advised of a flat fee or % + Gst,as i said to the rea you will work for the % rather than the flat fee,kindly.

Sold in 5 days,over what i expected,unconditional,40 day settlement.

Good result but yeah i could of been greedy but at the end of the day,all was fair with no BS.

SO,NEVER look at a gift horse in the mouth because during the day they do have to relieve themselves.They do give a ****/**** and don't expect aka 4ss/ donkey as replica as horse will shat all over you.

Sometimes at most,the proof is in the pudding

Cheers Spades,

 

[mystery]

SO,NEVER look at a gift horse in the mouth because during the day they do have to relieve themselves.They do give a ****/**** and don't expect aka 4ss/ donkey as replica as horse will shat all over you.

Cheers Spades,

LOL ..... What?

I've read and re-read this and laughed my head off, but I still don't get it ...

Mystery

 

[Spades]

LOL ..... What?

I've read and re-read this and laughed my head off, but I still don't get it ...

Mystery

G'day mystery,

I've re-read it and i don't get it lol

I celebrated way to much on red cordial and paying for it still *sigh*

Glad you got a laugh from it

Cheers Spades.

 

[mystery]

G'day mystery,

I've re-read it and i don't get it lol

I celebrated way to much on red cordial and paying for it still *sigh*

Glad you got a laugh from it

Cheers Spades.

The time of 01:30 on Sunday morning for your post should have been my first clue .....

Keep up the good work.

Mystery