Hi all,
Currently down in Sydney and happened to be to a chatting to a friend who has just purchased a half million dollar unit in Harboard (freshwater). He described the process leading up to the sale and I thought it sound dubious to say the least although I am not familiar with the negotiation process in Sydney so maybe it is the norm.
He was asked by the agent to submit his 'best offer' on paper which was then put into an envelope and sealed. Apparently the agent also had done this with numerous other potential purchasers. My friend was told that all the envelopes would be openned on Friday afternoon at 4pm and whoever submitted the highest bid gets the property. Surprise surprise he got the proerty at 530K.
The agent apparently stated that they were conducting affairs this way as the market was "so hot".
Is this a common practice? Is it legal?
Would welcome your input.
Thanks
Slingshot
Currently down in Sydney and happened to be to a chatting to a friend who has just purchased a half million dollar unit in Harboard (freshwater). He described the process leading up to the sale and I thought it sound dubious to say the least although I am not familiar with the negotiation process in Sydney so maybe it is the norm.
He was asked by the agent to submit his 'best offer' on paper which was then put into an envelope and sealed. Apparently the agent also had done this with numerous other potential purchasers. My friend was told that all the envelopes would be openned on Friday afternoon at 4pm and whoever submitted the highest bid gets the property. Surprise surprise he got the proerty at 530K.
The agent apparently stated that they were conducting affairs this way as the market was "so hot".
Is this a common practice? Is it legal?
Would welcome your input.
Thanks
Slingshot
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