Majorly ANNOYED

[Tulamalula]

http://www.realestate.com.au/property-house-wa-bassendean-116070115

on the internet Saturday lunchtime, I call before 9am Monday, already an offer that has been accepted.

Surely that RE agent isn't doing the best by the vendor ... how do they know there isn't someone like me prepared to pay more than asking price.

Grrrrrr.

 

[Aaron_C]

Because the agent wants his commission...nothing new here.

 

[INVSTOR]

http://www.realestate.com.au/property-house-wa-bassendean-116070115

on the internet Saturday lunchtime, I call before 9am Monday, already an offer that has been accepted.

Surely that RE agent isn't doing the best by the vendor ... how do they know there isn't someone like me prepared to pay more than asking price.

Grrrrrr.

That was a great one! Why wait until Monday? Best to call straight away!

 

[Propertunity]

Because the agent wants his commission...nothing new here.

^ ^ what he said.

We see this a lot. Oftentimes our clients will call to ask what is going on when they see "their" property which we have already purchased, being advertised.

Agents simply do this to attract more listings where they can announce to a prospective vendor that they have so many buyers on their books, that they "sold" before the property was advertised.

 

[geoffw]

You can always gazump. Offer higher. It's then up to the seller to decide.

I accepted an offer last week. I got an offer which was high enough to accept. Final price was $15k above the initial accepted offer.

 

[wrexter]

That's frustrating Tula

One thing I am finding incredibly frustrating (as a newbie) is that all of the good properties are either under offer or under contract.

I guess as some have suggested, need to network with REAs in the area for notification on properties.

Quick question, if a Property is 'Under Offer', can other offers be made (initial offer not yet accepted), or does 'under offer' mean it has been accepted?

 

[wrexter]

You can always gazump. Offer higher. It's then up to the seller to decide.

I accepted an offer last week. I got an offer which was high enough to accept. Final price was $15k above the initial accepted offer.

I believe gazumping is not possible in WA

 

[Tulamalula]

I didn't see it til this morning, had kids to look after over the weekend. Looks like I'll have to sit on re-com.au permanently.

RE agent wasn't interested in presenting any further offers, offer had already been accepted. ((

Oh well, I will console myself with thinking the soil was clay, major site work costs and the block is a former nuclear waste dump which is still radioactive.

 

[INVSTOR]

I didn't see it til this morning, had kids to look after over the weekend. Looks like I'll have to sit on re-com.au permanently.

RE agent wasn't interested in presenting any further offers, offer had already been accepted. ((

Oh well, I will console myself with thinking the soil was clay, major site work costs and the block is a former nuclear waste dump which is still radioactive.

Just take it as a lesson. Very unlikely to be clay there.

 

[Rolf Latham]

Appoint a BA perhaps ?

ta
rolf

 

[neK]

RE agent wasn't interested in presenting any further offers, offer had already been accepted. ((

Thats probably a good thing. If the shoe was on the other foot would you be happy if the agent whom you secured a price with decided to take other offers and you end up being gazumped?

 

[perthguy]

http://www.realestate.com.au/property-house-wa-bassendean-116070115

on the internet Saturday lunchtime, I call before 9am Monday, already an offer that has been accepted.

Surely that RE agent isn't doing the best by the vendor ... how do they know there isn't someone like me prepared to pay more than asking price.

Grrrrrr.

I saw that as soon as it listed. Looked promising but potential issues with retaining.

 

[ok180]

If you are in the market and in regular contact with the agents they often offer these properties even before they get advertised. By the time the property is advertised the agent already had the vendor signed up a month or more earlier, they are just waiting for the contract to be drawn up and photos taken.

You don't know what the vendors motiviation is, they might be commited elsewhere, be in need of the money in a hurry or perhaps they just got a really good offer. The agents don't care because they work on small commisions. An off of 10k more here or there isn't much for them, they just want it sold so they make quota for the month.

 

[D.T.]

Snooze ya lose

 

[westminster]

I didn't see it til this morning, had kids to look after over the weekend. Looks like I'll have to sit on re-com.au permanently.

RE agent wasn't interested in presenting any further offers, offer had already been accepted. ((

Oh well, I will console myself with thinking the soil was clay, major site work costs and the block is a former nuclear waste dump which is still radioactive.

Correct you can't gazump in WA. Once an offer is accepted (and that means the Offer has been signed by Buyer and Seller) then it's the Buyers unless one of their Subject Tos don't work (finance, building inspection blah blah)

Generally (not 100%) if the Seller is in negotiations (ie counteroffering) with the prospective Buyer the REA also will stop taking offers until the counteroffering finishes. This isn't set in stone but seems to be what happens.

If you are seriously interested in it, let the REA know that if the property comes back onto the market due to a Subject To clause failing, to let you know.

 

[geoffw]

I believe gazumping is not possible in WA

My apologies. I definitely wasn't advocating anything illegal.

 

[BayView]

I didn't see it til this morning, had kids to look after over the weekend. Looks like I'll have to sit on re-com.au permanently.

RE agent wasn't interested in presenting any further offers, offer had already been accepted. ((

Oh well, I will console myself with thinking the soil was clay, major site work costs and the block is a former nuclear waste dump which is still radioactive.

We had to sell our Frankston unit last year, and the agent called me with an offer.

It was below asking of course (the market was flat), but not by a lot, so I said; "Yeah; go ahead and sign him up - I'm happy with that" (not really; didn't want to sell at all ).

The agent replied that he was willing to give it another try to get more out of the buyer, which I was a bit reluctant with - didn't want to risk losing the firm offer.

But, he managed to get another $5k out of the bloke....

Sometimes the Vendor is happy with the result and the agent stops...

I was lucky on that occasion; many would have stopped - and fair enough.

Lesson learned for you there - if you know your area really well, and something comes up that you know is good value/good position etc, and you are ready to go (finance in place, or deposit ready etc) you need to act.

If the area is hot, then you have to move faster too.

I have never done that; I have watched an area for a month or three, and observed what is what, then acted on the places that are in the good spots, or are (hopefully) good value etc.

 

[Success]

That's frustrating Tula

One thing I am finding incredibly frustrating (as a newbie) is that all of the good properties are either under offer or under contract.

I guess as some have suggested, need to network with REAs in the area for notification on properties.

Quick question, if a Property is 'Under Offer', can other offers be made (initial offer not yet accepted), or does 'under offer' mean it has been accepted?

Wait for the Property correction ... it will come.

 

[Propertunity]

Wait for the Property correction ... it will come.

No it won't. In my opinion, we have a long way to go before we are anything near that scenario.

It is just bad advice to be giving people.........and no I'm not saying that because we are looking to talk up the market - we are flat out as it is and have been all through last year.

I'd have to agree with MY on this:

..... over the next year property values are likely to be driven up further by the same fundamentals that have spurred the markets forward in 2013.
These include:
? Strong population growth with the majority of these people moving to our four big capital cities,
? Changing lifestyles with more people trading their backyards for balconies and living in medium density properties
? Scarcity of well located properties in the inner and middle ring suburbs of our capital cities,
? Low vacancy rates,
? Rising building costs,
? Relatively low interest rates and (despite what some complain about) relatively affordable housing prices,
? Overseas buyers and SMSF?s continuing to invest in property
? Increasing consumer confidence and
? A fear that people will miss out on the current property boom.

 

[Success]

No it won't. In my opinion, we have a long way to go before we are anything near that scenario.

It is just bad advice to be giving people.........and no I'm not saying that because we are looking to talk up the market - we are flat out as it is and have been all through last year.

I'd have to agree with MY on this:

Those who are patient will be rewarded and there is no need to be upset about missing out on a deal.

Bad advice ? I don't agree. There is no need to rush into these things and become another lemming.