Making an offer wihtout reply.

[eyaeyao]

Hi can anyone here guide me on this incident.
I make an offer (in writing) to this property on market, and been notify (via phone call) by agent that the offer has been forward to home owner.

Afetr 1.5 week of chasing, the agent just keep draging me on with no reply
with the status of the offer. As finally with my last call make to him, he told me
the property was ready to make an exchage but not to me as there is a buyer go straight to the vendor solicitor to deal directly. I wasn't given a chance to react or do anything at all to my offer.

The worse thing is the property was told exchange for 5k more than what my offer is. I felt like been cheated. I have a evident that the agent say the deal is don't at the vendor solicitor end without his knowledge and he can't do anything about it when he is told the property has been sign for an exchange.

Is this the way it should be?

 

[Rolf Latham]

Welcome

Its hard ...............sometimes the issue isnt the actual dollar but the rest of the nature of the transaction, maybe the other side was able to do a short settlement, a bigger deposit, an unconditional contract etc

tq
rolf

 

[buzzlightyear]

The REA received an offer that the vendor accepted. Unfortunately that was $5k more that your offer. Are you inferring that you would have been prepared to pay more?

 

[eyaeyao]

thanks for replying.

Yes, absolutely I'm ready to make higher offer if I was given a chance. Problem is my initial offer was not even getting a concrete reply on if my offer has been turn down or accept by vendor after I trying to chase after agent over the week.

After awhile of thinking it seem like I been use to lure higher bidder or someone to the benefit of the agent to get the property.

 

[eyaeyao]

Yes, i do also aware that condition and settelment date. I can do a unconditional offer if I was accepted. I just don't understand why someone can go straight pass agent to vendor and make and offer and make an exchange. Then what is the agent doing and why do i need to make an offer to the agent. It all sound weird to me the more i think about it.

 

[chilliblue]

Live and learn unfortunately.

Next time, make the offer to the agent in writing with a sunset clause of no more than 48 hours and remember to send a copy of the offer to the vendors solicitor.

Better luck next time.

 

[eyaeyao]

Thanks for all the knowledge shared. I think I now understand what you all trying to tell me now. Trust no agent. !!!!

 

[jrc]

Some vendors still have the view that their word is their bond so that once they've made a verbal agreement with someone they will honour it.

If I were cynical I might suspect that the Vendor's agent knew about the other offer and was just keeping you hanging until exchange occurred in case the other purcahser was not able to proceed.

 

[HTO]

Thanks for all the knowledge shared. I think I now understand what you all trying to tell me now. Trust no agent. !!!!

Here's my story...

Few weeks back, I made a written offer to the REA for $X. He rings me up with the standard "no, no.. it won't get accepted, it is TOOO low, can you increase your offer?". Anyway, still stuck to my offer of $X. Few hours later, REA rings back and says offer got accepted! Excellent I say.

Did all the building and pest inspection and got solicitor to look over the contract before I signed. When I was ready to sign, I ring up the agency and conversation went like this:

me: "hi, im ready to sign"
rea: "great, please bring in the 0.25% for $Y"
me: "what? No, we agreed it was $X, check your email"
rea: "yeah, email says $X, but didn't we agree it was $Y?"

I wasn't going to buy it for $Y

REA just wasted my time and money (building/pest inspection fee)

oh well... all you can do is learn from it and move on....

 

[eyaeyao]

yeah, it happen to me too, REA as me to get form 66w sign and prepare and I got home valuation all done. And we called to ask him to do the exchange all I know is there someone else going to make the exchange not me. But problem is I wasn't given the chance to re-offer higher price. That something fishy happen behind the scene. I think government really need to monitor and set some law to oversea all property trade and exchange. It really not fair and no transperancy. People are talking about signing debt for 20-30 yr. it not buying vege in super market, and all this REA care are thier benefit and telling more and more lie.

Anyhow, I will learn from this lesson. And thanks all of you hear for the support and advice.

 

[wobbycarly]

yeah, it happen to me too, REA as me to get form 66w sign and prepare and I got home valuation all done. And we called to ask him to do the exchange all I know is there someone else going to make the exchange not me. But problem is I wasn't given the chance to re-offer higher price. That something fishy happen behind the scene. I think government really need to monitor and set some law to oversea all property trade and exchange. It really not fair and no transperancy. People are talking about signing debt for 20-30 yr. it not buying vege in super market, and all this REA care are thier benefit and telling more and more lie.

Anyhow, I will learn from this lesson. And thanks all of you hear for the support and advice.

caveat emptor.

Do you want the government to oversea [sic] all vehicle trades, and all sales on ebay, etc, etc?

 

[Sheryn]

Yes, absolutely I'm ready to make higher offer if I was given a chance.

There could be a number of reasons that the other person's offer was accepted and you weren't allowed to negotiate to up your offer.

For example - the sellers may have received an offer from someone they know and are happy to sell to this person at the price which was 5K higher than you offered.

Learn and move on and don't blame the REA as he/she is engaged and acts for the vendor not you.

Regards
Sheryn

 

[Piston Broke]

The worse thing is the property was told exchange for 5k more than what my offer is. I felt like been cheated. I have a evident that the agent say the deal is don't at the vendor solicitor end without his knowledge and he can't do anything about it when he is told the property has been sign for an exchange.
Is this the way it should be?

Let me preface with I do not like most agents and i doubt their ethics.
But dont blame other people for your lack of negotiating skills, research and due diligence.
The ultimate power resides with the vendor, and he is free to sell to whoever he wants for whatever he wants.

 

[buzzlightyear]

Yes, absolutely I'm ready to make higher offer if I was given a chance....

That's the risk you take when trying to bargain. Someone else was not and won the bidding war.

You could rightly argue that the REA should have done otherwise. Most agents would have communicated in a more professional manner. I would agree you have a right to be miffed, however s..t happens.

 

[cadence]

when the agents dont return your call, it's a sure sign there are better offers at the table ...

agents' goal is to sell a property and they'll do whatever they can do sell it

if there are no serious interested parties, he'll chase after every person who turned up to the open even if they haven't made offers

if there is already a serious offer on the table and you offered less, he's not going to care how close you are, because all he wants is the certainty of selling and he'll be happy to stick with the person who has already offered higher

look back onto it as a lesson ... next time this happens you know someone else is in the game and you may want to consider upping your offer

don't worry, there's always another good deal around the corner!

 

[chilliblue]

Here's my story...

Few weeks back, I made a written offer to the REA for $X. He rings me up with the standard "no, no.. it won't get accepted, it is TOOO low, can you increase your offer?". Anyway, still stuck to my offer of $X. Few hours later, REA rings back and says offer got accepted! Excellent I say.

Did all the building and pest inspection and got solicitor to look over the contract before I signed. When I was ready to sign, I ring up the agency and conversation went like this:

me: "hi, im ready to sign"
rea: "great, please bring in the 0.25% for $Y"
me: "what? No, we agreed it was $X, check your email"
rea: "yeah, email says $X, but didn't we agree it was $Y?"

I wasn't going to buy it for $Y

REA just wasted my time and money (building/pest inspection fee)

oh well... all you can do is learn from it and move on....

o in your case, if everything is documented you bill the agency for your ciosts so they live and learn.

 

[Terryw]

o in your case, if everything is documented you bill the agency for your ciosts so they live and learn.

Chilib,

On what basis can the agent be billed?

(ps please send me your postal address so that I can bill you for the time it took me to read your post)

 

[chilliblue]

Chilib,

On what basis can the agent be billed?

(ps please send me your postal address so that I can bill you for the time it took me to read your post)

Don't be silly.

All agents have a duty of disclosure ad in this case, if the documentation is present and detailed and someone has incurred costs because of agents non disclosure, then there is an ability to retrieve those costs back.

 

[buzzlightyear]

....then there is an ability to retrieve those costs back.

......How?

 

[chilliblue]

You contact the licensee of the agency and detail exactly what occured and seek redress.

If that does not work, then contact REINSW and/or Department of Fair Trading.

It is a breach of the agencies license and they can be fined and/or lose their licence depending on how severe it is.

At the end of the day, if an agent is found to be breaching the act and their is clear documentation, then you can seek compensation.

Too many people whinge but take no action and that is why poor agents are out there.