New Purchase in Melbourne

[MTR]

Hi All
can anyone shed any light on this scenario.

I have just placed a cash unconditional offer on a property in Melbourne prior to auction. My plan was to eliminate my competition.

I know that there are a number of interested parties in this property.

My question is now that the RE agent has my written offer does he legally have to contact other buyers advising of my offer?
He mentioned that he plans to meet with the vendor today, does this mean it will be mine. Hope so.

Does anyone know how this process works, as I must admit I am confused.

Cheers, MTR

 

[jazzlobber]

Hi All
can anyone shed any light on this scenario.

I have just placed a cash unconditional offer on a property in Melbourne prior to auction. My plan was to eliminate my competition.

I know that there are a number of interested parties in this property.

My question is now that the RE agent has my written offer does he legally have to contact other buyers advising of my offer?
He mentioned that he plans to meet with the vendor today, does this mean it will be mine. Hope so.

Does anyone know how this process works, as I must admit I am confused.

Cheers, MTR

In my opinion:

Dont trust a single word the agent tells you and never give away anything to him either, they represent their client i.e. the vendor.

The agent is entitled to do what he wants,

if you play games with dirt you end up with crud all over your hands

 

[MTR]

oops.
Worse case scenario is I end up at auction and then it's out of my hands anyway.
It very competitive out there at the moment, my last purchase did not hit the market as I played ball with the RE agent to get the deal.

I should know by tomorrow if I actually got the property.

Cheers, MTR

 

[Player]

Hi MTR,

the agent may or may not do as you've indicateed. Assuming there are other interested parties he may decide to play you against ech other and save going to auction.

Sometimes, they will have you up your offer on the basis of other interested parties (when occasionally) there are none.

A cash unconditional offer is a pretty strong incentive for the owner assuming your offer is up around their reserve and eliminates their auction risk.

Did you provide a time limit deadline for which your offer was good for.?

If it were me, when putting your strongest (unconditional) foot forward....I only give the vendor a few hours to decide yes or no. The longer you give them, the more chance the agent has to go and engage other interested parties to counter offer yours (whether "real or make-believe").

In answer to your question, the agent doesn't have to legally do anything except present your offer, however if there ar others (real people) that are interested, he will likely approach them to make their interest even more "urgent" just in case they miss out and the other usual ploys they can make.

Good Luck for tomorrow. In the event he (verbally) says you've got it.......don't believe anything until you've seen the vendor counter-sign your offer.....have him fax it, or you may be gazumped as they say.

Again, good luck.

 

[The Y-man]

MTR,

When is the auction? The agent is not likely to make moves within 3 days prior to auction before trying for any other "pre-auction bidders". This is because any offer made in that time frame will be unconditional regardless.

Cheers,

The Y-man

 

[MTR]

Hi Player
I think it is an excellent strategy to only allow a couple of hours, I tried this but apparently owner not available today, but who knows agent could be playing me. I'll be sweating till Monday.

Hi Yman, the auction is next week. This RE agency has been going to auction with most of their sort after properties and getting record prices.

Was hopeful when I first posted but no so now.

Thanks will let u know what happens.

Cheers, MTR

 

[Bradsdad]

The owner must be one of very few people who doesn't have a mobile phone I guess

 

[The Y-man]

The owner must be one of very few people who doesn't have a mobile phone I guess

hee hee hee.... yes, Agent speak for "Need time to call up every other person who has visited this propoerty at opens before I give vendor the options"

Cheers,

The Y-man

 

[MTR]

mmmmmmmmm.... something like that. Appointment with vendor tonight at 6.00pm, I reckon his had enough time now. Keep you posted, I reckon it will take a miracle though if I get this one.

 

[MTR]

Hi all
Some good news, just heard from RE agent and I actually managed to get the property.
I must admit I am a little surprised.

Cheers, MTR

 

[Player]

Congrats

Hi all
Some good news, just heard from RE agent and I actually managed to get the property.
I must admit I am a little surprised.

Cheers, MTR

Well done..congrats

You have got the vendors signature countersign your offer on the contract?