out bid by the agent?

[Ergophobia]

We have made a number of offers on a property in Brisbane which were not accepted.

A sold sticker went on the other day and I'm told by someone who lives in the street it was purchased by the agents brother.

I smell a rat and am now thinking the owner wasnt even shown our offers.

How can I find out how much it went for?

If it was sold for less than we were offering, is there any action I can take?

 

[Rhinsor]

If the owners live at the property go knock on the door

 

[punterncollect]

you may waste some time on this & achieve nothing so investigate if you have time if not just move on to another one there are plenty more out there maybe better!

 

[Scott No Mates]

if you have the tenacity find out from the vendor the price agreed. Unless you have your offers in writing you've got nothing otherwise.

 

[Ergophobia]

Yes offers are in writing and I have emails from the agent advising that the owner has declined.

 

[pinkboy]

Agree with PunterCollect.

Even if you put forward a watertight, high offer - ultimately the vendor can sell to whomever they want, whatever the external influences.

Move on.

pinkboy

 

[Kinnon Bell]

Agree with PunterCollect.

Even if you put forward a watertight, high offer - ultimately the vendor can sell to whomever they want, whatever the external influences.

Move on.

pinkboy

The vendor would have to see the offer first before rejecting it. The gist I got from the OP is that they're under the assumption the offers were never presented to the vendor.

If it were me I'd have a chat to the vendor even if it was just for curiosity sake.

 

[pinkboy]

Withdrawn


pinkboy

 

[ZachAnSel]

We have made a number of offers on a property in Brisbane which were not accepted.

A sold sticker went on the other day and I'm told by someone who lives in the street it was purchased by the agents brother.

I smell a rat and am now thinking the owner wasnt even shown our offers.

How can I find out how much it went for?

If it was sold for less than we were offering, is there any action I can take?

Unfortunately its just part of the game, just move on.
Your next deal is around the corner. But....

I have build relationship with REA in North Brisbane, start from March 2011 when we purchase 3BR house. On Christmas we send her Christmas card and bucket of flower (Cost < $50). Sometimes once every 4-5 months, I give her a call and ask how are you and how's the market. Even we know the market looks like..

Then on July 2012 we draw equity and call REA to check any stock available. First she offer what available on the market, but she did mentioned have new stock ready to publish in domain/realestate.com.au. Even though we didn't purchase via her agency (due to location - better suburb), I still maintain to send her Christmas card and gift card this time (Cost < $50).

Mid 2013 when Sydney busy, and Brissy still buyer market. She contacted me discuss about Sydney property market. I asked what her market looks like, and go through her listing stock. She offer new stock FIRST and what available on the market after that. She even drive me around when I visit the property, no need to rent car. We able to secure one in this time..

I spend around $100 - $200 (Christmas card, gift card, flower, phone call). For me personally its nothing compare the return

I keep my friend close to me, but keep my enemy (REA) closer..

 

[Tinkler]

Front the Vendor. Ask them what they accepted. If its less than your offer, then the Agent is in strife. You can check RP Data if you want the real sale price

 

[Beanie Girl]

Mid 2013 when Sydney busy, and Brissy still buyer market. She contacted me discuss about Sydney property market. I asked what her market looks like, and go through her listing stock. She offer new stock FIRST and what available on the market after that. She even drive me around when I visit the property, no need to rent car. We able to secure one in this time..

I spend around $100 - $200 (Christmas card, gift card, flower, phone call). For me personally its nothing compare the return

I keep my friend close to me, but keep my enemy (REA) closer..

Good stuff, ZachAnSel! Appreciate your insight and great strategy in cultivating a good long-term relationship with an REA. Win-win both ways.

 

[pinkboy]

Front the Vendor. Ask them what they accepted. If its less than your offer, then the Agent is in strife. You can check RP Data if you want the real sale price

Simply not true. Vendors not always take the highest offer. Sometimes vendors choose to accept lower offers with better conditions if it suits their circumstances.

Eg, A vendor might be offered $250,000 with 30 days finance, 45 days settlement, or they might be offered $248,000 unconditional, 14 days settlement. The vendor might accept the latter due to the quick and carefree sale conditions, giving up $2000.

Price is is part of the overall offer, not the only consideration.

pinkboy

 

[BMan]

as said above they may of had conditions that suited them better. not if they got more for it. although he might of known your offer and said 1k higher.
just ask them if they received your offer.
if i was a vendor selling and had 2 offers i would atleast ask the lower bidder or the one i wasnt going to pick if they were willing to up or change there conditions. especially if they were close

 

[Ergophobia]

Ok, I managed to contact the vendor and confirmed that they were presented with our offers, which they rejected.

I didn't ask what they ended up accepting as I got the feeling they regretted being so hard nosed and didn't expect us to walk away after our last offer was rejected.

But my suspicion that the vender was not being presented with the offers was unfounded.

REA 1, Ergophobia 0

Thanks for the suggestions everyone

 

[Kinnon Bell]

Thanks for the update.

Sounds like you won a point as well for just waking away and not getting emotionally vested into the deal like some would.

 

[Paul@PFI]

Simply not true. Vendors not always take the highest offer. Sometimes vendors choose to accept lower offers with better conditions if it suits their circumstances.

Had a client with that issue. Selling a great waterside home. Wanted $2m+ or so. He ended up accepting a FAR lower offer. That offer was a builder/developer. He proposed to build a small number of units on the site. One for the vendor at no cost !!...Win win. He sold the property and was given opportunity to keep a new build on the same site. Had small opportunity to participate in design and fitout choice too. The deal included the developer paying his rent for 18 months. He received $800K cash plus a new (better) home. His only problem was loss of huge storage so he rented a local self-storage unit.

As it was his home no CGT / tax problems either from the extra inducements.

 

[sash]

There is no honour among thieves!

Better move along....

We have made a number of offers on a property in Brisbane which were not accepted.

A sold sticker went on the other day and I'm told by someone who lives in the street it was purchased by the agents brother.

I smell a rat and am now thinking the owner wasnt even shown our offers.

How can I find out how much it went for?

If it was sold for less than we were offering, is there any action I can take?

 

[Pete Ramoza]

Sounds like you made the right decision in walking away, and good to hear that the agent was all above board too. The next property is coming...

 

[NedKelly]

Had a client with that issue. Selling a great waterside home. Wanted $2m+ or so. He ended up accepting a FAR lower offer. That offer was a builder/developer. He proposed to build a small number of units on the site. One for the vendor at no cost !!...Win win. He sold the property and was given opportunity to keep a new build on the same site. Had small opportunity to participate in design and fitout choice too. The deal included the developer paying his rent for 18 months. He received $800K cash plus a new (better) home. His only problem was loss of huge storage so he rented a local self-storage unit.

As it was his home no CGT / tax problems either from the extra inducements.

Sounds great until the builder goes busts and you have given away a $2M+ property for $800K.