Out bid . Has anyone had this scenario happen ? REA feedback please

[marg4000]

You have no cause for complaint.

You were clearly told you had one change to submit your best offer.
Marg

 

[see_change]

You have no cause for complaint.

You were clearly told you had one change to submit your best offer.
Marg

As stated before , I'm not angry ( or complaining) . Just curious

 

[chrispy]

This happened to me on an investment property. The Agent told me my offer had been accepted and I was to sign Contract and pay deposit, which I did

I then organized Finance etc. 2 days later when I rang to ask when Contract would be received I was told I had been out bid. I asked why I was not given the opportunity to raise my offer I was told Vendor wanted it finalized

From then on I refused to deal with that Agent

Chris

 

[MRO]

This happened to me on an investment property. The Agent told me my offer had been accepted and I was to sign Contract and pay deposit, which I did

I then organized Finance etc. 2 days later when I rang to ask when Contract would be received I was told I had been out bid. I asked why I was not given the opportunity to raise my offer I was told Vendor wanted it finalized

From then on I refused to deal with that Agent

Chris

This is a bit different.

It sounds like you were treated badly by an unethical REA.

 

[Jake Milne]

This happened to me on an investment property.
Chris

Sorry to hear that chrispy, mixture of a rookie error and some bad business practice.

There's one way you could avoid such an outcome.

First, get your pre-approval done before making an offer.

Then only ever make an offer by officially documenting it on a complete contract. Ensure that you have a deadline on the offer.

Even if you do the above there is nothing stopping an agent accepting another offer.

...An agent doesn't have to give you the right to another offer if yours is beaten and the vendor is happy... The only grey area is the deposit (i'm not sure which state you're in - different rules apply here).

...BUT, and here's the key, make sure you ask the agent for "first right of refusal" and get them to clarify this as a part of the sale method by email if you can.

At least this way, if your offer gets the property "on the market" you'll be in a position to raise your offer if there is another acceptable position on the table.

There is no deal until you've exchanged though, so until then, it's anyone's property... still it's not very nice of the agent to take another offer whilst you had money down