strategies to avoid vendor not signing contract same day?

O

onion33

This is what happened: I sign contracts on Thursday. Vendor to sign on Friday. Vendor receives another offer and decides not to sign the contract (doesn't accept the other offer anyway, but was enough to make him want to hold out for more).

Any strategy you can suggest to avoid this happening to me again in future? Can anything be put in the offer that contract must be signed by both parties within 24hrs of offer being accepted?

Thank you everyone.
 
In Victoria, you can specify a expriy date on the offer....

The only really successful strategy I have had is a completely unconditional contract.

This has also been the case when I have sold propoerties - got tired of waiting for "tyre kickers" so would always accept un uncondtional offer over others even if it was significantly lower.

The Y-man
 
Y Man - do you mean an expiry date on the contract?
I did have an expiry on my offer which they accepted. They decided to pull out after I signed the contract (they hadn't signed yet).

I've also written to the agent to confirm that my contract is now null and void and should be destroyed
 
onion33 said:
I did have an expiry on my offer which they accepted. They decided to pull out after I signed the contract (they hadn't signed yet).
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A verbal acceptance, is not worth the paper it is written on :(

Just put an expiry day/time on your offer, after which it is withdrawn. It's really all you can do.

I purchased on Wednesday evening before a scheduled auction on Thursday afternoon. Since I was making the unconditional offer at 6:00pm. I put a 12 midnight expiry on it, to give the vendor some time to think. They finally accepted at 11:00pm :eek: Next time I'll re-think my bedtime.:p
 
Guys, I did all this! Put an expiry on my written offer. It was accepted. I signed contract. Then they decided not to sign!

Maybe if I had said we all need to sign contracts together at the same time, it would have avoided this.
 
onion33 said:
Guys, I did all this! Put an expiry on my written offer. It was accepted. I signed contract. Then they decided not to sign!

Maybe if I had said we all need to sign contracts together at the same time, it would have avoided this.
Click to expand...
Possibly, but I doubt it. I'd be surprised if they changed their mind; more likely the agent "accepted" on the vendors' behalf, or the vendor "accepted" knowing that they still had time to think about it before they were bound. Until they've signed, as Propertunity says, acceptance hasn't happened.
 
You can't MAKE the vendor sign. The seller holds all the aces, you just have to convince them that your offer is going to be the best they are going to get (low/no conditions etc.) so they sign earlier/immediately.

The longer you try to control the uncontrollable, the more frustrated you will be.

pinkboy
 
onion33 said:
Was just asking if there are strategies to avoid this happening. If it's unavoidable, just say that.
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Ok... it is unavoidable :D

Regarding Terry's suggestion of a face to face meeting... as a vendor, there is no way I'd want to have such a meeting with a buyer. I want to have the agent visit me with a signed contract. I either sign it or countersign it, or don't pick up a pen at all. I would not want to hear the offered price in front the person offering in case my face shows what I think.
 
onion33 said:
Was just asking if there are strategies to avoid this happening. If it's unavoidable, just say that.
Click to expand...

It is a challenge to control but it can be done; it isn't unavoidable..........but, your curfew must be in writing.

I've put in offers and successfully purchased several IP's by firstly ascertaining that the vendor(s) are able to make a decision that day (within hours) and that they are available to sign that day if they accept the offer.

I allow two hours at times but usually my offer will expire by 4pm on the day the offer is made. Another business hour allows for some argy bargy if negotiations are taking place and you need to meet at a middle ground somewhere.

You won't pull this off all the time, however just as the vendor doesn't have to sign, you also have the right to make your offer subject to a hasty decision. I always tell the selling rea that I am an investor and this is not the only property/deal I currently have on my radar..............having a take it or leave it attitude lessens the buyer's odour of desperation. :D

If you don't pull it off..........next.
 
In the unlikely event that you can get the vendor to a meeting, then they may be more inclined to sign. it is always upto them if they will sign.
 
wylie said:
Ok... it is unavoidable :D

Regarding Terry's suggestion of a face to face meeting... as a vendor, there is no way I'd want to have such a meeting with a buyer. I want to have the agent visit me with a signed contract. I either sign it or countersign it, or don't pick up a pen at all. I would not want to hear the offered price in front the person offering in case my face shows what I think.
Click to expand...

lawyers or agents can do the exchange. It would be rare for a vendor and purchaser to meet.
 
If you sign a section 66W certificate and signed contract with deposit is the best way to try and avoid this happening to you.
 
onion33 said:
Guys, I did all this! Put an expiry on my written offer. It was accepted. I signed contract. Then they decided not to sign!
Click to expand...

Onion,

Bit confused here - in Victoria, the Contract (usually attached to the Sec 32) is "the Offer"

When you sign the contract, it becomes "the Offer" - not before then.

When the Vendor signs the contract is when it is "accepted".

Nothing before the contract, even in writing, constitutes "an offer".

The Y-man
 
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