Submitting the offer via solicitor - NSW

The normal way that I have known to put in an offer is usually verbal and to the REA or via email and if they accept I then go into their office to exchange in person.

I am finding though that given the market, REA are running havoc and playing people against each other.

I viewed one property over the weekend that I was quite interested in. The agent mentioned that this particular vendor has requested for offers to be submitted via solicitors however if I am interested I must go into their office first. Apparently there is some info he needs to share with me, and then we have to put the offer in writing (didn't quite understand how it worked because he said they want offers via the solicitor). Given the storm I didn't ask him any questions why he wants in writing and then also via the solicitor.

The property literally became available over the weekend and the REA wants it under contract by Monday.

I gave him a number and he asked me to come in the morning to put it in writing. I drove all the way to their office for half an hour, only to find out that the clown has SMSed me 11 PM the night before to tell me that they have a higher offer and I dont need to come in.

All along he has refused to send me the contract with different excuses and obviously we have not had much time to ask for it anyway. You wonder why they want to sell it over the weekend and dont even wanna send the contract for you to see who the vendor solicitor is.

The other thing is the property was advertised as offers over 580k but then they said that unless if I am offering in mid 600, I am wasting my time (which is what I offered in the end).

I cant come to trust agents. I am starting to think that maybe I should submit all offers via the solicitor to make sure that the vendors at least get to see the offer.

Given they have said that they have a buyer for this property already that has offered more and more than likely will make it official through their lawyer tomorrow, I am not sure if this situation can be salvaged.

But for future just so that I am doing it more effectively and I know that the offer is being taken to the vendor, is it common practice (and effective) to go via the solicitor rather than the agent? or is there a better way? (I have tried templates and what not)
 
The normal way that I have known to put in an offer is usually verbal and to the REA or via email and if they accept I then go into their office to exchange in person.

I am finding though that given the market, REA are running havoc and playing people against each other.

I viewed one property over the weekend that I was quite interested in. The agent mentioned that this particular vendor has requested for offers to be submitted via solicitors however if I am interested I must go into their office first. Apparently there is some info he needs to share with me, and then we have to put the offer in writing (didn't quite understand how it worked because he said they want offers via the solicitor). Given the storm I didn't ask him any questions why he wants in writing and then also via the solicitor.

The property literally became available over the weekend and the REA wants it under contract by Monday.

I gave him a number and he asked me to come in the morning to put it in writing. I drove all the way to their office for half an hour, only to find out that the clown has SMSed me 11 PM the night before to tell me that they have a higher offer and I dont need to come in.

All along he has refused to send me the contract with different excuses and obviously we have not had much time to ask for it anyway. You wonder why they want to sell it over the weekend and dont even wanna send the contract for you to see who the vendor solicitor is.

The other thing is the property was advertised as offers over 580k but then they said that unless if I am offering in mid 600, I am wasting my time (which is what I offered in the end).

I cant come to trust agents. I am starting to think that maybe I should submit all offers via the solicitor to make sure that the vendors at least get to see the offer.

Given they have said that they have a buyer for this property already that has offered more and more than likely will make it official through their lawyer tomorrow, I am not sure if this situation can be salvaged.

But for future just so that I am doing it more effectively and I know that the offer is being taken to the vendor, is it common practice (and effective) to go via the solicitor rather than the agent? or is there a better way? (I have tried templates and what not)

I have never seen this happen before.
 
Very weird indeed, also weird the REA didn't meet with you to get the offer even if it wasn't going to beat the other.

Move on :)
 
To be honest it was the very first time I was seeing it although I had heard about submitting an offer via the solicitor.

A lot of REA's work these days is questionable.

The reason why I made this topic was to find out what is the most effective way of submitting the offer so that firstly I am not wasting my time and secondly the vendor does get to see that offer.

Is it worthwhile for me to find the solicitor of the other party and submit an offer that way?
 
All serious offers I put forward go straight to the solicitor. Always by-pass the agent as the solicitor is obligated to pass the offer on.
 
In the case you describe, my suspicions are that the solicitor has a Power of Attorney and is acting for the vendor in some way - fielding offers from the agent.

Most solicitors are not particularly good negotiators - that is not their field of expertise (although some are). They are good at the legal aspects of contracts etc.

The only time I have made an offer directly to a solicitor, was when the selling agent had a deal with a buyer after the property failed to sell at auction. I was effectively gazumping the buyer the agent had spent days negotiating with. So I faxed the vendor's solicitor and told him I was offering more $'s and not to exchange with the party the agent had introduced. However, I still met with the agent to handover the paperwork and the 10% deposit cheque. (I've never seen an agent so unhappy about getting more $'s for his vendor - but I understand his hurt feelings caused by my going behind his back. But I was acting in the best interest of MY client).
 
I would assume NSW has the same rules as VIC.

A REA must present all offers to the vendor, unless they have been instructed otherwise. Yes even if you want to offer $1 for their $1M property they still have to present it. Although I am sure that the REA wouldn't take your offer seriously and next time you actually wanted to put an offer in they will be hard to get in contact with.

Did a quick google search and found this;

(Agent s are not legally required to present all offers to owners. If for example an owner has told an agent not to present any offer under X dollars, then he/she will be obliged to act on that instruction. It would be very unproductive and fruitless for a large number of offers to be presented to the owner if they have already indicated they will be refused. A good agent will always advise the owner of such buyer interest in case the market deems that the price the owner originally wanted is not achievable and they may have to drop their asking price at some point. Ultimately only the owner will determine what price they will sell their property for, on what conditions and to whom ? the estate agent is tasked with simply keeping all parties fully informed and work towards a mutually agreeable price. - Source http://reit.com.au/consumer-guide/buying-and-selling-property/)

If your offer is realistic (not $1) and if the REA doesn't want to meet with you go to the office and ask to see a member of the sales team as you want to write an offer and they should all jump up or ask to speak with the manager.

If all else fails talk to the real estate institute (REINSW) about an agent not taking your offer.
 
Well I am not trying to complain per say.

The deal is that unfortunately the realestate agents are not the most honest people around (perhaps not all but most). It will be easy for them just not to consider your offer and come back and say the vendor doesnt like the offer without even taking it to them. Apparently they dont even have to come back to you at all which has been the case a few times before.

What I am trying to do is bypass the little hide and seek they play with buyers.

You see funny stuff out there. For example there is one particular agency that wont take offers and instructs all buyers to submit their offers exactly on a certain date at a certain time (say a week or 10 days from now) before they take the offer to the vendor and get an answer.

Some agents are doing really funny stuff that dont make any sense but it is happening. Unfortunately the laws around what agents can do and get away with is a bit loose to say the least.
 
Real estate agents have one of the tightest legislation about what they can and cannot do.

Some agents are bad/dodgy but you will see them come around in a boom time. If an agent has been around for a number of years it is hard for them to survive if they continually do the wrong thing.

Vendors lie to the agent, buyers lie to the agent and yet somehow the agent is meant to know the truth through it all and say the truth? For my ppor a number of years ago I told the agent I am looking at low 500s. Come auction day I was prepared to spend 550k on the house, no one else bidded besides myself and I got it for 510k (bank val 530k, which was also the reserve).

So I lied to the agent cause if I told the agent I am willing to spend 550k on the place they can use this. So everyone lies and the agent can only disclose what they have heard. He would of told the vendors I am interested in low 500s after it was passed in.
 
Real estate agents have one of the tightest legislation about what they can and cannot do.

I highly doubt that.

I have seen agents getting their family members to pose as a potential buyer, buying the property themselves from a vendor while convincing the gullible vendor that there are no better offers at present (especially knowing the circumstances of the vendor).

I have seen agents playing favorites with certain buyers (you read developers) and wont take other offers to the vendor knowing they can get a few sales out of the same place.

I have seen agents selling property for family without disclosing it.

I have seen agents telling just about any lie that can be found in the book.

Agents not doing a good job of managing a rental property and just collecting a margin.

If you have not been honest with an agent then that might be what you have decided to do but thinking that this industry has tight legislation is not even remotely true.

In order to become a REA, you need to show up to TAFE for 1.5 years and you can get a REA license. Their so called institution could not give a damn about what agents do and they are literally left to regulate themselves. Unless if someone has enough money and power to take them to court, nothing else can be done.

The trouble is we have a highly under-regulated industry here in Australia and the little regulation that exists is unenforceable due to lack of transparency. I know people from States who have come here and were amazed by what agents here do and get away with. Now US of A is one the most under-regulated countries that believes in free markets.

The very first regulation we will need in this country is transparency around the fact that the agent has actually taken the offer to the vendor in an as is format and has obtained an honest reply.
 
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