Vendor did a backflip

[Butas]

Hi all,

Just wanted to get some peoples point of view on the following situation;

I recently agreed to purchase a block of units which was advertised for $1.2m (advertised for $1.25m). I signed contract and put down 0.25percent. while organising finance the agent calls and tells me the vendor no longer wants to sell at that price, he wants $1.35m.

Do i have any rights as the agent has said that the vendor has yet to sign the contract and i can come in and pick up my 0.25

im just annoyed cause i have been wasting time rushing the finance and organising solicitors.

 

[heathgt350]

I would say that if the vendor hadn't signed the contract then there was no deal.

Pretty annoying, but perhaps the vendor is just trying to get more money out of you.

 

[josko]

The Vendor has not signed the Contract - no deal.

Did you ask why the Vendor now wants 150k over asking price? Is it a divorce sale? Wow.

Regards JO

 

[Propertunity]

The Vendor has not signed the Contract - no deal.

Yep, what JO said - BOTH parties need to sign before there is a contract.

Sometimes if a property sells very early in a marketing campaign, the vendor can think that they sold 'too cheaply'. Often this is not the case and the best offers come early.

 

[Butas]

Yeah, i figured since they didnt sign then i cant do anything. just annoying.

Im thinking they want more money. I dont believe its a divorce sale as there are 4 owners on the title.

thanks for the input

 

[Piston Broke]

call the bluff and counter offer 1.1m

 

[twobobsworth]

Makes me wonder if the vendor actually agreed in the first place.

Maybe the agent wanted to take a signed contract to the owners and massage an acceptance, and they said get lost.