Vendors & Agents ARRHH!

[Brady]

After going to 3 Auctions and blown out of the water,

I found a new property I was interested in.

Another development size, retain and hold.


Advertised Price $295,000 - $315,000


Wednesday night 30/10 email agent for copy of contract .

Speak to agent Thursday find out why selling, what the clients expectations are etc

Friday provides me letter of offer and advises that first open is 10/11

That afternoon I email 3 offers, site unseen (drive past and google earth)

$295k @ 30days, $300k @ 90days & $305k @ 180days

with an expiry date on the offers Monday 4/11


Agent came back to me today saying that the vendors are waiting til first open before considering any offers

That they have had a few calls on the property and the owner wants to be fair to everyone.


Fair to everyone, WTF? Are you selling a house or trying to make some friends?

I understand if they want more money, but already spoke with agent and he said they want $300k+

And if they want more why not just counter offer with what they actually want.

 

[see_change]

In a hot market , most people ( if the agent is doing their job properly ) will want to at least go to first open .

Par for the course for what I've seen .

What do they want ? As much as they can get ...

That's what I'd want

Cliff

 

[EN710]

Because they don't actually know what they want is my guess. They want it "as high as possible", hence no ceiling and hence they want more offer, in case someone offer more than $305K+

 

[Brady]

I get that they want the maximum amount.

But if they have been offered $305k and asking is $295k - $315k.

Why don't they counter with $315k.


Unless which could be possible they want more then asking price, but they wont be getting that from me.


I would say the market isn't hot but warm, and much warmer for properties with development potential. Especially retain and build out the back.

 

[Corey Batt]

What suburb is this, Brady?

 

[Brady]

What suburb is this, Brady?

Just emailed you, don't want everyone going to the open and putting in higher offers

 

[pinkboy]

Just emailed you, don't want everyone going to the open and putting in higher offers

You emailed CJay the deal? They don't call him Corey 'Gazzump' Batt for his eBay skills!


pinkboy

 

[Brady]

You emailed CJay the deal? They don't call him Corey 'Gazzump' Batt for his eBay skills!


pinkboy

Haha it's ok the property is close enough to home for me to go throw eggs at everyday if he did

 

[MsAli]

Hope your offer is not used as a bench mark...hate it when agents take an offer and then say the vendors want an open home..

 

[cu@thetop]

Friday provides me letter of offer and advises that first open is 10/11

That afternoon I email 3 offers, site unseen (drive past and google earth)

$295k @ 30days, $300k @ 90days & $305k @ 180days

with an expiry date on the offers Monday 4/11


Agent came back to me today saying that the vendors are waiting til first open before considering any offers

That they have had a few calls on the property and the owner wants to be fair to everyone.

Wish we had more agents like this to be fair. Splitter block Sherwood listed for $715k. Arrives by realestate.com alert on Fri- first open house on Saturday 11.00am. Too late for this duck- already sold. Never got a chance to bid. I almost rang the owners in Tassie to let them know they had been done by an agent/developer sweetheart deal.

 

[VYBerlinaV8]

Just emailed you, don't want everyone going to the open and putting in higher offers

I bet we could have some fun if we all emailed in offering mid 200's...

 

[MsAli]

Wish we had more agents like this to be fair. Splitter block Sherwood listed for $715k. Arrives by realestate.com alert on Fri- first open house on Saturday 11.00am. Too late for this duck- already sold. Never got a chance to bid. I almost rang the owners in Tassie to let them know they had been done by an agent/developer sweetheart deal.

A few of those in Sydney too...sold through BA's and the property arrived on the market today. Sold for $295k as per the BA's page prior to open home. I bet people would have paid 320k+ if there was an open!

 

[Jacque]

Let's not forget that good selling agents doing their job will do what works best for the vendor in extracting the highest price and best terms. Sometimes that means taking it to open house, sometimes selling beforehand.....

 

[womble66]

I get that they want the maximum amount.

But if they have been offered $305k and asking is $295k - $315k.

Why don't they counter with $315k.

They didn't counter and provided you with a reason which seems fair enough.

You offered $305K with a condition and this maybe what they finally accept but they may get it from someone without the condition. Only way to know is submit another offer pre-OFI or wait and see what comes. Not much you can do.

 

[Orks]

Your offers arent very good, thats the reason they havent accepted. Noone wants a six months settlement on a $300k property.

 

[Brady]

They didn't counter and provided you with a reason which seems fair enough.

You offered $305K with a condition and this maybe what they finally accept but they may get it from someone without the condition. Only way to know is submit another offer pre-OFI or wait and see what comes. Not much you can do.

Offer was unconditional actually 3 different unconditional offers. Thought it would spark a counter offer at least.

 

[Brady]

Your offers arent very good, thats the reason they havent accepted. Noone wants a six months settlement on a $300k property.

3 Offers inside the asking price?

If they don't like the offer they can counter.

Agent advised vendors aren't in a rush to sell.

Actually put offer in property two weeks ago and vendor wanted a 3month+ settlement if possible.

 

[womble66]

Offer was unconditional actually 3 different unconditional offers..

Even if they wanted a long settlement from my understanding there would be a contract of sale on the property and "Settlement Date" would be a "condition" set down within this contract and usually states a period of between 4-6 weeks, commonly 42 days (6 weeks), from exchange. In this case it may have been 30, 90 or 180 days but unlikely to be all.

Your offers, actually all your 3 different offers, were conditional as the would have varied the existing contract therefore not "unconditional". The vendor may have not liked any of your new conditions so are not obliged to accept or even respond with a counter offer.

Your offers were reasonable and not uncommon but the vendor unfortunately has the final say and you can choose to either "play the game" or walk away.

 

[Dazz]

That afternoon I email 3 offers

.....that's why they are called "offers".

Until they are accepted and signed off by the Seller, they remain just that.

As the Buyer, you are not in the driving seat.....but it sounds like you know that.

As for not counter-offering, many Sellers negotiate like that by simply ignoring the initial offer. many Buyers come back, upping the offer and dropping off unnecessary conditions without the Seller having to do anything but simply wait.

 

[MTR]

Out of luck Brady, this RE agent is working for his client, it must be a rising market. The trick is to find a RE agent who does not give a damn, insist on an offer prior to home open that is key.