All Topics / Help Needed! / Selling Obligations

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  • Profile photo of BomberRouiBomberRoui
    Participant
    @bomberroui
    Join Date: 2011
    Post Count: 19
    March 31, 2011 - 11:34 am

    Evening,

    Our agent has been negotiating on our behalf the sale of our property.  Just to enable the agent to work with the prospective buyer we said we would be willing to drop the price by $7,500.

    They advised that it would be unlikely that they would pay this amount, and that the prospective buyer would only give us one price, and wouldn't negotiate! 

    Having considered all our options we said to the agent that if that's the attitude the most we could take off the advertised price is $14,000.

    Our agent has advised that the prospective buyer was considering entering a price $29,000 below the original, but is happy to meet half way.  They however will need to borrow the difference from a family member.

    Here is the kicker.

    We have the property with two agents, and the second agent has two people that are also interested.  If the first prospective buyer is able to borrow the short fall, what's our obligation in excepting that bid?
     
    Kind Regards.

    P.S With both agents we have had the most disappointing experience, a level of incompetience that is beyond belief.  It has really left a sour taste in our mouths for sure.

    Profile photo of morpheusbushymorpheusbushy
    Member
    @morpheusbushy
    Join Date: 2010
    Post Count: 55
    March 31, 2011 - 12:57 pm

    I’m no expert, but there should be no obligation if no consideration (i.e. a deposit) has been exchanged? Once a buyer has signed contracts and paid a deposit then you are obligated to sell at the agreed price.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    March 31, 2011 - 8:43 pm
    BomberRoui wrote:
    Here is the kicker.

    We have the property with two agents, and the second agent has two people that are also interested. 

    Tell the other agent that you’ve received an offer from the other guy that you’re considering accepting. Tell him/her that if their “interested” people are interested in making a serious offer they have the next 24 hours to do so.

    I’d be worried about the guys with the first offer not being able to obtain finance which could make the deal fall over.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of BomberRouiBomberRoui
    Participant
    @bomberroui
    Join Date: 2011
    Post Count: 19
    April 1, 2011 - 6:33 am

    Thanks to you both.  I agree entirely with both opinions, especially with regards to the first offer not being able to obtain finance.  Just a matter of wait and see.

    Greatly appreciate you input.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    April 1, 2011 - 7:44 am

    Also be careful about using 2 agents. Read your agreements carefully and make sure you won't be up for 2 commssions.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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