All Topics / General Property / Agents acting in the interests of their vendor

Viewing 4 posts - 41 through 44 (of 44 total)
  • Profile photo of WylieWylie
    Member
    @wylie
    Join Date: 2004
    Post Count: 346

    I also have paid over asking price for one IP. Phoned REA wanting to look at a house I found while driving around our suburb. He said he had 4 contracts being presented that evening, one inspection that afternoon and I could have a look as well. I thought it was a cracker. I faxed a contract for hubby to sign (he hadn’t seen it, didn’t know I was looking at a house even).

    Asking $153K. Knew four other offers were going in that night. We knew we had one shot in these circumstances and contracted at $155K. The next lowest offer was $154K and that purchaser tried to gazump us but the vendor was honest and stuck with us. It took the REA 4 hours to let us know because the under-purchaser had his solicitor trying to get the vendor to rip up our signed contract and sign his. There was dirty work afoot that night but we got it. It has been a gem.

    The other nasty experience we had was offering an extra $15K on a house we fell in love with. Verbal offer $320K had been accepted but in Queensland, I’m told by a solicitor, until it is signed, it is not a contract. We offered $15K more but I’m fairly sure our offer didn’t see light of day. Verbal purchaser was a solicitor and threatened REA with a lawsuit if he was gazumped. Vendors were beneficiaries of the estate and I’m sure they would have loved to hear what had happened but we didn’t go down that path because REA was a relative and we didn’t want to put his job in jeopardy.

    I have dealt with some fantastic REAs and some very ordinary ones. The bad ones just don’t ever get my business again and as the saying goes, you tell two friends, they tell two friends. It is amazing how quickly a bad reputation gets around.

    Regards, Wylie.

    Profile photo of EisbaerEisbaer
    Member
    @eisbaer
    Join Date: 2005
    Post Count: 2

    I am an agent in Brisbane, and standard practice in our office is that when there are two offers on a property, we have to get both buyers to sign a declaration saying they have put forward their best offer, and may not get another chance to do so.

    So in your case, if you made an offer on a property, and then we received another offer, we would come back to you first and let you know that there is another offer, and you would have the opportunity to put forward your best offer.


    http://www.lukechapman.com.au

    Profile photo of myoungmyoung
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    @myoung
    Join Date: 2004
    Post Count: 33
    Originally posted by Eisbaer:

    I am an agent in Brisbane, and standard practice in our office is that when there are two offers on a property, we have to get both buyers to sign a declaration saying they have put forward their best offer, and may not get another chance to do so.

    So in your case, if you made an offer on a property, and then we received another offer, we would come back to you first and let you know that there is another offer, and you would have the opportunity to put forward your best offer.


    http://www.lukechapman.com.au

    Have been in this situation and the agent did exactly that, which I believe is the correct way to act. I understand NAT12 being frustrated, but if I were the vendor and found out they did this they would have a very hard time getting their commision from me. NAT12 just avoid this agent in the future and spend your time with the ones that wont waste it.

    Regards,

    myoung

    Money doesn’t buy happiness, but it sure as hell can mitigate a lot of things that make you miserable.

    Profile photo of Scott77Scott77
    Member
    @scott77
    Join Date: 2005
    Post Count: 2

    Reading thru this thread it is clear there are many experiences where real estate agents levels of service are questionable from both the sellers and buyers perspective.This is nothing new I know but it would be nice to think it could be improved in the future. [cap]
    We have come up with a system which we hope will help to improve the real estate industries delivery of service, by letting past clients vote on their agents delivery of service at the end of the transaction.
    It works this way real estate agents are constantly in need of properties to sell.That is why you receive mail/box leaflets etc all the time asking do you want to sell. In fact it is an industry standard that agents pay what is known as referral fees for sellers details to other agents for suppling these details.Using our system the consumer can choose the agent they would like to sell with through our web site
    http://www.refrealestate.com.au/
    when the sale is complete we refund to the consumer 80% of the referral fee we received directly back to the consumer this is equal to 12% of the selling fee. This on its own is a substantial saving but the really good thing about our system is that at the end of the transaction the consumer can rate the agent on our website for future consumers to be able to see which agents really walk their talk.
    It is interesting we can check out the ratings of a movie before going to the movies and spend $10 but we cant’t review an agents performance before we employ them to sell a property which wil cost us on average Australia wide close to $10,000.
    hope this post may be of assistance to any of you investors out there who will probably want to sell one day, check out our web site, comments are appreciated
    Scott77

    Please recommend our site to Family and Friends
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Viewing 4 posts - 41 through 44 (of 44 total)

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