All Topics / Help Needed! / Multiple offers on a property. Possible?

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  • Profile photo of sumnerstephensumnerstephen
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    @sumnerstephen
    Join Date: 2007
    Post Count: 34
    September 25, 2007 - 2:03 am

    Was hoping someone would be able to offer some advice.

    My partner an I put an offer on a unit this morning under the impression that there was another offer from another buyer. Is this possible in WA?

    Basically I went to view the property and the agent said that another buyer was interested and was putting in an offer and we'd have to sign some sort of multiple offer form. Have we just been played by the agent or is this actually possible? We put the offer any way.

    Profile photo of Jon ChownJon Chown
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    @jon-chown
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    Post Count: 254
    September 25, 2007 - 6:14 am

    Stephen,   While I can'r be posative about WA law, in Queensland it would be illegal to advise a customer that there was another offer if there was not and heafty penalties would apply.   It seem interesting that you bring this subject up as I have just finished reading an article on this subject in the REIQ Journal.   Best practice dictates that if an agent does have multiple offers then it is in their best interest to protect themselves from possible litigation by advising the Purchasers that there are multiple offers being put on the property and in fact there is a specific form that it is prudent to have signed by the buyers to show that you have informed them of the risk of not submitting their best offer.

    Let me assure you that in the event that a buyer does miss out due to not being informed, you will hear the hugh and cry from across the world.   "The lousy agent didn't give me the opportunity to negotiate and I would have paid more" – sure, and hell might freeze over too.

    Devil if you do and devil if you don't situation.   But at least you know that the property must be priced close to value.

    Jon

    Profile photo of sumnerstephensumnerstephen
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    @sumnerstephen
    Join Date: 2007
    Post Count: 34
    September 25, 2007 - 7:15 am

    Thanks John,

    I actually just gave REIWA a call and it's all legit. Apparently it's possible for vendors to be presented as many offers as possible at once and they then decide which one they'd like to work with or accept.
    I just had a 'post-offer' freak-out. It's our first IP and really nervous.

    Profile photo of Stella1258Stella1258
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    @stella1258
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    Post Count: 45
    September 25, 2007 - 10:38 am
    Jon Chown wrote:
    in Queensland it would be illegal to advise a customer that there was another offer if there was not and heafty penalties would apply.  
    Jon

    How do you get to find out there wasnt really another offer though?

    Cheers
    Stella

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