the guy who owns our house we live in is selling it through a local real estate. she took the photos yesterday at lunchttime and the information went around via email at 3:30pm, with the info going up on realestate.com.au after that.
so i tell my friend about the property and she rings the real estate agent at 9.30am this morning – so literally only two business hours after its listed – to make an offer on the house and apparently the REA was rude to her and "basically told her to go away" according to my friend. REA said the house was already sold so she couldnt place an offer on it. my friend wanted to make a counter offer higher than the listed price but REA said no.
it happened to be that the owner of the house was popping in this afternoon to pick something up so i mentioned this to him and said that they wanted to counter-offer but REA had said no.
he said that he verbally had accepted the offer but nothing was signed yet so they could most definitely counter offer. he said that when my friend places a counter offer if REA says no then he will call her for an explanation.
so they rang REA back this afternoon and once again she declined to put through a counter offer. so my friend said to her that she knows that the contracts arent signed and that the owner is accepting counter offers. so she got all narky and demanded that they tell her how they knew that, but my friend wouldnt share. she said a little birdy told her.
anyways, so she then admitted defeat basically and took their counter offer to the sellers and they accepted it. contracts were signed this afternoon. she totally didnt want to get the seller the best price possible. venfor is happy now cos he got MORE than the listed price.
but another thing that got me suspicious was that she brought her sister with her to my place when she had to take the photos yesterday for re.com.au. plus also the house was already listed at a low $455k for a fully renovated 4 bedroom, when it has a rent return of $1200 a week on 12 month leases. in moranbah this is a fabulous price – hence why my friends were being so persistant. but when i spoke to the seller he said that she had tried to talk him into selling it for only $445k (which in my opinion is too cheap), but he insisted on $455k. in my opinion he shoulda listed the house for $470-ish.
so why would a real estate agent try to talk the vendor into listing their property $10,000 less than what they wanted (when its already a great price), not accept counter offers, and also have the ability to lock in a contract SO quickly?
sounds to me like she may have had a family member or friend lined up who she was trying to get an extraordinary good deal for.
does this sound sus to you?
Usually if it quacks like a duck and looks like a duck . . . .
Cheers
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Did the vendor get a 2nd or third agent to give a market opinion or just run with the managing agent (who may have had a buyer lined up already)?
only one agency came through our house to get it appraised. fool hey.
My opinion was , as i read more and more of your post, that the agent had a vested interest in getting some one the house, such as a relative or friend. Unfortunately it is REA like this that give the honest ones the rep we undeservedly get labelled with – well the majority of REA don't deserve it.
Claims can be made and complaints laid, but probably not worth the effort, especially as the right outcome has been arrived at. Although the vendor should really take it further as he could have potentially lost a lot of money. Definitley something sus indeed.
As for just the one agent coming through, some people get a sense of loyalty if the agent is there management team. They feel confident with the rental team, but of course seldom if ever do the rental department sell, it gets handed over to the sales team.
Im down with the quacking duck theory
Im down with the quacking duck theory
Probably your friend should have by-passed the agent and dealt with the vendor directly. They may have been able to get out of the contract with the agent because of a breach of the terms – could have saved some commission.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Legally the agent must present all offers and cannot make any decisions on a contract- agents are there only to bring buyers/ sellers together, present all contracts, and you take offers and contracts even to the day of unconditional as people can drop off at the last moment. I have been a principal for nearly 15 years now, and it is illegal behaviour and breaches our code of ethics and our duties to the seller to not disclose all offers.
You must ask direct questions to an agent to pin them down- FOR EXAMPLE
Is there a signed and agreed contract in existence?
Has it been signed by all parties?
Has deposit been paid ?
When does it go unconditional?
Will the seller accept $5,000 above the current contract and Im prepared to sign a letter or contract for $5,000 higher
I am coming into your office to sign up a back up contract and I want it presented within 24 hrs- if a sales agent doesnt do this- then call the principal and demand an offer is presented, acknowledged.
Do not let sales agents dictate to you as often many are not trained correctly in the rules, contracts, and their roleIf an agents friend/ relative offers to buy a property this must be fully disclosed and a beneficial interest form must be with the contract, normally agents will not want to sell to their family or friends as they are not allowed to charge or receive commission at all- so they actually earn more to sell it ot an unknown party.
Maybe the agent was doing soem swifty thrifty deal- or they had no idea what they were doing
Always ask to speak to the principal and outline you are confused by the sales agents behaviour and you need their help to do a contract or offer and prepared to come to their office asap or sign up a contract asap and lodge a deposit.
Hope this helps- Agent must present all offers and has no right to comment on what seller will and will not do or take, they dont know until all presented in writing and then they get instruction from the seller what to do and how.
Ive had up to 10 offers on a property – all in writing and luckily I always back up my contracts- as sometimes people can get sick and cont proceed, banks change their mind, people divorce/ separate and refuse to settle so it comes back to market.
Kylie
You should definitely be making a formal complaint about this agent to the ACCC. She appears to have acted in contravention of the Trade Practises Act.
She needs to be weeded out – this could be just the latest of other similar behaviour and will no doubt continue if she isn't taken to task.
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