Hi everybody,
I was wanting to know if anyone has any thoughts on the way some agents conduct themselves.
I recently asked agents to show me through houses that I could positively gear.
One agent took me to a place that was a mortgagee in possession. I asked if they mortgagee would take offers prior to auction and was told the they would providing the offer was unconditional by auction time.
Being 4 weeks out from the auction, I put in an offer straight away, which was rejected (suprise, suprise), I up the offer to what I was really prepared to offer and for a week I hear nothing.
If they don't accept the offer, it cant be unconditional by the dead line they set. Then when I talk to my lawyer they say that offers won't be accepted because they need to get fair market pricing and that can only be determined by an auction.
Is this just a ploy to get funds into the agent trust account? Do they actually present offers or immediately reject them in order to get you to up the offer?
Thanks in advance
Seqel
Not sure which state you are in so take what i say with a grain of salt.
By law the agent is required to present all written offers.
Mortgagee in possession present a couple of additional hurdles as the bank is required to get fair market value so the interests of the owner are still seen to be looked after. Having said that the bank will be very aware of what they are owed.
Suspect the agent may be hanging onto your offer as a fall back position in case the property is passed in. Did you end date your offer? Ie this offer is only valid until (insert date) and will be formally withdrawn at this time if this offer is not accepted.
Your lawyer is not really correct. They can accept offers and there is no requirement for going to auction, but an auction is a good indiciation that it went for market value.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Always remember the Real Estate Agent is not working for you (or necessarily in your best interests). Their loyalty lies with the client (the vendor).
I thinks agent is a most important part of real estate sector… Because they have full information of real estate market. And they have full knowledge about property law… So they are very helpful for selling and buying property…And they also provide best guideline for property…
garmon wrote:I thinks agent is a most important part of real estate sector… Because they have full information of real estate market. And they have full knowledge about property law… So they are very helpful for selling and buying property…And they also provide best guideline for property…Full knowledge of real estate market? property law?
Are you serious?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
As serious as you can be after a few gottles o fred (sic).
garmon wrote:I thinks agent is a most important part of real estate sector… Because they have full information of real estate market. And they have full knowledge about property law… So they are very helpful for selling and buying property…And they also provide best guideline for property…Ahhh geeze. There is so much wrong with this paragraph I don't even know where to start.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I think garmon has upset the apple cart…..
And Scott No Mates… you are funny!
I wish garmon was my mentor.
Hi Garmon.
Suggest you be more more wary with Real Estate agents, perhaps you've found the best one in Australia and think they're all like that. Just be careful OK coz they have quite a reputation.
Lose the rose coloured glasses before you get involved with Real Estate Agents.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
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