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  • Profile photo of kateej03kateej03
    Participant
    @kateej03
    Join Date: 2011
    Post Count: 112

    Hello everyone!

    I need some advice please. I have put an offer on a property that has has a high amount of interest and because of this there is a few offers been sent in to the agent today. So she has asked me to sign a form that says:

    …'the agent has made us aware that there is another offer/s being made on the property and we further acknowledge that the offer we have made is our best offer and we have been made aware we may not have a chance to make a better offer'

    So, I have told the agent I am not willing to sign this form as I would be willing to negotiate further with the seller. She then sends me an email saying it is up to you whether you would like to sign the form, but bear in mind the consequences and I will be keeping these emails as a record.

    Can someone please tell me what she means! What possible consequence could there be from not signing this form – is it that someone will put in a higher offer which could happen anyway??

    Thanks,

    Kate

    Profile photo of jmsracheljmsrachel
    Participant
    @jmsrachel
    Join Date: 2012
    Post Count: 711

    Hi Kate,

    I've had to sign one of these forms years ago. They are holding a dutch auction. Don't know if it's legal but i don't agree with it. Luckily i ended up having the highest offer and bought the property. 

    I also remember once i put my offer in they wouldn't tell me if i was the highest or lowest. They just kept telling me make sure that is your highest bid.

    Don't be surprised if there isn't any other interest but just a trick that the agent has used to bleed some more money from you.

    It's all fun and games!!!

    Profile photo of kateej03kateej03
    Participant
    @kateej03
    Join Date: 2011
    Post Count: 112

    Thanks Joe,

    That makes me feel better! I'm not going to sign the form! Agents are so slimy!!

    :) Kate

    Profile photo of jmsracheljmsrachel
    Participant
    @jmsrachel
    Join Date: 2012
    Post Count: 711

    They are one big grease ball!!

    The real estate that made me do it this way actually lost their auctioneer license years ago – obviously for something dodgy and don't conduct auctions till this day.

    Unless you want the property really bad i wouldn't bother. Solitaire is a better game.

    Profile photo of kateej03kateej03
    Participant
    @kateej03
    Join Date: 2011
    Post Count: 112

    Ha! She sounds like the sort!

    She has just sent me another email to try and guilt me into signing it – but I have let her know I am sticking with my offer and if the seller would like to negotiate as per a normal offer I am more than happy to.

    Will see how we go.

    Profile photo of Rick staRick sta
    Participant
    @rick-sta
    Join Date: 2011
    Post Count: 120

    This probably works well on buyers who have an emotional attachment to the property. Remember you're an investor, work out what you can pay for the numbers to work and if they want more walk away. I always make this clear to agents early on in the piece.

    Profile photo of jmsracheljmsrachel
    Participant
    @jmsrachel
    Join Date: 2012
    Post Count: 711

    For her to keep emailing you it goes to show there’s no interest and she’s just bluffing.

    Profile photo of Nigel KibelNigel Kibel
    Participant
    @nigel-kibel
    Join Date: 2005
    Post Count: 1,425

    If the agent receives instructions from the vendor they can do what they like. When I was an agent I found that if an offer came in and the vendor told us to sell, it was hard. If a purchaser bid at an auction it was clean if they missed out in this type of process they were nearly always upset.

    The vendor can set any conditions if the agent says that the property is going to be sold and you have one shot you really have 2 choices, don't put in an offer or put in an offer. However the agent must say that they have an acceptable offer that the vendor is prepared to accept the offer unless a higher one is made. If they dont say this then they are bluffing.

    Nigel Kibel | Property Know How
    http://propertyknowhow.com.au
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    Profile photo of kateej03kateej03
    Participant
    @kateej03
    Join Date: 2011
    Post Count: 112

    Thanks everyone,

    I definitely think she is bluffing as she has said she showed two people through today and are expecting their offers this afternoon so no offers as yet.

    Glad I called her bluff!

    :)

    Profile photo of C2C2
    Participant
    @c2
    Join Date: 2002
    Post Count: 518

    Just ask the agent what price will seal the deal and see if it is close enough to what you want to pay and worth making a different offer.

    Profile photo of wilko1wilko1
    Participant
    @wilko1
    Join Date: 2010
    Post Count: 510

    They could be selling the property on tender. If so then realistically you do only get one chance to put in your best offer as all offers would be presented to the vendor at the same time. Yes it is a blind auction but they are allowed to do it. If they are not selling on tender then that is the really frustrating bit. When they hold your offer sometimes for up to a week because they are waiting for another interested party so they can say " We currently have a offer on the property" thus spurring action from the new buyer who doesn't want to miss out. You could put in a sunset clause " Offer expires on 7/02/13 at 5 pm to hasten their position.

    Profile photo of kateej03kateej03
    Participant
    @kateej03
    Join Date: 2011
    Post Count: 112

    Thanks for every ones comments.

    We have negotiated a price with the seller and have a sale! There were no other offers :P 

    Profile photo of jmsracheljmsrachel
    Participant
    @jmsrachel
    Join Date: 2012
    Post Count: 711
    kateej03 wrote:
    Thanks for every ones comments.

    We have negotiated a price with the seller and have a sale! There were no other offers :P 

    Surprise surprise. Glad you called her bluff.

    Profile photo of thecrestthecrest
    Participant
    @thecrest
    Join Date: 2004
    Post Count: 992

    well done, you took control. 

    Agents can sell quite well without low behaviour, but some don't know any better.

    Cheers

    thecrest

    thecrest | Tony Neale - Statewide Motel Brokers
    http://www.statewidemotelbrokers.com.au
    Email Me | Phone Me

    selling motels in NSW

Viewing 14 posts - 1 through 14 (of 14 total)

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