Forums / Property Investing / Commercial Property / Real Estate agent refuses to give me a sales contract?

Viewing 13 posts - 1 through 13 (of 13 total)
  • Profile photo of KA010KA010
    Participant
    @ka010
    Join Date: 2006
    Post Count: 43

    Hi there,

    I have just had the worst experience with a real estate agent in the north qld. Basically I viewed a small commercial shed and came to the conclusion that I was interested in making an offer. I provided my sale price offer, special terms and solicitor details. I asked the real estate agent to draw me up a sales contract so that my solicitor could review it and then I would send it back signed to the vendor so that contract could be formally reviewed and either accepted, rejected or a counter off placed.

    I asked the real estate that I needed the contract as soon as possible as I had to possibly sign another contract, he said sorry the vendor does not want to see a contract, they have your email with your details you sent me and they are going to think about it over the weekend. I explained I wanted a contract so that my solicitor could review the contract, again he said no I will not be doing anything until Monday, he then said if you want to pull out then I think you should pull out.

    I’m blown away that an agent would actually tell me to walk away. Am I doing something wrong here or is this agent playing a game, I think they are playing a game. I feel they are trying to delay the contract so that they can blitz it with a last minute ditch marketing campaign on the property or they dont like me offer and do not want to submit it to the owners.

    In one day the online add has had a spike in views by about 85, which when you compare this over the last month, something seems to be a bit sinister here.

    I have had this experience before where they try and delay, but the fact he told me to walk away is really odd…

    Would love to hear anyones thoughts on what I can do here as I really want to present a formal offer.

    • This topic was modified 3 years, 11 months ago by Profile photo of KA010 KA010.
    • This topic was modified 3 years, 11 months ago by Profile photo of KA010 KA010.
    Profile photo of KA010KA010
    Participant
    @ka010
    Join Date: 2006
    Post Count: 43

    The more I think about it is the agent did not like my offer, hence walk away, it was not a low ball offer, and the terms were standard due diligence and finance.

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,366

    Hi KA010,

    I have had this experience before where they try and delay, but the fact he told me to walk away is really odd…

    I am sure the REIQ would be interested to hear about this – though what they can actually do about it is beyond me. Certainly this agent is a disgrace, and should be called out. I agree, something does sound sinister.

    Is there another RE agent who has the same listing? Maybe a call to them might help?

    Benny

    Profile photo of KA010KA010
    Participant
    @ka010
    Join Date: 2006
    Post Count: 43

    I’m not sure if it is exclusive, I also don’t see it advertised anywhere else. I do know who the vendor is as I was able to track down their company details down, I was tempted to call them myself and let them know their agent is telling me to take up my other opportunities.

    If I never get to submit a sale contract I will be calling him out, the fact he works for a massive real estate firm does not surprise me.

    Does anyone know if there are laws around this? I do not want to pass up this opportunity on this property, so im now going to sit here and wait for a call so that I can submit a contract, which is ridiculous, this guy is even a senior executive.

    Profile photo of KA010KA010
    Participant
    @ka010
    Join Date: 2006
    Post Count: 43

    Also office of fair trading are now looking after any real estate enquires, REIQ have just told me this.

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,366

    I do know who the vendor is as I was able to track down their company details down,

    Cool – then approach him and let him know of your offer. If he asks why you haven’t put it to contract, mention the RE agent’s reluctance, and that you wanted HIM to know of your offer at least. After that, it is up to him, but at least you have tried.

    We actually won out in similar circumstances – way back, we were bidding for a property – the RE agent had two offers already, and didn’t want to compound things by adding ours. Fortunately, we knew that RE agents must submit all offers, but just in case, we contacted the vendor too to let him know we wanted to be in the game (with an offer amount above the other two).

    Knowing what the Agent should be doing was a huge help. It allowed us to convince him that we knew it, and that REIQ would have been our next step if needed. Didn’t have to happen, and our contract won – woohoo.

    Benny

    Profile photo of KA010KA010
    Participant
    @ka010
    Join Date: 2006
    Post Count: 43

    Nice job Benny!

    I’m still not quite sure what to do, but I think I might try contacting the vendor. Thanks for your feedback Benny.

    Profile photo of Chrisss1010Chrisss1010
    Participant
    @chrisss1010
    Join Date: 2015
    Post Count: 8

    If the agent is from a big company he/she would have some one above them talk to the boss I say

    Profile photo of XeniaXenia
    Participant
    @xenia-alexarealestate
    Join Date: 2015
    Post Count: 21

    I’m assuming that the agent has your letter of offer including your terms of purchase and subject to’s?

    It’s normal for an agent to allow the vendors to consider the letter of offer first. It that is accepted by the vendors then it gets written up as a contract.

    If offer is rejected then no contract would be entered into anyway.

    chase him up on Monday.
    If you contact vendors, he would just say that he was waiting for them to approve letter of offer first.

    He could have always just given you a blank contract to be nice while the vendors are considering….

    Xenia | Alexa Real Estate Pty Ltd
    http://www.alexarealestate.com.au/
    Email Me | Phone Me

    Adelaide Property Manager

    Profile photo of KA010KA010
    Participant
    @ka010
    Join Date: 2006
    Post Count: 43

    If the agent is from a big company he/she would have some one above them talk to the boss I say

    Yes I thought about this but felt this approach would create an uncomfortable situation for us both, mind you he has already made me feel uncomfortable

    I’m assuming that the agent has your letter of offer including your terms of purchase and subject to’s?

    Yes definitely, I made an offer of intent to purchase the property at $XXX,XXX price and I requested special terms; Due diligence and finance.

    He could have always just given you a blank contract to be nice while the vendors are considering….

    Yes this is exactly what I was hoping, atleast then my solicitor could start to review the contract

    I will wait until Monday… but I’m not too hopeful.

    Profile photo of KA010KA010
    Participant
    @ka010
    Join Date: 2006
    Post Count: 43

    It’s normal for an agent to allow the vendors to consider the letter of offer first. It that is accepted by the vendors then it gets written up as a contract.

    What exactly is a letter of offer? I’m presuming a letter stating my offer? All I did was send him an email stating my offer and terms. Is that even legal for him to pass my email on which he said he did? I would have thought to stamp out unscrupulous behaviour that you must always present the vendor with a contract for sale?

    • This reply was modified 3 years, 11 months ago by Profile photo of KA010 KA010.
    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,173

    How can you make an offer without knowing the terms. You need to see a contract before making an offer. What if has conditions you are not aware of. What if there is a caveat on title, or an easement etc. I would also ask for a contract before making an offer.

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of KA010KA010
    Participant
    @ka010
    Join Date: 2006
    Post Count: 43

    How can you make an offer without knowing the terms. You need to see a contract before making an offer. What if has conditions you are not aware of. What if there is a caveat on title, or an easement etc. I would also ask for a contract before making an offer.

    Still does not help me on what to do…
    And Terryw I would love to read a contract but he won’t send me one, been waiting since last Thursday lunch time.

    • This reply was modified 3 years, 11 months ago by Profile photo of KA010 KA010.
Viewing 13 posts - 1 through 13 (of 13 total)

You must be logged in to reply to this topic.