All Topics / Help Needed! / do real estate agents have to pass on all offers?

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  • Profile photo of jksgohjksgoh
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    @jksgoh
    Join Date: 2010
    Post Count: 4

    Hi,
    I’m new to property and am considering buying a house. I have found a suitable house, but am a bit confused on making offers before an auction. Do real estate agents have to pass on every offer??? I have heard that the vendor can make a threshold, and if the offer is below this offer the real estate agent does not pass on the offer, is this true? i have read conflicting things about this. Currently, the real estate agent dealing with the property i am interested in has said the vendors are not considering offers under X amount.

    cheers

    Profile photo of Nigel KibelNigel Kibel
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    @nigel-kibel
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    If you make an offer you need to get it in writing. Insist on signing a contact. If you do this they have to put up the offer. They do not have to put up a verbal offer. In my view it is only an offer if it is in writing.

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    Profile photo of Matt_ArnoldMatt_Arnold
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    @matt_arnold
    Join Date: 2006
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    jksgoh wrote:
    I have heard that the vendor can make a threshold, and if the offer is below this offer the real estate agent does not pass on the offer, is this true? i have read conflicting things about this. Currently, the real estate agent dealing with the property i am interested in has said the vendors are not considering offers under X amount.

    In NSW (not sure about other states), the real estate agent in question is required to pass on all offers either verbal or written unless the vendor has made a specific request (best practice is for the agent to have it in writing from the vendor) not to recieve any offers under X amount.

    Profile photo of jksgohjksgoh
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    @jksgoh
    Join Date: 2010
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    thanks for the prompt replies guys.
    Ok, so i take it that since the agent has said that the vendor will not take offers under X amount, i should request to see that in writing?, otherwise i should be able to make an offer below that.
    Also, im sorry for this noob question, but how exactly do i put an offer in writing? i’ve tried searching but havent found much. Does the agent provide me with the documents to list my offer?

    Profile photo of Matt_ArnoldMatt_Arnold
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    @matt_arnold
    Join Date: 2006
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    Ok, the agent does not need to and most likely won't show you the vendors request in writing (they may not even have it in writing ! ) …   that comment was more so made as it is best practice for the agent to have the request for offers not to be submitted below X amount in writing to protect themselves. Eg. Otherwise if it all goes pear shapes it could turn into a he said / she said argument as to why all offers were not submitted.

    Most real estates will have a standard form that they want offers submitted on which will include details such as your solicitor etc…      from a legal perspective, it really doesnt matter how your offer is submitted. Verbal or written (fax, email, handwritten), the agent is still required to submit all offers from other interested buys and niether party (vendor or buyer) is legally bound to purchase / sell the property until such time as contracts have exchanged.

    Best advice, especially in a hot market or on a property that is a seriously good buy, is to put down a 0.025% deposit with a ten day cooling off period as soon as your offer has been accepted. Then use that ten days to organise the pest and building reports, confirm finance etc.   Worst case scenario, you lose your 0.025% deposit.

    Profile photo of jksgohjksgoh
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    @jksgoh
    Join Date: 2010
    Post Count: 4

    thanks for clearing that up for me matt.

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