Is there any bonafide way to confirm that your offers have been passed onto the vendor?
Alternatively, is it illegal/unethical to approach the vendor directly while a property is listed with a particular agency, or directly after the listing has ended?
The only way is to sign a contract with a deposit. By law the have to pass on the offer. However the agent does not have to pass on a verbal or an emailed offer because it is not enforceable. With a written contract if they accept you d have to proceed. However it is important that you buy subject to finance, building inspection so that you have an out
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
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Hi Roberto
Sure Nigel didn't mean to say it but the payment of a deposit is not legally required for the Contract to be valid.
The 4 elements of any contract are:
1) Offer
2) Acceptance
3) Intention of legal consequence
4) Consideration.
Course in practical terms a deposit might be useful to encourage the seller to accept the offer however is not a legal requirement.
Became a Licensed Buyers Agent during the week so i could source property for my investor clients and must admit realised a lot of what agents do is actually illegal and in breach of legislation.
Make your offer in writing and present it to the Selling Agent and request they present the offer to the Seller.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Always provide an offer on a contract. Ask the agent to get them to counter offer. This is done by crossing out the offer on the contract you made and they will write in a new figure. Confirms they have seen the offer.
An agent is legally bound though to give the seller any offers unless instructed not to do so.
And of course a seller is not required to countersign your offer.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Written contract with 48 hour expiry is the usual tool at this neck of the woods.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
Nigel Kibel wrote:The only way is to sign a contract with a deposit. By law the have to pass on the offer. However the agent does not have to pass on a verbal or an emailed offer because it is not enforceable. With a written contract if they accept you d have to proceed. However it is important that you buy subject to finance, building inspection so that you have an outHang on…but isn't an offer (as submitted by my lawyer, on my behalf) different from a contract?
Also, if you submit an offer via your lawyer, does that mean that the agent is obligated to present it?
I thought the process was:
• make offer (either verbal, via email, or in writing, or in writing via lawyer)
• get acceptance
• await for contract
• contract signed by both parties, thus making it binding
Is that not correct?
Nigel Kibel wrote:
The only way is to sign a contract with a deposit. By law the have to pass on the offer. However the agent does not have to pass on a verbal or an emailed offer because it is not enforceable. With a written contract if they accept you d have to proceed. However it is important that you buy subject to finance, building inspection so that you have an out
Hang on…but isn't an offer (as submitted by my lawyer, on my behalf) different from a contract?
Also, if you submit an offer via your lawyer, does that mean that the agent is obligated to present it?
I thought the process was:
• make offer (either verbal, via email, or in writing, or in writing via lawyer)
• get acceptance
• await for contract
• contract signed by both parties, thus making it binding
Is that not correct?
+1
Even a 12-hour clause is fine when you sense that your competition will be busy with DD. I know cause I lost to one
Several weeks later, that property is back on market. Me calls agent to check – the competition couldn't get finance. Luckily, I found a better one Can someone please elaborate on the above points?
Thanks in advance, and thanks once again for all of your advice thusfar.
Problem here is every state is different. Jenni in most states you don't cross things out on the contract as part of negotiations, this is only in WA from what I have seen. You could drop your offer into the vendors property (if they live there) if you think the agent isn't passing on your offer I suppose.
Marty McDonald | Mortgage Experts
http://mortgageexpertsonline.com.au/
Phone MeWould this be likley to get the agent offside at all?
Have someone else put in a very similar offer (on your behalf), see if it flies.
Sorry, I don't follow – what happens if the vendor accepts my friend's offer?!
Roberto in NSW that is the process.
Depending on the situation as to whether I give a written or a verbal offer. If I do put the offer in writing it has an expiry date and time.
I would think though that if you didn't already have a copy of the contract then your offer was not serious.
Signing contracts with each offer is not worth my while I am looking all the time and do not want contracts everywhere with my offer and signature on it. What if they hold it for a week and I've bought something else in the meantime? It just causes arguments.
Agents are SUPPOSED to submit all offers. The only reason they wouldn't was if they had an ulterior motive (friend wants to buy it etc). But most are honest.
I thought loss of face mightbeanother reason an agent might not present your offer.
ie. when the agent has promised the vendor a high price for his property, and then has the embarrassment of only having offers much lowere than that figure to present to the vendor.
In that instance, might it be less embarrassing from the agents perspective to simply to forward on such offers?
Yeah it's possible – but I dare say that a number of agents suggest that they can get an ambitious price for your property in order to secure the listing – and then suggest that it's overpriced later on and it needs to come down.
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]
Several weeks later, that property is back on market. Me calls agent to check – the competition couldn't get finance. Luckily, I found a better one 
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