Forum Replies Created
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Gday Lucinda,
so your decision to renege was nothing to do with the Agent? You changed your mind after the vendor accepted your offer becouse the risk of not getting the return you were after was too high ? MITCHYes it did also have to do with the agent. We have not and will not purchase or sell a property through this agent. The funny thing is that they are the best property managers in our town and they manage all my properties.
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Gday Lucinda, l was wondering after your offer of 240K was accepted by the vendor,why you did not follow through on the deal ? MITCHThe property needed some major renovations (the renos would have costed about 50k). My Husband and I felt that we would be over capitalising and the risk of not getting the return we were after was to high.
Sandi,
I understand the situation you are in. 6 months ago I made an offer on a property in NSW listed at $210,000. The real estate agent told me that they already have a offer but the vendor and not accpeted it. I made my offer of $205,000. The agent told me that the other offer was higher and would I like to raise my offer so I offered $210,000 the agent took that offer to the vendor. Within 15mins the agent called and said that the other interested party had matched my offer would I like to raise my offer, so I did to $212,000 over the next 1 many phone calls were made and my final offer of $240,000 was accepted by the vendor.
After this I spoke with a friend of mine who is an agent and I told her what when. She informed me that I was participating in what is called a “dutch auction” and that within NSW they are illegal but no body regulates it.
You will be happy to know that I did not follow through on the deal. The very frustrating thing is that you dont really know if there is another buyer.
Regards
Lucinda,
Coffs Habrour NSW
