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  • Profile photo of shadowstrikeshadowstrike
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    @shadowstrike
    Join Date: 2008
    Post Count: 7
    August 25, 2009 - 10:15 am

    Hi Everyone,

    thanks for all your advice, and the good news is, from what the agent has said to me today, exchanged occurred early today. so, hopefully the settlement goes smoothly.  Last monday the agent gave all the right documents to the conveyancer. I didnt want to probe him. and I'm not sure what game the agent was playing, but I really doubt their was another bidder.

    DavidGi wrote:
    additional complication is it is a silent auction, 1 bid, highest bid wins.

    yes, it was a silent auction. There was an initial asking price and he indicated that another bidder was willing to pay an extra 5k. He wanted me to submit my final bid the following day. And he kept reassuring me that he didnt want a bidding war.
    I sensed it was fake, but I felt that an extra 5K on top of the other bidder was ok. Last friday, when I told him that my conveyancer wasnt going to proceed until they had the correct contract, he blurted out the other bidder has come back  to him and has offerred the same amount I'm offerring.

    KennyJaiz wrote:
    Andrew – Deffinately a difficult situation to be in!

    I wouldn't trust Real Estate Agents if my life depended on it. (no offence to any REA out there :P)
    REA don't really take on much of the burden, post transaction (including incorrect advertisement). All that counts is what's on the contract you signed at the end of the day!

    I always email the real estate agent back to confirm the content of the phone conversation, so I have a record and I tend to document all conversations when there's a transaction going on. Because you have essentially established a verbal contract with the real estate agent, and if he turns around and sell it to someone else, or inflat the agreed price. You have grounds to sue for damages or apply for a court injunction to stop the agent from selling the property to another party before you are done dealing with him (I know, who would wanna go through all that trouble, but the potential exposure to the REA may make he reconsider his actions?)

    yes, I tried to force a response.  I guess I was hoping he would have replied to my final bid saying something like the vendor has agreed and  to please forward the solicitor details etc. but nothing in this case.  Also, I had nothing on paper to give to my bank manager that the vendor has accepted my bid only his word.

    again thanks for everyone responses. 

    best regards

    Andy

    Profile photo of shadowstrikeshadowstrike
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    @shadowstrike
    Join Date: 2008
    Post Count: 7
    August 23, 2009 - 6:14 am

    thanks bjsaust, I will do that.

    Profile photo of shadowstrikeshadowstrike
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    @shadowstrike
    Join Date: 2008
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    August 3, 2008 - 1:03 am

    thanks Richard & Terry for clearing that up for me.

    Profile photo of shadowstrikeshadowstrike
    Member
    @shadowstrike
    Join Date: 2008
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    June 29, 2008 - 5:50 am

    thankyou Richard for pointing me in the right direction,   I will raise it with my  morgage broker,  as I do plan to make a long term investment  and eventually pass it down to my children when the time comes.  My initially reasons for company structure was I could easily transfer the property to anyone, by simply making them the owner of the company,

    anyway, I will keep researching the pitfalls for both.

    also thanks for your input duckster, I should have made mention that I plan to keep it.

    kind regards

    Andrew

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