Hi all,
I have been dealing through an agent on a particular property. I had made an offer to kick off negotiations only to be told that the tenant had an option to buy the property. Because the tenant looked likely to buy the property I put proceedings on hold. The agent agreed that he would contact me if the tenant could not arrange his finances so that negotiations could recommence. This was last week.
Today I have been contacted by the agent only to be told that the property has been sold to another buyer (not the tenant with the option). The price was well below my limit meaning I have missed out and so has the vendor ([angry2] x 2), not to mention that the agent has sacrificed higher comission (hmmmm??).
In any of your experiences have you crossed such a situation and is this entirely legal?
Thanks in advance,
Apples.Hi Apples,
As MA indicated this is an agent issue and as there was nothing in writing between you or the vendor or agent you have no recourse.
I would however suggest you put the experience ‘down to experience’ and move on – bear in mind the property was eventually sold for less than you were going to offer so there may be something to be gained.
Don’t forget there will be another ‘deal’ around the corner – it’s just that you may have to look a little more.
Keep your end goal in mind and you’ll realise that one property doesn’t make the end of a journey nor the success (or not) of that journey.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Cheers guys,
Your advice about agent incompitance is noted, thanks Robert. Although I had not planned to give up just yet, encouragement helps to put things in perspective, thanks very much Derek. Next time I will be sure to make and ask for receipt of offers in writing and keep them honest.Cheers guys.
All the best,
Apples.Hi,
My pet hate is real estate agents.
I’ll live without them whenever possible. They are only working for one person – themselves.
The only good experience I’ve had with an agent was getting one to find me a tennant. They did all the background checks, found me a good tennant, I paid them the first two weeks rent and then they left me alone – I mannaged the property from then on.
If your going to invest all your hard earned bucks in one big basket – you want to watch that basket yourself, not hope that the agent is looking after it for you. Same goes for selling, you don’t need someone else beating your price down, the buyer can try that for themselves.
Scary.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
