I have a few related questions to this topic.
When an ad listed the price as $500k plus. Does this mean the vendor wants minimum $500k and will not accept offers below this? If I make an offer in writing below $500K, is the selling agent obliged to present my offer to the vendor?
A question regarding the offer: Can I stipulate in the written offer that it is subject to finance and building inspection?
So, it is OK to approach the vendor directly about the offer to make sure he/she receives it? I thought that all offers must go through the selling agent. I understand that if the vendor accepts the offer, the selling agent still gets the commission.
I think one way to find out the name and address of the vendor is to ask the selling agent for a copy of the contract. Does everyone agree?
Just bump this topic up again to see if anyone has any view(s) on my questions. Thanks.
You can do whatever you want regarding offers. This does not mean it will be accepted.
Agents only get paid if they introduce the buyer so if you ask for the contract from them, they will get paid.
The Mortgage Adviser
http://www.themortgageadviser.com.au
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Essential LinksI was absolutly furios and sent him an email that I would be contacting the real estate institute to report on what had occured.Would you mind letting us know what state this occurred in. Sounds like a hot market?
I would move on from that deal an forget about it. The agent probably would not even read an email like that.
It would be better to put your energy into something more positive like finding a new deal or building a relationship with a more ethical agent/s.
Cheers
Originally posted by babu88:I have a few related questions to this topic.
When an ad listed the price as $500k plus. Does this mean the vendor wants minimum $500k and will not accept offers below this? If I make an offer in writing below $500K, is the selling agent obliged to present my offer to the vendor?
i hate these stupid new marketing ideas real estates pick up. when i bought my PPOR, the price was $550 plus – the vendor wanted $600 – i paid $585
i was told by one of the more decent REA’s in the area that when people think they want to spend 550, they actually want to spend closer to 600, so marking it at 550 plus, makes it look like it is in their price range
i despise the practice personally, but i suppose once you know about it, it isnt that bad
Kieran
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What we do in life, echoes into eternityThe alternative thought to that is when people see 550, they will not pay more. I am one such person. I will endeavour to pay less than any stated price.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential LinksI appreciate that, and i am the same
the problem with this system of “From $amount” is that there is no ceiling, you only ever know the lowest point.
i understand that it is there to help the vendor get the highest price, but what happened to figuring out the fair market value and then putting that as the asking price – if people see that it is a fair price, they will pay it
london properties rarely go for less than the asking price (even by a few thousand pounds) from what i have seen
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What we do in life, echoes into eternityI don’t know why retail product pricing rules do not extend to property. If a pricetag on a product in a supermarket says $3.00, then you pay $3,00. You can negotiate a lower price but you know the maximum even if it was an error. What is the point of stating a price well below what is expected?
I think stating ‘$amount +’ is ridiculous!
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential LinksHi
All offers must be presented in WA. If an owner says he will not look at offers under a certain figure then the offer wouldn’t be written up. But as an agent I would verbally let them know that someone has indicated an interest in their property at x amount. In WA all offers must be in writting to have a contract. This offer must be presented and accept or rejected by the vendor, which is then signed by the vendor. Ask the sales rep for a look at the rejected offer. If it hasen’t been signed by the vendor then the chances are they it hasn’t been presented.
CarolAs an agent and buyer I can see the frustration from both sides. Firstly investors are a high priority in any agency as you would hope that you receive the property back to manage. If a written offer with deposit (needed for consideration to form a contract) is done then only a fool would not present the offer. The agent may fudge the owners response and be vague as they may well know that a better offer is to be signed. A reputable agent will come back to you and provide you with the opportunity to resubmit your offer. Now some of you will be saying thats not fair. Lets reverse the situation you are selling your property you receive an offer for 185K subject to finance and building inspection i as your agent tell you that tomorrow morning a buyer is prepared to offer 190k unconditional will sign up with a 10% deposit. What would your response be in that situation Would you want the agent to be slightly vague until the offer materialises.
Therefore to get the property do your homework have your finance at least approved and be prepared to make a quick decision. If you really feel that the agent is not presenting the offer deal with the owner of the agency. They usually dont care who buys it they want the commission.
If you go direct to the owner and the agent has been playing a straight bat most agents will not keep you informed of any future properties so no point burning bridges[chill]
Originally posted by JenD:Hi all,
How can you contact the vendor directly when you are seeing the property though an agent – will the agent give you the vendor’s details directly- i always thought they couldn’t give the vendors details by law until a contract was signed?
Still Clueless!!
JenJen
Just ask for a copy of the contract. This will have the vendor’s name and address (sometimes PO box), and usually solicitor’s details. From there you should be able to contact them directly.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
The agent will still be able to claim their commission though Terry as they were introduced to the property by the Agent.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential LinksAt least it will enable the purchaser to negotiate direct and to bypass the agent.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Kind of defeats the purpose of having to pay the Agent on the part of the vendor though.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential LinksYes, but if your are the potential purchaser it would get the agent out of the way. They can be annoying some times!
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Just checking if this is still relevant in NSW. The original post from over 10 years ago. Does an agent have to provide all offers verbal and/or written?
Hi all,
How can you contact the vendor directly when you are seeing the property though an agent – will the agent give you the vendor’s details directly- i always thought they couldn’t give the vendors details by law until a contract was signed?
Still Clueless!!
JenI agree with you guys.
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