I also have paid over asking price for one IP. Phoned REA wanting to look at a house I found while driving around our suburb. He said he had 4 contracts being presented that evening, one inspection that afternoon and I could have a look as well. I thought it was a cracker. I faxed a contract for hubby to sign (he hadn’t seen it, didn’t know I was looking at a house even).
Asking $153K. Knew four other offers were going in that night. We knew we had one shot in these circumstances and contracted at $155K. The next lowest offer was $154K and that purchaser tried to gazump us but the vendor was honest and stuck with us. It took the REA 4 hours to let us know because the under-purchaser had his solicitor trying to get the vendor to rip up our signed contract and sign his. There was dirty work afoot that night but we got it. It has been a gem.
The other nasty experience we had was offering an extra $15K on a house we fell in love with. Verbal offer $320K had been accepted but in Queensland, I’m told by a solicitor, until it is signed, it is not a contract. We offered $15K more but I’m fairly sure our offer didn’t see light of day. Verbal purchaser was a solicitor and threatened REA with a lawsuit if he was gazumped. Vendors were beneficiaries of the estate and I’m sure they would have loved to hear what had happened but we didn’t go down that path because REA was a relative and we didn’t want to put his job in jeopardy.
I have dealt with some fantastic REAs and some very ordinary ones. The bad ones just don’t ever get my business again and as the saying goes, you tell two friends, they tell two friends. It is amazing how quickly a bad reputation gets around.
Regards, Wylie.
I am an agent in Brisbane, and standard practice in our office is that when there are two offers on a property, we have to get both buyers to sign a declaration saying they have put forward their best offer, and may not get another chance to do so.
So in your case, if you made an offer on a property, and then we received another offer, we would come back to you first and let you know that there is another offer, and you would have the opportunity to put forward your best offer.
http://www.lukechapman.com.auOriginally posted by Eisbaer:I am an agent in Brisbane, and standard practice in our office is that when there are two offers on a property, we have to get both buyers to sign a declaration saying they have put forward their best offer, and may not get another chance to do so.
So in your case, if you made an offer on a property, and then we received another offer, we would come back to you first and let you know that there is another offer, and you would have the opportunity to put forward your best offer.
http://www.lukechapman.com.auHave been in this situation and the agent did exactly that, which I believe is the correct way to act. I understand NAT12 being frustrated, but if I were the vendor and found out they did this they would have a very hard time getting their commision from me. NAT12 just avoid this agent in the future and spend your time with the ones that wont waste it.
Regards,
myoung
Money doesn’t buy happiness, but it sure as hell can mitigate a lot of things that make you miserable.
Reading thru this thread it is clear there are many experiences where real estate agents levels of service are questionable from both the sellers and buyers perspective.This is nothing new I know but it would be nice to think it could be improved in the future. [cap]
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It is interesting we can check out the ratings of a movie before going to the movies and spend $10 but we cant’t review an agents performance before we employ them to sell a property which wil cost us on average Australia wide close to $10,000.
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