Hi,
I visited a real estate agent last Saturday to discuss a property I found on the internet that was worth looking into. When I asked him what the reason for selling the property was, he took a long pause and finally said "personal reasons".
Should I be concerned about his response? If it was a structural defect then that could be taken care of with a property inspection before hand, which I would have done regardless. Is there any other factors I need to be cautious of in this case?
Sorry if I seem a little over paranoid, I just like to get my facts straight.
Thanks everyone,
Lance
I would say, it generally is not the buyers business and maintaining the sellers' confidentiality is an important issue.
You need to do your own due diligence and check for structural defects through a building inspection.If you are in Vic (not sure about other states) always ask if there has been any inspections such as building and pest undertaken by other interested buyers who didn't end up purchasing. The agents, as far as I'm aware, have to provide you with a copy of the report, along with the usual Section 32 (Vendor's Statement) for your consideration.
Thanks for the tip Michael. I'm in Sydney, but I will ask nonetheless.
I'll let you know what happens next week.
Cheers,
Lance
Hi,
I don't think the agents end up with the building or pest reports.
They remain the property of the person paying for them, usually the previously interested buyer.
The agent should be obliged to tell you of any known majour problems though.
Frosty
It could be as Frosty has posted above. Although in Vic, the reports must be provided to the agent and vendor in the event a contract is rescinded before the "subject to"period expires on the basis of findings of those inspections.
Thereafter, I am not certain if a copy of the report remains with them ot not. The agent, however, does have to provide info of findings if asked. That's as far as I 'm aware.
I believe in QLD it is the duty of the Real Estate to inform you of any issues with the property if he is aware.
At the end of the day, it is not important why the seller is selling, as the real estate agent could of told you anything. You need to do your own due diligence. Get inspections, speak to neighboors etc.
Do your due dilligence, if the deal seems good, make an offer that would be a win-win for you and the seller, remember to leave in a margin of protection.
Peter
New Automated "Hands Free" Deal Attraction Method – http://www.Get-More-Deals.com
As others have pointed out, it is not up to the agent to disclose why the vendor is selling (reasons can be numerous and revealing some reasons can put the vendor in a poorer bargaining position).
It is up to you to decide if there is a deal to be had on your terms.
My take on it is that the vendor is probably selling for personal reasons (debt, marriage break up etc) and the REA doesn't want to disclose the exact reason.
As soon as I know that there are "personal reasons" behind a sale, especially if the agent has hesitated before answering, that is my cue to go in very low with a cash offer. "Personal reasons" often mean that the vendor is desperate. REAs often give more away by not answering you than they do by giving you an answer.
I may be wrong but the worst that can happen is that my offer gets rejected.
You make a good point Linar
Thanks!
You must be logged in to reply to this topic. If you don't have an account, you can register here.
