Howdy All,
I have a pressing matter about an offer I submitted. I am a first home buyer and buying sight unseen. Recently this week I have put in an offer for a property and I was supposed to get an answer from the owner today. However because they are apparently (according to the RE agents) are settling down overseas at this moment, it is hard to get in contact with them.
Today instead of getting a confirmation about the offer, I received an email from the agent informing me that the first buyer of the property has come back again after a contract falling through with problems due to his finances. Now that his finances are approved and that he has done a Building & Pest the RE agent has submitted his offer in as well…… Now its a waiting game until the owner decides…
Now I can't tell if this is actually a Real estate agent playing games with me to get me to put in a higher offer?!
Any advice on how to deal with such situation? I do like the property but I'm not going to blow my budget.
Michael
Perhaps put a copy of your offer in the post to the vendors. If you have the section32 on the property (which the agent should have given you) you will know how to find them.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Have a sunset clause in your offer and be prepared to walk away from the deal.
Aren't section 32 only a Victorian 'piece of paper'. We don't ahve these in NSW. Where is the property?
Sometimes when dealing with overseas vendors communication can be difficult, and therefore the ability to get a response from them regarding offers can take a bit longer than usual. The agent has a duty to present all offers to his vendors, and if this previous offer is now ready to go, naturally the agent is going to present both to his vendors…. afterall he is working FOR the vendor.
I wouldn't go posting your offer to the vendor as they have employed the agent for a reason – to list,market, negotiate and sell their home.
I would keep in regular contact with the agent and be a little bit patient – not all agents are bad guys!
Good luck with your offer! Purchasing your first home is a great feeling.
Cheers,
Ben
jsoohoo wrote:Howdy All,I have a pressing matter about an offer I submitted. I am a first home buyer and buying sight unseen.
Not being too critical here Michael, but….. you are a first home buyer and you are probably making the biggest investment in your life yet you are prepared to buy 'sight unseen'. How do you know you are getting value for money? Do you know the deal is legit? Are you being screuued?
jsoohoo wrote:Recently this week I have put in an offer for a property and I was supposed to get an answer from the owner today. However because they are apparently (according to the RE agents) are settling down overseas at this moment, it is hard to get in contact with them.It is not uncommon for O/S vendors to be difficult to get hold of however the agent has to use their best endeavours.
jsoohoo wrote:Today instead of getting a confirmation about the offer, I received an email from the agent informing me that the first buyer of the property has come back again after a contract falling through with problems due to his finances. Now that his finances are approved and that he has done a Building & Pest the RE agent has submitted his offer in as well…… Now its a waiting game until the owner decides…Did the first offer lapse (yours has only been received, not accepted)? Was that communicated to the other buyer? Was the other buyer's offer on better terms than your offer? Obviously, you are dealing with a reputable REA as they do not have the cahoonas to call you and advise that the other buyer is back in the game and more advanced in their due diligence.
jsoohoo wrote:Any advice on how to deal with such situation? I do like the property but I'm not going to blow my budget.Walk away, there are plenty of properties on the market. This is your first (and probably biggest/most important investment in your life) you do not need to be put under pressure to pay more than you can afford or want to pay let alone purchase sight unseen. Why haven't you inspected the property? This is not a packet of chips that you have bought 50 times before, it is a house. Buy with haste & regret in leisure.
I have to agree with certain comments. Sight unseen is an absolute no no. Pictures can be manipulated to make a home look completely different from what it is. If you are unable to physically view the property send a friend at the very least.
Furter to this, the agent will, in most cases act for the vendor. Make sure your offer is in writing and that you communicate your thoughts to the agent on a regular basis.
In my experience, too many buyers assume the agent is a mind reader and in saying that, when the property is sold to another party, it is you that misses out not the agent.
Ring him/her on a daily basis to get an update. Send a fax with your offer or better still sign a contract with the relevant deposit and your purchase price on it and submit that to the agent. The agent will not, let your offer go by without communicating that tom he vendor as the paper trail you have created causes the agent loads of problems if he/she misrepresents.
Keep us posted.
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