Hello everyone!
I need some advice please. I have put an offer on a property that has has a high amount of interest and because of this there is a few offers been sent in to the agent today. So she has asked me to sign a form that says:
…'the agent has made us aware that there is another offer/s being made on the property and we further acknowledge that the offer we have made is our best offer and we have been made aware we may not have a chance to make a better offer'
So, I have told the agent I am not willing to sign this form as I would be willing to negotiate further with the seller. She then sends me an email saying it is up to you whether you would like to sign the form, but bear in mind the consequences and I will be keeping these emails as a record.
Can someone please tell me what she means! What possible consequence could there be from not signing this form – is it that someone will put in a higher offer which could happen anyway??
Thanks,
Kate
Hi Kate,
I've had to sign one of these forms years ago. They are holding a dutch auction. Don't know if it's legal but i don't agree with it. Luckily i ended up having the highest offer and bought the property.
I also remember once i put my offer in they wouldn't tell me if i was the highest or lowest. They just kept telling me make sure that is your highest bid.
Don't be surprised if there isn't any other interest but just a trick that the agent has used to bleed some more money from you.
It's all fun and games!!!
Thanks Joe,
That makes me feel better! I'm not going to sign the form! Agents are so slimy!!
KateThey are one big grease ball!!
The real estate that made me do it this way actually lost their auctioneer license years ago – obviously for something dodgy and don't conduct auctions till this day.
Unless you want the property really bad i wouldn't bother. Solitaire is a better game.
Ha! She sounds like the sort!
She has just sent me another email to try and guilt me into signing it – but I have let her know I am sticking with my offer and if the seller would like to negotiate as per a normal offer I am more than happy to.
Will see how we go.
This probably works well on buyers who have an emotional attachment to the property. Remember you're an investor, work out what you can pay for the numbers to work and if they want more walk away. I always make this clear to agents early on in the piece.
For her to keep emailing you it goes to show there’s no interest and she’s just bluffing.
If the agent receives instructions from the vendor they can do what they like. When I was an agent I found that if an offer came in and the vendor told us to sell, it was hard. If a purchaser bid at an auction it was clean if they missed out in this type of process they were nearly always upset.
The vendor can set any conditions if the agent says that the property is going to be sold and you have one shot you really have 2 choices, don't put in an offer or put in an offer. However the agent must say that they have an acceptable offer that the vendor is prepared to accept the offer unless a higher one is made. If they dont say this then they are bluffing.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Thanks everyone,
I definitely think she is bluffing as she has said she showed two people through today and are expecting their offers this afternoon so no offers as yet.
Glad I called her bluff!
Just ask the agent what price will seal the deal and see if it is close enough to what you want to pay and worth making a different offer.
They could be selling the property on tender. If so then realistically you do only get one chance to put in your best offer as all offers would be presented to the vendor at the same time. Yes it is a blind auction but they are allowed to do it. If they are not selling on tender then that is the really frustrating bit. When they hold your offer sometimes for up to a week because they are waiting for another interested party so they can say " We currently have a offer on the property" thus spurring action from the new buyer who doesn't want to miss out. You could put in a sunset clause " Offer expires on 7/02/13 at 5 pm to hasten their position.
Thanks for every ones comments.
We have negotiated a price with the seller and have a sale! There were no other offers
kateej03 wrote:Thanks for every ones comments.We have negotiated a price with the seller and have a sale! There were no other offers
Surprise surprise. Glad you called her bluff.
well done, you took control.
Agents can sell quite well without low behaviour, but some don't know any better.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Kate
You must be logged in to reply to this topic. If you don't have an account, you can register here.
