Making an offer on a house query
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| 1 | So my hubby and I went to view a townhouse today where it is being marketing as offers over $549,000. There were about 3 couples viewing the property and the agent said that an offer had been already accepted from the 1st open home on the condition that the buyers sell their house and that there was a clause in their offer that said if a cash offer came in that was acceptable by the vendor their offer is null and void. We were ok with this as we were cash buyers. We loved the house and phoned the agent later in the day to say we would like to put in an offer. He asked us if we were cash buyers and when we would like settlement date to be. It was vacant possession, so we said as soon as able as we have our furniture in storage. He then asked us what our offer was, we told him and he then said he had multiple offers and it would not go for less than $570,000, which our offer was. He said he was telling us this as he didn't want to waste our time signing an offer that was not going to be accepted. My husband said he would talk to me and get back to him tomorrow. I thought if you wanted to put in an offer the real estate agent has to present it to the vendors. What's your take on this? catdog68 - 2021-08-01 20:21:00 |
| 2 | offer what you like. We offered low and it was accepted. Dont take real estates agents word on anything. spead - 2021-08-01 20:40:00 |
| 3 | My take is make him put the offer on paper and tell him to present it to the vendor. That’s his job. If he doesn’t want to then tell him you will get another agent with the same company to do it. Some REAs are the biggest BSers. SOME i said not all. Edited by lakeview3 at 9:03 pm, Sun 1 Aug lakeview3 - 2021-08-01 21:03:00 |
| 4 | *waits for resident ‘experts’ to wade in with mysterious comments that are of no help to OP* lakeview3 - 2021-08-01 21:28:00 |
| 5 | For clarity, the normal wording of a “cash out clause” doesn’t make the first offer null and void….it normally gives the first offeror 3 or 5 days window for them to go unconditional. If they can’t (and it’s unlikely without bridging finance), THEN the backup offer takes over. sparkychap - 2021-08-01 21:47:00 |
| 6 | sparkychap wrote:
Ok, thanks for that sparkychap. catdog68 - 2021-08-01 22:02:00 |
| 7 | Also note if he asks you to sign a multi-offer form… sparkychap - 2021-08-01 22:06:00 |
| 8 | sparkychap wrote: and if he doesn’t?…… lakeview3 - 2021-08-01 22:09:00 |
| 9 | sparkychap wrote:
Well he would have to given he has already told us he received multiple offers today (which would have to have been cash offers as he stated). catdog68 - 2021-08-01 22:41:00 |
| 10 | lakeview3 wrote:
He's a liar! catdog68 - 2021-08-01 22:42:00 |
| 11 | lakeview3 wrote:
hahaha mazalinas - 2021-08-01 22:43:00 |
| 12 | catdog68 wrote: bingo! lakeview3 - 2021-08-01 22:46:00 |
| 13 | Well if you want the house you have to put your best foot forward, sounds to me your offer is the same as some others, Depends how much you want the house, can you put another 10k into it and make a solid offer, then the standing offer has to go unconditional after a period, if they drop out you may be in the running, if the standing offer with conditions accept unconditional then sorry it has gone. msigg - 2021-08-02 07:04:00 |
| 14 | catdog68 wrote: Or just not following protocol. Demand to make an offer (he has to present it subject to 10.10 of the Code of Conduct). If he doesn't mention or provide the Multi-Offer form, call him on it. If he's saying there's multiple offers he must provide the form (which confirms you understand you need to put forward a best offer and there's no guarantee of negotiation etc). sparkychap - 2021-08-02 07:08:00 |
| 15 | lakeview3 wrote:
Only mysterious to those with an IQ of less than 50 and Greens voters. johnston - 2021-08-02 08:46:00 |
| 16 | johnston wrote: oh haha….as usual…..personal insults lakeview3 - 2021-08-02 08:47:00 |
| 17 | Big ups to sparky though on this one lakeview3 - 2021-08-02 08:47:00 |
| 18 | catdog68 wrote:
Yes, the agent must present all written offers. Watch the agent carefully. She should not be revealing the terms of other offers. johnston - 2021-08-02 08:48:00 |
| 19 | I see what you did there Johnston. cinderellagowns - 2021-08-02 08:52:00 |
| 20 | cinderellagowns wrote: i always ask an agent what their pronouns are. sparkychap - 2021-08-02 08:55:00 |
| 21 | "he didn't want to waste our time" - is that normal behaviour from real estate agents? Despite 'No Junk Mail' sign, still get their "offers" in letter box. amasser - 2021-08-02 09:42:00 |
| 22 | sparkychap wrote:
Yeah, we found this out the hard way! The first offer decided to take on THREE mortgages to go unconditional! The house was for sale again a few years later, with a new kitchen too, but by this time the property had been 'infected' by the new owners large dogs which we discovered when we went to have a look. The smell put us off. hazelnut2 - 2021-08-02 10:13:00 |
| 23 | The thing that’s been bugging me all morning is why someone would accept a conditional offer at the first open home, rather than waiting a week im the hope of getting multiple “cash” offers… sparkychap - 2021-08-02 12:29:00 |
| 24 | Yes, take no notice of the agent and make your offer. If you do get the multi offer acknowledgement in writing then you'll have to think again and potentially put your best foot forward. Using an offer as leverage against another purchaser is worthy of a complaint. superdave0_13 - 2021-08-02 12:42:00 |
| 25 | sparkychap wrote:
Perhaps it’s panic selling? If it’s sitting there empty with a big mortgage and the bank is getting annoyed having a sale agreement might take the pressure off... ???? lovelurking - 2021-08-02 12:46:00 |
| 26 | The bottom line is it is not the agents job to "vet" the offers.. it is their job to receive them and pass them on. It is the sellers job to say yes or no to offers... onl_148 - 2021-08-02 13:01:00 |
| 27 | onl_148 wrote:
Correct. johnston - 2021-08-02 13:26:00 |
| 28 | Sounds as if the real estate agent is trying to push up the price so that he gets more commission. You can always go through a different company to buy the same house. Don't let them bully you. spidermurti - 2021-08-03 16:44:00 |
| 29 | spidermurti wrote:
You cannot always go through another agent to buy the same house. johnston - 2021-08-03 19:03:00 |
| 30 | johnston wrote: spidermurti - 2021-08-03 22:49:00 |
| 31 | johnston wrote: No, but this agent sounds dodgy, and is unlikely to be the RE company's principal. Op, go to the company head (local office, or higher if necessary), and make a complaint about the agent's behaviour, and insist an offer is presented to the vendor. autumnwinds - 2021-08-04 00:05:00 |
| 32 | We didn't want to proceed with the agent so I contacted his manager. She was trying to tell me it's best practice to put an offer in writing but seemed to think it was OK to verbally let a vendor know of offers although this wasn't even the case here. I quoted Rule 10.10 of the REAA Act that requires all offers to be presented to vendors provided they are on writing. She was surprised that he hadn't followed up with my husband the day after we had told the agent we wanted to make an offer. She hadn't spoken to the agent and was to get back to me today. I have just received a text from her to say she had spoken to the agent and said she is now waiting to hear from him to see if the offer that was drawn up yesterday has been accepted or not. The offer went to the vendors solicitors. So only one offer is mentioned, not multiple as the agent stated to my husband. She will ring me later. I'm on the road for 6 hours as driving to Gore so told her to ring tomorrow. Edited by catdog68 at 1:18 pm, Wed 4 Aug catdog68 - 2021-08-04 13:17:00 |
| 33 | Well done on all fronts there catdog. Going to their manager is a good step particularly as they have a responsibility to supervise their staff and you can complain about her if her staff don't meet the requirements. For clarity, though, the offer presented yesterday was not your offer but someone elses? Have you actually made a written offer? sparkychap - 2021-08-04 14:08:00 |
| 34 | And on the "all offers in writing" there's some interpretation here even by the REA Complaints committee. There are cases where the agent hasn't presented written offers where the vendor has given explicit instructions not to present anything less than $xxx. Also, speaking generally, the agent might know an offer is far less than acceptable and might decline to present an offer without checking with the vendor first. In both these cases the agent must verbally advise the vendor. sparkychap - 2021-08-04 14:14:00 |
| 35 | sparkychap wrote:
No it's someone elses offer. We didn't want to deal with the agent. catdog68 - 2021-08-04 16:23:00 |
| 36 | So have you put an offer in writing after all this or not. Sounds like not to me.Unless it's on paper with your conditions it means nothing. msigg - 2021-08-04 17:30:00 |
| 37 | There is nothing to stop a buyer contacting the vendor direct and either offering or discussing whatever they like. And you can ask your lawyer to make an offer direct to the vendor. The agent may well still get the commission but as a buyer that should not concern you. tony9 - 2021-08-04 18:42:00 |
