RE agent not providing S&P document
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| 1 | Bit of a weird one which I have never run into before. Not sure if the real estate agent is being a bit incompetent or maybe just me unclear on the rules. An apartment in a building we know well came up for auction. We went and checked it out, and it was pretty obvious that the agent didn't know the details about the building and upcoming work etc. The agent seemed quite unenthusiastic and it was obvious we were only ones at the open home & not a lot of attention.. So asked for the auction details and the S&P agreement - and after about 10 days days of following up, got the final version (54 page PDF) about 4:40 pm on the day before the mid-day auction. Not enough time to get finance sorted though we did try. Turned up at auction and could not bid. SIngle bid from disinterested guy for $300k, and it was passed in. We think it is worth say $400k. So we asked to put in an offer for $350k on a S&P agreement conditional on us finding finance in ~ 4 working days. Agent said she would have to get another S&P (as the form was setup for the auction), so would email it through for my wife and I to sign. One day later after asking WTF happened to the agreement we were to sign, we got an email saying that the vendor won't counter sign (though they couldn't have as we didn't sign anything), and that the property is now listed on the market (for a higher amount). We have no confidence that the offer was even passed to the vendor. We are a bit confused. I thought an agent have an obligation to supply an S&P form and take any offer presented to the vendor? Am I wrong?. I do have the overseas vendors email address, (through the BC) so am getting tempted to ask the vendor directly if they know what is going on. gblack - 2021-02-05 18:45:00 |
| 2 | She's incompetent at best, and my Inner Cynic says there's something going on behind the scenes that isn't at all right. However, I'm not qualified to offer anything but an opinion. You'll get some excellent advice from others on here. seaqueen - 2021-02-05 19:09:00 |
| 3 | This message was deleted. hooserat - 2021-02-05 19:12:00 |
| 4 | There is nothing to stop you from completing your own S & P contract (your lawyer will help) and submitting it to the Agent and/or the vendor. tony9 - 2021-02-05 19:15:00 |
| 5 | hooserat wrote:
No, it isn't "normal". seaqueen - 2021-02-05 19:19:00 |
| 6 | seaqueen wrote:
I am a firm believer in 'never attribute to malice that which is adequately explained by stupidity". But yes, I had the same thoughts that it might be a stitch up for related party to pick up a bargain; our mortgage broker certainly thought so. . Years ago we saw a similar apartment for sale by overseas owner at a very low price and so put in an offer at $5k *above* the listed price. The agent came back and said that the offer had been matched by another buyer who the vendor had preferred as the other offer had come from people who had been managing the apartment and the vendor liked them. So sorry, we missed out. gblack - 2021-02-05 19:25:00 |
| 7 | @gblack. They wanted to sell to someone they knew, not someone who has come out of the black....they dont always have to seek the highest price. sparkychap - 2021-02-05 19:28:00 |
| 8 | hooserat wrote:
I not sure I understand. You are saying we should talk to another agent in the same company to present an S&P offer to the vendor? Sounds like we have missed out on the chance to be the first offer after the auction anyway. I always thought the agent with the listing held the contracts so we could not just bypass them and use somebody else gblack - 2021-02-05 19:28:00 |
| 9 | @gblack you can do what you want - my recommendation is go straight to the vendor sparkychap - 2021-02-05 19:29:00 |
| 10 | gblack wrote:
Well, Tony is correct - there's nothing stopping you from contacting the vendor directly and making an offer. Whether the vendor chooses to negotiate directly with you is up to them - I'm unclear if they'd be liable for commission but that's not your problem regardless. Again, stick around for valuable advice from posters such as Sparkychap and Johnston. seaqueen - 2021-02-05 19:31:00 |
| 11 | sparkychap wrote:
I suspected that.. hence I went to the auction to see who bid, but it all fell through. The agent does legally (surely) have to seek the highest price, so they are at least violating the real estate code of conduct. Agent did quizz me as they seemed concerned I knew the name of the vendor and that they were living overseas.I said I didn't know them but might have bumped into them at a BC meeting gblack - 2021-02-05 19:31:00 |
| 12 | sparkychap wrote:
That's possible, but that doesn't excuse the agent's lack of action, surely? seaqueen - 2021-02-05 19:33:00 |
| 13 | seaqueen wrote: gblack was discussing a historical situation not the current case on post 1 Edited by sparkychap at 7:35 pm, Fri 5 Feb sparkychap - 2021-02-05 19:35:00 |
| 14 | sparkychap wrote:
I'm not focused because from today I'm married to an old-age pensioner. seaqueen - 2021-02-05 19:37:00 |
| 15 | tony9 wrote:
Mmmh, 53 page document at the moment as apartments have to come with all the attachments including minutes of a long AGM, plans for the entire building etc. Paying a lawyer $300 an hour to help that and not sure giving that to the agent will achieve anything. I think though I will contact the vendor and just ask nicely if they had received the offer at least. If they have, then fine, I can up the offer a bit and go back through the agent. If not.. might see if I can deal direct even the agent does get the commission as part of there contract gblack - 2021-02-05 19:42:00 |
| 16 | seaqueen wrote:
Lol, but you are still young right, even if you are rolling in that sweet superannuation cash flow gblack - 2021-02-05 19:43:00 |
| 17 | sparkychap wrote:
An extra $50k of sale price isn't worth the hassle if they can sell today to someone they know rather than work for a few more weeks. sw20 - 2021-02-05 20:57:00 |
| 18 | seaqueen wrote:
Congratulations. Was Katherine a bridesmaid? johnston - 2021-02-05 22:18:00 |
| 19 | gblack wrote:
Yes, you are wrong. If you were selling a property and a buyer made a verbal low ball offer, you no doubt wouldn’t want to see it in writing. You’d also likely be offended. committed - 2021-02-06 09:44:00 |
| 20 | seaqueen wrote: congrats on finding yourself a toy boy! sparkychap - 2021-02-06 09:55:00 |
| 21 | committed wrote:
Maybe, but not sure that the offer is that offensive as a low ball. I would have thought if the offer was that bad, the agent would have been honest and tried to get us to increase it before presenting the offer In fact we just found a comparable property within $10k that had earlier this morning got an conditional offer. Will will put in a back up offer on that And just got an interesting call... gblack - 2021-02-06 13:54:00 |
| 22 | Just got off interesting call with vendor overseas. As I guessed, she was shocked. She had not heard of any offers. Agent had not told her about us at all. Going to forward on the email to the vendor from the agent which told us that the vendor has decided to not countersign. Will be fascinating to see what happens when the vendor and agent have that full and frank exchange of opinions re the sale process gblack - 2021-02-06 13:59:00 |
| 23 | gblack wrote:
Make sure the vendor is aware of their right to lodge a complaint. Edited by johnston at 2:48 pm, Sat 6 Feb johnston - 2021-02-06 14:48:00 |
| 24 | committed wrote: quite possibly but the agent should always cover themselves by informing the vendor of the “offer” and asking them if they want it written up and presented. That’s not the agents call. sparkychap - 2021-02-06 14:51:00 |
| 25 | sparkychap wrote:
Even if it was the agents call, they should have been a bit more honest and said something like I know the vendor and "I am not presenting that as will just upset the vendor". She flat out lied to us instead. So quite honestly, it I am dropping her into the merde* then I just don't care. *been binge watching "call my agent' so our ability to swear in French has improved. gblack - 2021-02-06 14:57:00 |
| 26 | gblack wrote:
Good job! Love to know the outcome. And yes, he's been pointing out to me he's now on $2 per hour so I should make him coffee when he asks ???? seaqueen - 2021-02-06 18:37:00 |
| 27 | seaqueen wrote:
Is that when they have their midlife crisis? If so, do you get to ride shotgun in the 1965 Mustang convertible? thumbs647 - 2021-02-06 20:59:00 |
