| 1 | My friends negotiated on a property and their offer of over $1m was accepted. It is conditional upon a Builders Report. The property is still being offered for sale, presumably for a back-up offer if the first one falls over, however it's for a fixed price of $950k, so significantly under what they are paying for it.
Whilst I can understand wanting a back-up offer, there's something about the lower fixed price that seems unfair. Any thoughts on this please? mieshammie - 2021-09-03 13:57:00 |
| 2 | mieshammie wrote:
My friends negotiated on a property and their offer of over $1m was accepted. It is conditional upon a Builders Report. The property is still being offered for sale, presumably for a back-up offer if the first one falls over, however it's for a fixed price of $950k, so significantly under what they are paying for it.
Whilst I can understand wanting a back-up offer, there's something about the lower fixed price that seems unfair. Any thoughts on this please? The "fixed price" is an asking price which does not bind the vendor. The vendor can see for 2 million or $1.00. There is nothing unfair happening to your friend. The only potential issue is for the agent. johnston - 2021-09-03 14:01:00 |
| 3 | mieshammie wrote:
My friends negotiated on a property and their offer of over $1m was accepted. It is conditional upon a Builders Report. The property is still being offered for sale, presumably for a back-up offer if the first one falls over, however it's for a fixed price of $950k, so significantly under what they are paying for it.
Whilst I can understand wanting a back-up offer, there's something about the lower fixed price that seems unfair. Any thoughts on this please? What was the original method of sale and asking price? sparkychap - 2021-09-03 14:42:00 |
| 4 | Yip, buy now and forever hold your peace. Good to go , no comebacks. msigg - 2021-09-03 15:21:00 |
| 5 | mieshammie wrote:
My friends negotiated on a property and their offer of over $1m was accepted. It is conditional upon a Builders Report. The property is still being offered for sale, however it's for a fixed price of $950k, ?
And? So they're peed off are they, or you are, well obviously they were happy to buy it at the million price so perhaps leave it and stop complaining. lythande1 - 2021-09-03 17:27:00 |
| 6 | Could be a stuff up from the admin staff, Have you brought it to the agent's attention? |
| 7 | sparkychap wrote:
What was the original method of sale and asking price? I guess we will never know. johnston - 2021-09-05 10:02:00 |
| 8 | johnston wrote:
I guess we will never know. We'll soon be at the 48 hour mark after the original post when we can start making up wild scenarios. sparkychap - 2021-09-05 11:00:00 |
| 9 | Yes over the past few months we have had some interesting posts where the OP has just sprayed and walked away, never to return let alone say thank you nor pass on an update. There's always the old 'my friend' trick or 'asking for a friend' etc. shanreagh - 2021-09-05 11:29:00 |
| 10 | mieshammie wrote:
My friends negotiated on a property and their offer of over $1m was accepted. It is conditional upon a Builders Report. The property is still being offered for sale, presumably for a back-up offer if the first one falls over, however it's for a fixed price of $950k, so significantly under what they are paying for it.
Whilst I can understand wanting a back-up offer, there's something about the lower fixed price that seems unfair. Any thoughts on this please?
Next time they go conditional make sure there is no cash out clause in the contract so that means no one can legally go over you to get the house ahead of you.
It takes the stress out of it and it saves you money by not paying for all the reports and then have someone go over the top of you. leson - 2021-09-05 11:45:00 |
| 11 | leson wrote:
Next time they go conditional make sure there is no cash out clause in the contract so that means no one can legally go over you to get the house ahead of you.
It takes the stress out of it and it saves you money by not paying for all the reports and then have someone go over the top of you. A back up offer is nothing to do with having a "cash out" clause. Based on the OP, the point of contention is not the continuing to market the property, but that the "asking price" quoted us below the actual value of the accepted offer. Could be misleading advertising by the agent. sparkychap - 2021-09-05 11:56:00 |
| 12 | sparkychap wrote:
A back up offer is nothing to do with having a "cash out" clause. Based on the OP, the point of contention is not the continuing to market the property, but that the "asking price" quoted us below the actual value of the accepted offer. Could be misleading advertising by the agent.
I had something like this when selling. I had a conditional offer, then agent said to me she'd advise still running another advert and open home at a slightly reduced price as a back up. I clearly and emphatically said "no reduction in price". Lo and behold, I opened the paper on Friday and there was my house advertised at reduced price.
Immediately rang the agent and asked her what the hell was going on, she blamed the office staff (had done that before with other things). I told her to cancel the open home as I wasn't going ahead and advised her I'd be talking to her boss. Spoke to him very frankly lol and I ended up with another agent who was better.
The first offer did go through, but I would never ever recommend the first agent to anyone. she was an out and out liar. I was furious with her, it's stressful enough selling and doing open homes without having to deal with that sort of crap from agents. Edited by hound31 at 2:21 pm, Sun 5 Sep hound31 - 2021-09-05 14:18:00 |
| 13 | hound31 wrote:
I had something like this when selling. I had a conditional offer, then agent said to me she'd advise still running another advert and open home at a slightly reduced price as a back up. I clearly and emphatically said "no reduction in price". Lo and behold, I opened the paper on Friday and there was my house advertised at reduced price.
Immediately rang the agent and asked her what the hell was going on, she blamed the office staff (had done that before with other things). I told her to cancel the open home as I wasn't going ahead and advised her I'd be talking to her boss. Spoke to him very frankly lol and I ended up with another agent who was better.
The first offer did go through, but I would never ever recommend the first agent to anyone. she was an out and out liar. I was furious with her, it's stressful enough selling and doing open homes without having to deal with that sort of crap from agents. How long ago was this? johnston - 2021-09-05 16:41:00 |
| 14 | johnston wrote:
How long ago was this?
Around three years ago, why? hound31 - 2021-09-05 20:46:00 |
| 15 | hound31 wrote:
Around three years ago, why? What happened when you complained to the Real Estate Authority? johnston - 2021-09-05 21:52:00 |
| 16 | hound31 wrote:
I had something like this when selling. I had a conditional offer, then agent said to me she'd advise still running another advert and open home at a slightly reduced price as a back up. I clearly and emphatically said "no reduction in price". Lo and behold, I opened the paper on Friday and there was my house advertised at reduced price.
Immediately rang the agent and asked her what the hell was going on, she blamed the office staff (had done that before with other things). I told her to cancel the open home as I wasn't going ahead and advised her I'd be talking to her boss. Spoke to him very frankly lol and I ended up with another agent who was better.
The first offer did go through, but I would never ever recommend the first agent to anyone. she was an out and out liar. I was furious with her, it's stressful enough selling and doing open homes without having to deal with that sort of crap from agents. A ploy by the agent to attract potential buyers to her portfolio. brouser3 - 2021-09-06 13:09:00 |
| 17 | Yes they do keep taking calls and such, this is marketing, this is business, as for some poster saying this or that, we will never know, stories tend to get stretched over time. msigg - 2021-09-06 13:57:00 |
| 18 | If (and we do not know) the agent was marketing the property with that price as a ploy without the consent of the vendor client and at a level the vendor would not give serious consideration to, the agent is acting unlawfully. johnston - 2021-09-06 14:01:00 |
| 19 | Apologies all, had a family drama over the weekend.
I believe the original method of sale was Price by Negotiation. It really isn't my property, despite suggestions to the contrary! I appreciate all the comments, suggestions and observations. The purchaser has spoken to her solicitor about this, and they are making further enquiries about how to proceed. mieshammie - 2021-09-07 20:06:00 |
| 20 | mieshammie wrote:
Apologies all, had a family drama over the weekend.
I believe the original method of sale was Price by Negotiation. It really isn't my property, despite suggestions to the contrary! I appreciate all the comments, suggestions and observations. The purchaser has spoken to her solicitor about this, and they are making further enquiries about how to proceed. Your friend is still contractually bound to the vendor so there is nothing she can do about that. She might be able to lodge a complaint about the agent but that won't change her obligation. From what you have said there is no evidence the agent is acting unlawfully. johnston - 2021-09-07 22:35:00 |
