Does a real estate agent have to provide proof of an offer on a house?
Nov 1st 2007, 11:24 pm
#1
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Does a real estate agent have to provide proof of an offer on a house?
Hi all,
We've found a house we like in Leichhardt, Sydney. It was advertised at
offers above $575,000. We ordered the contract from the agent for the solicitor to look over (Monday this week). Then the day after the agent rang and said there was an offer on it of $620k and that vendor was thinking of accepting.
Up until now the vendor hasn't accepted and the house was open on Wed night and is this Sat. Should I believe this agent (I think they're all full of shit) and can I ask to have proof of this offer via e-mail / in writing? Basically, how I can I find out if this 'offer' is real and not just some made up number to get us to pay over the odds?
Thanks,
Jon
We've found a house we like in Leichhardt, Sydney. It was advertised at
offers above $575,000. We ordered the contract from the agent for the solicitor to look over (Monday this week). Then the day after the agent rang and said there was an offer on it of $620k and that vendor was thinking of accepting.
Up until now the vendor hasn't accepted and the house was open on Wed night and is this Sat. Should I believe this agent (I think they're all full of shit) and can I ask to have proof of this offer via e-mail / in writing? Basically, how I can I find out if this 'offer' is real and not just some made up number to get us to pay over the odds?
Thanks,
Jon
Nov 2nd 2007, 3:07 am
#2
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Location: Morayfield - The Posh Part
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Re: Does a real estate agent have to provide proof of an offer on a house?
Good Question.
Have you spoke to :
the agent and asked them?
your solicitor and asked them?
had a look at real estate association thingymybob
Have you spoke to :
the agent and asked them?
your solicitor and asked them?
had a look at real estate association thingymybob
Nov 2nd 2007, 3:13 am
#3
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Re: Does a real estate agent have to provide proof of an offer on a house?
I have e-mailed the agent and they haven't responded...which makes me suspicious.
No I haven't spoken to the settlement agent...I will try that.
Basically, I'm not willing to accept the word of an estate agent...I want proof, especially when it's such a large amount of money. The whole Aussie market seems to be surrounded by stories of real estate agents doing anything to get the price up.
Jon
No I haven't spoken to the settlement agent...I will try that.
Basically, I'm not willing to accept the word of an estate agent...I want proof, especially when it's such a large amount of money. The whole Aussie market seems to be surrounded by stories of real estate agents doing anything to get the price up.
Jon
Nov 2nd 2007, 3:18 am
#4
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Re: Does a real estate agent have to provide proof of an offer on a house?
I think you need to remember the agent works for the seller not for you. I don't believe you would have any right to demand to see proof of the offer. How do you know the seller has not accepted the offer of $620k. If it is a tactic to get the price up, well that's his job. If you feel the real estate agent is playing games it's probably time for you to walk away if you don't want to participate.
It is possible that an acceptable offer has been made and the sale is pending until the contracts have been signed and the cooling off period has expired. Until the last two have happened the seller and his agent may leave the property advertised as available, which is exactly what I would expect my agent to do.
It is possible that an acceptable offer has been made and the sale is pending until the contracts have been signed and the cooling off period has expired. Until the last two have happened the seller and his agent may leave the property advertised as available, which is exactly what I would expect my agent to do.
Nov 2nd 2007, 3:19 am
#5
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Location: Morayfield - The Posh Part
Posts: 10,138
Re: Does a real estate agent have to provide proof of an offer on a house?
I have e-mailed the agent and they haven't responded...which makes me suspicious.
No I haven't spoken to the settlement agent...I will try that.
Basically, I'm not willing to accept the word of an estate agent...I want proof, especially when it's such a large amount of money. The whole Aussie market seems to be surrounded by stories of real estate agents doing anything to get the price up.
Jon
No I haven't spoken to the settlement agent...I will try that.
Basically, I'm not willing to accept the word of an estate agent...I want proof, especially when it's such a large amount of money. The whole Aussie market seems to be surrounded by stories of real estate agents doing anything to get the price up.
Jon
The price began to go vertically, soon as we expressed an interest...
Then all sorts of ppl came out of the woodwork, apparently making offers, putiing in contracts etc..
I said to the agent.. and this is no shit.
Mate as much as I dont play games with money and peoples homes, i dont expect ppl to play games with me. For some reason, this all doesnt smell right.. so I walked...
Now 6 weeks later, the agent has called me about 7 or 8 times, asking if we were prepared to put a contract on the property...
Each time, i diligantly, tell him.. when i walk away mate, i walk away..
So unless he comes clean,walk away.... or I personally would pop a letter in the owners mail box, saying that you wish to put an offer on their home, and understand that if they already have an interested party, that you apologise for the intrusion...however if they dont, then this is your offer, and willing to put a contract on it... etc etc
This will deffo make it very clear ... and with rapid response, you will find out IF there is a contract on this home !!!!!
Nov 2nd 2007, 3:23 am
#6
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Re: Does a real estate agent have to provide proof of an offer on a house?
Hi all,
We've found a house we like in Leichhardt, Sydney. It was advertised at
offers above $575,000. We ordered the contract from the agent for the solicitor to look over (Monday this week). Then the day after the agent rang and said there was an offer on it of $620k and that vendor was thinking of accepting.
Up until now the vendor hasn't accepted and the house was open on Wed night and is this Sat. Should I believe this agent (I think they're all full of shit) and can I ask to have proof of this offer via e-mail / in writing? Basically, how I can I find out if this 'offer' is real and not just some made up number to get us to pay over the odds?
Thanks,
Jon
We've found a house we like in Leichhardt, Sydney. It was advertised at
offers above $575,000. We ordered the contract from the agent for the solicitor to look over (Monday this week). Then the day after the agent rang and said there was an offer on it of $620k and that vendor was thinking of accepting.
Up until now the vendor hasn't accepted and the house was open on Wed night and is this Sat. Should I believe this agent (I think they're all full of shit) and can I ask to have proof of this offer via e-mail / in writing? Basically, how I can I find out if this 'offer' is real and not just some made up number to get us to pay over the odds?
Thanks,
Jon
So this would cause me to think he is pulling a swift one and trying to make you pay alot more than the so-called offer.
Nov 2nd 2007, 3:26 am
#7
Joined: Oct 2007
Posts: 9,668
Re: Does a real estate agent have to provide proof of an offer on a house?
Hi all,
We've found a house we like in Leichhardt, Sydney. It was advertised at
offers above $575,000. We ordered the contract from the agent for the solicitor to look over (Monday this week). Then the day after the agent rang and said there was an offer on it of $620k and that vendor was thinking of accepting.
Up until now the vendor hasn't accepted and the house was open on Wed night and is this Sat. Should I believe this agent (I think they're all full of shit) and can I ask to have proof of this offer via e-mail / in writing? Basically, how I can I find out if this 'offer' is real and not just some made up number to get us to pay over the odds?
Thanks,
Jon
We've found a house we like in Leichhardt, Sydney. It was advertised at
offers above $575,000. We ordered the contract from the agent for the solicitor to look over (Monday this week). Then the day after the agent rang and said there was an offer on it of $620k and that vendor was thinking of accepting.
Up until now the vendor hasn't accepted and the house was open on Wed night and is this Sat. Should I believe this agent (I think they're all full of shit) and can I ask to have proof of this offer via e-mail / in writing? Basically, how I can I find out if this 'offer' is real and not just some made up number to get us to pay over the odds?
Thanks,
Jon
They can tell you that they've had an offer... and if you offer on it too, they can tell you that your offer is lower than the one they've got, but it is against the law for them to tell you what the actual offer is.
You need to contact the OFT in NSW and speak to them. The agent is contravening The Property, Stock and Business Agents Act and this is not on. The fines are large and he could lose his license.
Here's a link to the Real estate section where you can get some more info.
http://www.fairtrading.nsw.gov.au/re...terenting.html
You might just like to mention the PSBA act which will suitably put the shits up him and he'll suddenly become like putty in your hands unless of course, he's a total toss pot.
Good luck and let us know how you get on.
Nov 2nd 2007, 3:27 am
#8
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Location: Morayfield - The Posh Part
Posts: 10,138
Re: Does a real estate agent have to provide proof of an offer on a house?
the agent is contracted by the seller.. and so protects their interests...
However, most straight agents would indicate that an offer beginning with a 7 is on the table ( example ) and that would be about their limit... in divulging info..
Nov 2nd 2007, 3:29 am
#9
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Location: Morayfield - The Posh Part
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Re: Does a real estate agent have to provide proof of an offer on a house?
The agent is NOT allowed to tell you what the offer is.
They can tell you that they've had an offer... and if you offer on it too, they can tell you that your offer is lower than the one they've got, but it is against the law for them to tell you what the actual offer is.
You need to contact the OFT in NSW and speak to them. The agent is contravening The Property, Stock and Business Agents Act and this is not on. The fines are large and he could lose his license.
Here's a link to the Real estate section where you can get some more info.
http://www.fairtrading.nsw.gov.au/re...terenting.html
You might just like to mention the PSBA act which will suitably put the shits up him and he'll suddenly become like putty in your hands unless of course, he's a total toss pot.
Good luck and let us know how you get on.
They can tell you that they've had an offer... and if you offer on it too, they can tell you that your offer is lower than the one they've got, but it is against the law for them to tell you what the actual offer is.
You need to contact the OFT in NSW and speak to them. The agent is contravening The Property, Stock and Business Agents Act and this is not on. The fines are large and he could lose his license.
Here's a link to the Real estate section where you can get some more info.
http://www.fairtrading.nsw.gov.au/re...terenting.html
You might just like to mention the PSBA act which will suitably put the shits up him and he'll suddenly become like putty in your hands unless of course, he's a total toss pot.
Good luck and let us know how you get on.
Sounds iffy huh !!! good advice...
the word GAZZUMP springs to mind on this 1
Nov 2nd 2007, 3:37 am
#10
Joined: Oct 2007
Posts: 9,668
Re: Does a real estate agent have to provide proof of an offer on a house?
The onus of proof is on the agent to show the offer he's mentioned is genuine. It's not for the buyer to prove the offer if they doubt it...
The OFT should be involved. He's breaking the law.
Nov 2nd 2007, 3:40 am
#11
Joined: Oct 2007
Posts: 9,668
Re: Does a real estate agent have to provide proof of an offer on a house?
No, they can't even do that. They can divulge nothing, nada, zip.
They need to shut the hell up and say 'We've had another offer on that property which is higher than the one you've presented. What would you like to do?'
The buyer can say for example 'I'm still offering the lower amount but I'll sign contracts tomorrow and I'm ready to move and want a fast settlement'...
Or the buyer could demand proof of the offer ...
Or the buyer could raise the amount he's offering...
Nov 2nd 2007, 3:41 am
#12
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Posts: 30
Re: Does a real estate agent have to provide proof of an offer on a house?
All very interesting guys...just to add one point...
The house is for auction but the owner is willing to sell prior. The agent did say a specific offer for the place (ie, 620k) had been put forward and that the vendor would probably act on that. That seems to be breaking the law.
It's my understanding that if the vendor accepts, the sale is still bound by the terms of an auction ie, a 10% deposit has to be paid immediately and contracts signed immediately. This hasn't happened and I was told that the vendor hadn't accepted the offer.
One final point, a townhouse opposite in the same small complex sold for 580k 3 weeks ago...Although this one is a bit bigger I'm not sure it's 40-50k bigger!!
I may just see if it goes to auction. And see how genuine this 'offer' is.
Jon
The house is for auction but the owner is willing to sell prior. The agent did say a specific offer for the place (ie, 620k) had been put forward and that the vendor would probably act on that. That seems to be breaking the law.
It's my understanding that if the vendor accepts, the sale is still bound by the terms of an auction ie, a 10% deposit has to be paid immediately and contracts signed immediately. This hasn't happened and I was told that the vendor hadn't accepted the offer.
One final point, a townhouse opposite in the same small complex sold for 580k 3 weeks ago...Although this one is a bit bigger I'm not sure it's 40-50k bigger!!
I may just see if it goes to auction. And see how genuine this 'offer' is.
Jon
Nov 2nd 2007, 3:46 am
#13
Joined: Oct 2007
Posts: 9,668
Re: Does a real estate agent have to provide proof of an offer on a house?
All very interesting guys...just to add one point...
The house is for auction but the owner is willing to sell prior. The agent did say a specific offer for the place (ie, 620k) had been put forward and that the vendor would probably act on that. That seems to be breaking the law.
It's my understanding that if the vendor accepts, the sale is still bound by the terms of an auction ie, a 10% deposit has to be paid immediately and contracts signed immediately. This hasn't happened and I was told that the vendor hadn't accepted the offer.
One final point, a townhouse opposite in the same small complex sold for 580k 3 weeks ago...Although this one is a bit bigger I'm not sure it's 40-50k bigger!!
I may just see if it goes to auction. And see how genuine this 'offer' is.
Jon
The house is for auction but the owner is willing to sell prior. The agent did say a specific offer for the place (ie, 620k) had been put forward and that the vendor would probably act on that. That seems to be breaking the law.
It's my understanding that if the vendor accepts, the sale is still bound by the terms of an auction ie, a 10% deposit has to be paid immediately and contracts signed immediately. This hasn't happened and I was told that the vendor hadn't accepted the offer.
One final point, a townhouse opposite in the same small complex sold for 580k 3 weeks ago...Although this one is a bit bigger I'm not sure it's 40-50k bigger!!
I may just see if it goes to auction. And see how genuine this 'offer' is.
Jon
Good luck.
Nov 2nd 2007, 3:57 am
#14
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Nov 2nd 2007, 4:03 am
#15
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Re: Does a real estate agent have to provide proof of an offer on a house?
I just rang the OFT and they told me that the agent IS allowed to tell me what the offer is. But not allowed to divulge who it's from. It's totally up to them if they tell the buyer what the other offer is. Mmmmm. I asked what if I had suspicions that the offer might not be genuine, they told me the estate agent had to remain truthful at all time - yeah right!!