dotty

We get heaps of posts on here about house sales in the Uk so it must be time to add one from the OZ side.

No laughing now but this Aussie sheila RE Agent now wants to kill me.

We put a house up for sale two weeks ago, its not right on the Coast but 20 minutes from the beach. Did not know the area real well so we set a price we thought was correct (mid threes). Seemed reasonable as the area has doubled in the last year. However the block has the advantage of looking over a small lake, NOW the house next door just sold for $400,000. So two weeks later we sneak back in and ask to relist at $400,000. Then the Agent turns into some snarling Koala and whilst trying to grap my neck (well you could see she wanted to) imforms us she has a contract for the $350,000).

Talk about the 'shi* hitting the fan" the woman was going so nuts even my faithful dog started growling at her. As I attempted to drive off she was still shouting obsceneties at me.

They dont have the word Gazumping our here, but looks like I just introduced it. Still after speaking to a mate (she flogs RE she thinks this is quite common now, people listing then wanting a higher price or withdrawing from sale). Wish it was evening then I could drink wine

owieb

So can a RE agent agree a contract without your permission?

dotty

No it would not have been legally binding till we signed it, which we did not. However she tried to pull all sorts of lines to make out we were committed to selling all of which were lies.
Funnily enough the prospective purchasers (who had not even written a deposit cheque) are equally peed off.

I am calmer now had a glass of wine with me lunch and rang my solicitor who told me I could actually tell them to shove their offer where the sun dont shine.

One thing I must comment on tho is I even I was surprised by such an increase in such a short time, we are seeing that now, one area will see someone reach a high price and suddenly thats the new standard. Prices are moving very quickly.

Ceri

Have you thought about Auctioning it (too late now though is it?) . It's probably what I would do. Or, the other thing which I have noticed - one of the real estate agents (Remax) put their listings as "buyers over $350,000" (usually this means anything between 330 to 410) and let the punters set the price. I know when we were looking to buy a couple of years ago (before we decided to build) a house which says "buyers over" usually means 50 grand over that listed price.
I was reading in the weekend paper that about 51% of people who sell go with the first real estate agent they meet... they don't shop around.

Cheers

owieb

Thanks for that dotty.

I've heard that once an offer is put it it's legal binding, though that may only be applicable in WA. But I guess if you never accepted the offer then you can do what you want.

dotty

Good advice get at least 3 agents to give opinion on your property. Auctions worry me a bit, seen too many dummy bids, but they seem the norm in Syd and Melb and any unusual props up here seem to be going that way too.

We are just going to take the property off the market for a few weeks then list with a new agent, making sure we have done a further price check first, its difficult now with prices going up and so many buyers and not enough good houses.

When it comes to sell our own place it will be auction time, we would expect hundreds to turn up if the market is like it is now.
Have never seen anything like this so close to town in my whole time here, gawd knows how I could name the price on it, Auction will be the only way to go.

Never mind wine that day, I'll be walking round with the Jack Daniels tucked in me back pocket :scared:

dotty

Would be interesting if someone could answer that, pretty sure you would need to sign it before it was binding?

Loopy

It's binding on the side of the purchaser isn't it. You have to put your offer in writing & then it's binding, although you can can add clauses such as "subject to finance", "subject to building inspection". Haven't got that far yet, but would be interested to hear what the legalities are on the side of the vendor.

Loopy

owieb

Yeah that's the bit I heard.

dotty

Word is in Qld, the contract is not binding untill signed (and witness) by the seller and purchaser and the deposit is paid.

Ceri

When we bought our land... put in the deposit. It was "subject to an inspection" - i.e a soil test. We had two weeks to pull out of the contract if we wanted.

Personally I think the best bet is pay for an independent lawyer.. who know the laws before you sell something. God I hate real estate agents. Hubby went out on the weekend to get a paper, he came back saying there's a real estate person coming next week to value our house. I went up the wall... "what do you do that for? " "oh I was looking in the window at house prices around here, got talking to the woman and she said she'll come around and value our house for us" ... arggghhh , once you let them in ... you can't get rid of them!. They are like vultures.

Cheers

dotty

Dont let them in! We asked them to value a block of land we have, ocean views, last one in area, now they pester us at least twice a week, they have my mobile too, I know the number now and just ignore it but he still keeps ringing. Dont buy a house within walking distance to the beach, up to 6 agents a week write asking you to sell it!

I would not sell anything here now unless you had something to replace it, too many people getting caught out by selling at a 'brilliant price' then realising they need an even higher brilliant price to replace what they had.

Loopy

So true Ceri,
We're looking for a house at the mo. Looked at one a week or so ago & the RE agent turned up Saturday afternoon to tell me the couple who owned the house really liked me & hubby and would like us to buy their house and will even knock $10,000 off the asking price. Still trying to convince her it isn't the house for us, she can't seem to understand "no"!

Loopy

Ceri

I know... that's why I went up the wall with hubby... he's so guidable/trusting.where we live... we even had a calendar in the post from one of the local agents with a picture on the front of our house. Someone has driven up took a picture put it onto a calendar for us. Arrggg. Hubby says "ooh that's nice" I say "are you mad??? cheeky b*ggers... who gave them permission? I think it's an invasion of privacy". They obviously do it so to think "oh there's lovely real estate agents, I'll think I'll go with them when I sell"

Cheers

dotty

Crikey, can they do that, with all these privacy laws??

Tell them you will sell if they can find you a vacant block of land, most of them have none to sell, perhaps that will stop them, am trying it myself this afternoon. Find me a beachfront block for under 3 million that should stump them for a while.