onepearlyb

Ok, I've gotta vent or else I'll just be bitter and twisted for my entire time here.

Have started the viewing process here looking for a house to buy within our budget. ( which is a whole other thread coz the prices are obscene here and just getting worse! )

We're based in a Bayside suburb and we're lookin to buy around and just outwith the area ( can't afford to buy where we are renting at present )
ANYWAY, every house we've gone to look at and have been keen on, we've said to the estate agents about putting offers in prior to auction in an attempt to avoid the scary auction process. THREE times we've done this and three times the vile estate agents have either said "I'M, not willing to accept that"( that's HIM and not the sellers - they don't even let the sellers KNOW your offer!! ) or else like yesterday, we went to a see a house on as a Private Sale for $500K, so no auction. So we wanted to offer $510K to secure it - and the guy says "not high enough, you'll need to offer at least $550k" and then "I think we'll be putting it to auction if we don't get a good enough offer". I know they just say that to pressure you into offering an extreme ammount over the asking price.
Another one we went to see yesterday was on for $520K and the estate agent told us they put it on the market for that but were actually looking for around $620k!!!! Hubbie was arguing with the guy about this before we'd even got our foot in the door!

I am absolutely more than f'ecked off well and truly by all of them. ( but especially Hocking Stewart and Buxton as of yesterday! ) They really are the greediest scum of the earth and are all based in Melbourne in my opinion!! They're not interested in anyone other than the big players ( which we aren't, and never will be ) and wont even look twice at you if you put an offer in which THEY don't consider good enough. The guy yesterday had stopped listening to us as soon as other people arrived to view the house. It's so frustrating and I just feel they treat us like sh*t to be honest.

Ok, rant over. Just had to blow before it was too late and I slammed one of the little weasels, although I can't say it wont happen in the future.

Party at mine once we manage to buy, by the way!
*pearly*

Kapri

Hi Pearly,
This is something that's worrying me. I'm looking on the internet to see the type of house we can afford but in reality it seems you have to add a lot of money on top

onepearlyb

YUP up to $100k or more in some cases! Are you feeling my pain now?

Kapri

Definitely. Why do they do that?

JoolsB

Do you mean the prices on the net are like 'starting prices' and in reality the places cost 100k more rather than the 'asking prices' we have over here on rightmove etc? That's silly and worrying me now

Geelong Gent

It is illegal for them not to put forward any offer they receive in writing (even if the offer is $1000). To do so they receive a substantial fine (both as individuals and their firm) they are also removed from acting as agents.

Agents basically can't get work anywhere else.

I don't agree with auction process in the current climate - its not an efficient market at the moment and the agents do not know which way its going if they did we would not have so many variations on estimated selling price.

People are spending money they don't have - I know this because I have seen some of the applications for finance and its stupidity.

Don't let the agents get you down or wind you up. Read up on your rights as a buyer and keep to your budgets. Dont fall into the trap of emotional buying.

Geelong Gent

We looked at a place advertised for $2.3 million, it went for $3.25 millon. We just laughed and walked. It may well be worth that in a market filled with frenzied buyers but I prefer freedom to work when and for how long I want not to be tied to a mortgage or eating baked bean on toast every night.

LauraC

Good grief! I'd be asking if the sellers wanted to sell their house or not.

Why do they advertise at one price and then say, actually we want $100,000 more? Why not advertise at that price? Jacking the price up by 100G when you put in an offer is not going to get most people buying. A bidding/offer war would be different though.

Try the auctions but have a maximum price and do not go over it, no matter how tempted you are!

Good luck!

JoolsB

Sorry dont want to be nosey but are you all looking to buy with a mortgage? I wnder if being cash buyer helps?-we haven't that much but were hoping to get something further out in countryside without mortgage. Even though the aussies use this buying range system I cant get over how s*** it all sounds-and we thought uk agents were bad!

onepearlyb

Part of the problem here at the moment is that the demand is far,far outweighing the supply and people wanting to stay here are forced ( if they let themselves and they want it bad enough ) to pay way over the asking price for what they want.
Every agent I've spoken to has descibed the market as "crazy" just now.

I'm torn between buying now before it hikes up even more or else sticking with our rental ( ?dead money? ) and keeping our Uk money where it is.
It's a very tough call.
Geelong Gent I didn't know that about them having to consider a 'written' offer-I know what I'm doing first thing Monday now.

*pearly*

onepearlyb

Jools, To be honest, I've got what I would say was a "resonable" deposit ready to use ( $160k ) but the way prices are going I'm still going to end up with a $300k+ mortgage here! EASILY!
I can definately say I was dreaming about having a small mortgage here before we came out!
Nothing like a reality check,eh!
Just be prepared guys.

*pearly*

JoolsB

I hope you find somewhere gorgeous that you love-at least that will make the larger mortgage more worth it-and it's still got to be better than a decent uk house at the same price eh? Good luck-I hope you (and everyone else) finds some more helpful agents!

Wilgar

I SYMPATHISE WITH YOU.wE`VE BEEN LOOKING TO BUY SINCE WE ARRIVED 1/07 AND SO FAR HAD NO LUCK.iT`S DRAINING AND WE SPEND MOST W/ENDS HOUSE HUNTING ,I share your pain.basically the rule with Real Estarte Agents is `if the lips are moving,they`re liying`!!!!!!!!!!!
We have built deep & meaningful relationships with all the local Real Estate Agents recently and felt they knew what we were after.However yesterday we headed off to see a new property which on paper met all requirements and more only to park outside property and see huge electricity pylon straddling the garden.Even before our 9 y o began to climb it we had decided it was not the property for us.
good luck,but you may have to chaneg locations /requirements etc.

The Crow

I think it's generally more rampant in the suburbs closer to the CBD or pricier areas. Our house was advertised at $320K+ and we secured it for $10K more (apparently she wanted $360K). That was about 9 months ago though.

Wilgar

Wow! Those prices look great.Sydney prices have gone berserk.