Selling a house is frustrating

[D4D]

Use the offer you have to renegotiate the $$$ on the contract you have put on the other place.
Get the agent to tell the vendor of the house your buying that you haven't achieved the price you need to change over and will they accept  xxx dollars, and that you can go unconditional on your offer once the offer on your place is unconditional, so they get to move along faster as well.

All you doing is shifting the pressure back to the agent and the vendor but it may well work.

Creative thinking, you should be a real estate agent, oh wait

[kylarama]

Theres an even worse way to go than Offers over.

Mate was looking at a house that they had Offers By XXX date!!! So you had to put in your MAX price without being an auction. You had no idea if you were successful until that date - which was 2 months from memory!
No indication if you were in front or last bidder..  Talk about ****ed up.

I did this to sell my last place.  'Sale by set date' it's called.  2 months is way too long IMO, ours ran for 3 weeks and in the last week we had 4 firm offers.  All within 15K of each other and 2 were 5K above what we wanted.  Took the highest one as the settlement suited us.

worked well... at first!

Offer was subject to a building inspection.  no worries, I'm a chippie, I know house is structurally fine.
Inspection done, I was there, all seemed to be good and then don't hear anything further from the buyer until the last day of the cooling off.  Submits in writing to the agent they are declining due to substandard fencing and aging (outdated) bathrooms! but are willing to put a new offer in of 10K less to compensate the work required.  Clown thinks he's buying a used car and using an RACV check as negotiation.
I'm stressed, as in the meantime me and my partner have made an offer on another place.  Agent called a lady who missed the original deadline, but was super keen.  She offered 5K more than the first accepted offer.

[McGirr]

3 offers on the table. In Queensland that is a multi offer and each buyer is asked to submit their best price and their best conditions knowing that other offers are being tabled. Each buyer is unaware of the other offer amounts.

That will tell you what buyers in the market will pay for your home. All offers are on a contract.

Mark

[WilSurf]

That sound interesting Nomad.

[Bird]

I did this to sell my last place.  'Sale by set date' it's called.

That's the one

That sound interesting Nomad.

The only way to go for a seller. But you'd be a moron to play it if you were a buyer.

[Nomad]

The only way to go for a seller. But you'd be a moron to play it if you were a buyer.

Actually its quite a common technique in commercial . A buyer will conduct a due dilligence that can be very extensive (and expensive) and then come back at the end of that period and change the price or withdraw. Usually a vendor (and the agent) have invested significant amounts of time into the deal and as such a new unconditional contract is usually entered into at an adjusted price.

Cheers Nomad. 

[NewieCamper]

We just sold an investment property. Agent suggested 'offers over' for a reason I can't recall we agreed and set a price 10-15k below what we wanted. The market had just started going silly and we had plenty of offers, $5k below target, on target, 10k over so we said yup, they got inspections etc and before the contracts went through we got another offer at almost 30k over the target, all in the space of about 3 weeks. Agent had told us normal sale time is about 6 weeks.

Offers over can work, but it needs to be a sellers market where the buyers are lining up. We were lucky enough to get in before everyone else listed their houses  for all the low interest rate buyers that are around.

3 offers close to target is a good start and it's early days.

[Homer_Jay]

Get the offers on paper then negotiate them up from there.

If they are indeed real. Most agents want to let the seller know there is some interest in the property straight away to keep the seller 'on the hook'.

And yes I agree, the 'offers over' is a stupid idea. But helps the agent get you accustomed to a lower price.

I rate agents just above a used car salesman and just below a new car salesman ....... Never trust any of them.

[Rodt]

I may have been extremely lucky but under the agents advice we listed our place at what it was worth on a Friday, had inspections the following Tuesday, negotiated Wednesday (bugger all difference in the end) and had a contract signed on Saturday.

Rod

[weeds]

what I don't get is the pending finance clause..........you can either afford the house or not. if you are shopping around without a clue of what you can afford why are you out there. by the end of a phone call to my financial advisor I would know exactly how much I could offer

em happy with building inspection

[Nomad]

Even with finance pre approval banks still want valuations etc as a check to make sure you are not a wood duck and paying way to much for something and risking their money.

I think the hole cooling off thing is a farce. If you sign a contract why should be able to get out of it simply becuase you change your mind or find another house you like better.

[McGirr]

Had a client once put an offer on a unit. Asked 3 times if he wanted subject to finance and said no. Put down $15k as a deposit. When unit was due to settle in a week he advised he had Pre approval from a bank, went to the bank hoping to get the money and they changed their mind and said no to finance. Apparently the person at the bank who approved him went on holidays start after he went to get his finance.

Result the contract crashed and he lost his $15k deposit.

I agree cooling off periods are too long in Qld being 5 days. Regarding finance some buyers would call the bank and get a Pre approval over the phone. Telling some porkies to the bank and go off looking to buy a house. They put in an offer with a 21day finance clause and get declined. The problem is the banks do not advise the agent till the 21st day of the finance clause that finance is declined.

Mark

[rossm]

Even with finance pre approval banks still want valuations etc as a check to make sure you are not a wood duck and paying way to much for something and risking their money.

I think the hole cooling off thing is a farce. If you sign a contract why should be able to get out of it simply becuase you change your mind or find another house you like better.

Under the standard contact used by most agents in WA there is no cooling off period. Once offer is submitted and signed by vendor that's it.
Sure you can insert conditions, subject to sale, finance approval, various inspections, but you can't simply change your mind.
What are the cooling off periods in other states.

[WilSurf]

There was another viewing yesterday afternoon.
The range of offers (told by the agent) is from $30k below to $5k below what we think it should be.
The frustrating part is that my wife has to keep the place tidy everyday and we can't find our stuff anymore. 

A house a few numbers up went on the market a few days after ours and is under offer. I have asked our agent if she could find out for how much. That will give us a directon I guess.

[McGirr]

I am stumped, is the agent presenting the offers on a contract or verbal.

Some agents ask the wrong questions , they ask what do you think the house is worth when they should ask if you could buy the house at your price what would it be and put that on a contract.

Mark

[WilSurf]

Don't know how it works as I am not a real estate agent, but we had to sign a contract for sale from REIWA with the purchase price, conditions, deposit etc.
This was presented to the seller, who signed it and we got a copy of it.
I assume the agent will present 3-4 of the same document for our property with the purchase prices and we either agree or don't.
But I will see tonight.

She told me verbally over the phone what the offers were.

[D4D]

I call bullsh!t on the offers, if they're verbal and not on paper.

[McGirr]

They are not buyers, a good agent will present offers in writing. Any one can say I think it's worth this to please the agent.

Ask your agent you want all offers in writing so that you can negotiate.

Mark

[WilSurf]

As said, that will happen tonight.

[DRB120]

Just a note on Pre Approvals from banks.

Most are not worth the paper they are written on. Have you ever wondered how the Big 4 banks can offer you a Pre Approval in 5mins, its because the list of conditions is so long you may as well start with nothing.

Your main concern at the moment will be the valuation, some valuation reports I have seen come back lately really make you wonder if anything is actually looked at or whether they have a dart board with numbers on it.

[WilSurf]

The agent came to our house and told the full story.
A couple of "interested" gave her an offer by text message which according to her isn't good enough as it has to be written on paper.
A few people were interested but never came back.
The remaining 2 put in an offer of which 1 was very low. She up-ed it a bit but couldn't match our expectations.
The 2 was almost there and could up it to match and we accepted it.

All good now, our house is under offer.
Thanks for your time and suggestions.

[nab]

Excellent news, hopefully they come through with the goods!

[rossm]

 Well done, sold in a week! Just like old Jonesy said, don't panic. Hope the rest of the process goes smoothly.

[DropBearRacing]

Congrats Mate, sold in a week is fantastic 

[D4D]

Congrats Mate, sold in a week is fantastic 

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