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Acknowledgement of multiple offer buyer

Discussion in 'The Buying & Selling Process' started by Kangabanga, 23rd Jun, 2015.

  1. Kangabanga

    Kangabanga Well-Known Member

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    Making an offer today and agent sends me the COS with this acknowledgement of multiple offer buyer form. Basically it is asking us to declare that we have been informed by REA there is another party putting in an offer and to submit our best and final offer.

    First time been pushed with this form. Anyone else seen this form before in Brisbane?
     
  2. htopg

    htopg Well-Known Member

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    It is a nice game rule played by RE in Queensland :)
    If your offer was accepted by RE when multiple offer has NOT been declared, then even if there were higher offers came in, your offer was "protected" and no other could proceed until you pulled out.
     
  3. beachgurl

    beachgurl Well-Known Member

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    I see this for pretty much every property I make offers on in brissie at the moment. A lot of the agents have a deadline to present your best and final offer along with that form.
     
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  4. Heinz57

    Heinz57 Well-Known Member

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    I'm thinking is a scam of sorts. Signed a contract in a RE office and heard this multiple offer business going on at an adjacent desk. Next day I hear the same script word for word and get the same form sent to me. I offered to withdraw my offer in favour of the other party and gave a deadline. Surprise my offer was accepted. Yawn.
     
  5. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    I think if you are buying a property with a twist or something special, it could well be the case of multiple offers, in which case, you will have to be competitive if you want that particular property. However if you are trying to buy something that is not special and is run of the mill, then the agent could well be bluffing.
    It was even that way when I bought in Sydney last October.
    In my observations, (and this is only my opinion) in Brisbane, good properties will go at or before the first open home. Run of the mill ones will still stay on the market for weeks and weeks till a buyer is found.
     
    Last edited: 23rd Jun, 2015
  6. RPI

    RPI Property Lawyer, Town Planner Business Member

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    See it continuously. REIQ members are required to give it if there are multiple offers.
     
  7. Kangabanga

    Kangabanga Well-Known Member

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    yea i just put in my contract offer with a 2 day deadline and just ignored the form. Obviously if the seller likes my price/terms, agent will get back to me. They usually ignore me and take really long to reply my emails if my offer is too low.

    The APRA tightening seems to be working, usually after a week of the ad going up there are 200+ web hits for nice property in my area. This one could be considered pretty good and only 100+ hits even after first open home.
     
  8. Kangabanga

    Kangabanga Well-Known Member

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    agent has come back to me today saying offer too low and if I increase some we can get a deal.

    which means mine is the only offer and agent is trying to get my offer up without a counter-offer? :D
     
  9. HomeMinister

    HomeMinister Well-Known Member

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    it would be the vendor trying for more not agent. Agents normally act as a communication device rather than negotiate
     
  10. Kangabanga

    Kangabanga Well-Known Member

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    always thought agents were hired mainly for their negotiation skills?

    If the vendor is really trying for more they should at least make me a counter-offer at or near their listing price to gauge my response??
    (In QLD we negotiate with contract not with verbal or email offers/counter offers)
     
  11. Cadbury99

    Cadbury99 Well-Known Member

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    What you hire an RE for and what actually motivates them may well be at odds. Remember the RE only gets paid if there is a sale, they only get marginally more if they get a higher price. Hence many are in reality motivated to get a sale not necassarily getting the highest price for the vendor.

    In terms of not naming a price, the RE is trying to stay in control of the negotiation. If they made a counter offer then no doubt you would offer something in between. By leaving it up to you they can still play the "you need to do a little better option", regardless of what offer you make.
     
  12. Kangabanga

    Kangabanga Well-Known Member

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    they actually said they would drop 20k less than asking(2.5% discount) and still wanting me to increase my offer but just verbally and not on paper.

    just told them I can't increase due to financing maxed out and why is counteroffer not in the contract. and agent said in that case offer is not accepted, there was no multioffer and form was just attached.
     
    Last edited: 25th Jun, 2015
  13. Big Will

    Big Will Well-Known Member

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    either increase your offer or stick to your price, this is the dance.
     
  14. htopg

    htopg Well-Known Member

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    What if the vendor declined your offer and you really wanted the property?
    In the case that you really liked the property, would you increase your offer?
    If you did increase your offer, didn't you say that you "maxed" out?
    That will damage your credibility in the eyes of the agent/vendor.
     
  15. Kangabanga

    Kangabanga Well-Known Member

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    guess in such a case one could just go back with a slightly higher offer and say that after running around for a week, managed to finally obtain alternative financing which will allow some negotiation space upwards.

    Would hardly think trying to obtain more financing would damage credibility?
     
  16. Big Will

    Big Will Well-Known Member

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    Wouldn't hurt, that is if they believe you.

    However when you max out now and you say I am maxed out what will the vendor think? What would you think if someone was doing this to you?