Agent won’t allow inspection or to make an offer

I think the chances of me ending up on this REA early listing lists are long gone.

While I now understand waiting for the sign to go up out the front you're already behind the 8 ball.
But if the REA appointed to sell the property actually did his job and marketed the property a way it would ensure the borrower would get the highest price for the property it would involve multiple offers. Not just being first one in line.

My partner was a Property Manager for a few years, a few years ago. She still knows some people in the industry. Now they know what we're looking for, they'll keep us in the loop.

I agree. Otherwise you get agents like this who think they can get away with whatever they want.

 

Lol love all the speculation in this friend. Insider trading...selling to friend/family

 

Not a chance of "...Mortgagor accepting an off-market offer in a cooling market which exceeds the valuation...?"

 

Why wouldn’t you let another interested party inspect then?

 

Because the offer, which sensibly had a tight deadline, was accepted and contract signed?
Marg

 

I would write a formal letter to the bank setting out your concerns.

I would also have a chat to the banking ombudsman (not sure of correct title for this) in your state.

Most of the discussion here is conjecture - we don’t actually know what happened. It may be completely above board, or it may not...

 

How do you know the agent didn’t “do his job”?
How do you know that the agent didn’t get the highest price?
People don’t always act the way YOU think they should.
That doesn’t mean that they are wrong and you are right.
Marg

PS: have you ever stopped to consider that you may not have wanted the property if you had inspected it??
Or your best offer may have been lower than the price accepted?

 

Of course. We could’ve spent 5 minutes there and hated it or saw 100 problems. That’s not what this thread is about though.

It might’ve sold well over for what it was listed for and that was why the deal was locked in so quick. Time will tell.

Had we at least had the chance to look at it, meet the REA and possibly we could’ve then been on his file for future properties. I thought it would be in an agents best interest to meet genuine potential buyers.

 

Neither does it mean that the OP is wrong...

All we do know is that a repossessed house was sold very quickly and the OP feels that something seems a bit ‘off’ with the transaction.

KW14 - if you feel something was wrong, don’t let people put you off following it up with a formal letter to the bank and/or ombudsman contact.

 

Any harm at this stage posting the online listing? Maybe someone knows something that could help.

 

Help with what exactly?

 

Being driven to drink.

 

If I was the OP I would get chummy with the agent for the next deal that comes up...A bit of nudge nudge wink wink you know what I mean......Like the other buyer did

Heaps of real estate deals are done offline. Sold before its even listed. It doesnt make it illegal or unethical.

 

If the commonwealth bank is the vendor and they have accepted an offer it is the end of the story for other potential buyers. If they have ripped off the owner they took possession off then than is a matter for them and the CBA. Other owners could provide evidence which might be useful though.

Fair trading as nothing to do with this as it is a contractual matter outside of their purview. AFCA also has nothing to do with this as it is not a financial complaint and you are not a client of the bank. The beneficial owner could complain to them though.

The relevant person to speak to in the bank would be their legal department. Get your lawyer to write them a letter. Not sure why you would have an accountant involved.

 

Nothing can be done. No point posting a link.

I imagine getting chummy with this REA is no longer a possibility.

Yep. You're correct. I've learnt a lot from this. It's a very who you know rather than what you know industry.

Getting a lawyer to write a letter is a waste of time and money. It will achieve nothing.
I have a good accountant and asked him if he could access who held financial interest in the property.

 

House sold for the same price it was listed for.
$160k less than what the previous owner paid.

 

Agents are required by law to refer all offers to the vendor. What I would have done in the OP's situation, after I'd been told by the REA that "vendor will be accepting the offer today", is that I would be submitting my best offer via email quick smart. And ideally as a formal signed CoS that I'd have wrangled out of the agent at the same time or before.

It's amusing how good agents normally are at sourcing last minute counter offers, but in some cases they might want the opposite and discourage a bidding war In the 2nd case you just have to try to place your bid over this friction.