Engaging a BA, confidentiality?

Discussion in 'Property Experts' started by Archaon, 9th Feb, 2020.

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  1. Archaon

    Archaon Well-Known Member

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    Hi All,

    Curious if some of the BA's on PC could answer me the following question;

    If I were to engage a BA to buy a House (development site) I've had my eye on for a while (never been on market), and it turns out the asking price was out of my range for the time being, would the BA be able to take that site to other clients for them to sell, or would there be some protection for bringing the site to the BA's attention?

    I'm deciding whether I attempt to buy the property off market by myself (no experience) or engaging a BA to employ their expertise in getting an acceptable outcome, happy to pay the required fee's of course, but worried about a sale falling through and the site being sold to another client.

    Had my eye on this property for about 3 years now, just not in a position financially.

    Kind Regards,
    Arc

    @Propertunity @BuyersAgent
     
  2. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

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    The BAs that I know fairly well tend to only take on one client of a given profile at a time, or they put them in a 'queue'. When you're the first in line, you get to see the properties suited to you first. If you don't want that property, they make then take it to someone else. They're generally quite clear with clients about this process.
     
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  3. Archaon

    Archaon Well-Known Member

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    I'm not sure if you misread my post, but the property in question would be brought to the BA not the BA finding the property to bring to their client base.
     
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  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    You could contract for that.

    But if you don't end up buying it would it matter?
     
  5. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

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    You're right, I missed the context of the first line. Sorry.

    Why would you care who it sells too if you couldn't buy it? Or do you think the BA should be paying you a finders fee? (Not an entirely unreasonable expectation IMO, but not really enforceable and you'd probably never know anyway).
     
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  6. Archaon

    Archaon Well-Known Member

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    That is definitely an idea, thank you.

    Ideally I would buy at a later date.

    It could be that the owners don't want to sell at all too, which is a consideration.

    I guess i'll just have to make sure that I have the funds/finance to cover any scenario that eventuates.
     
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  7. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

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    Fair enough. If you miss out on it today and they do intend to sell, then they're probably going to sell it to someone else regardless of what the BA does.
     
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  8. My House QLD

    My House QLD Well-Known Member Business Member

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    The other option is to have a trusted selling agent approach the seller for you. Obviously you would need an existing relationship with a selling agent that you 100% trust. You could ask them for a referral fee if you don't end up buying it and they list it and sell it to someone else.
     
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  9. Archaon

    Archaon Well-Known Member

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    This might be an option, I could think of one person maybe around the area.
     
  10. Fargo

    Fargo Well-Known Member

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    You could ask a real estate agent to make enquires for you. The first property I bought I engaged a real estate agent.. Don't know why people go straight to a BA. It was part of an auctioneer 's service once, may be some aren't qualified now I don't think all could. I know stock and station agents, Elders, Landmark BR&C Agents could . I have also bought 4 blocks of land, and been told of many others by builders, which would never be on the open market. Two of the blocks where passed on before settlement for 10k profit each. Also bought a block directly from owner/developer with a long settlement about 18 months settlement due when building permit issued. Delayed settlement and/or vendors finance maybe mutually beneficial especially if the owner wants some funds to secure another property before settlement,. Sus out some builders/developers who may be interested to buy the property with a long settlement , and be able to pass the property on in away that doesn't require them to pay stamp duty, they may know of even better potential properties for a mutually beneficial outcome. They may be short on finance too, often are.
     
  11. Scott No Mates

    Scott No Mates Well-Known Member

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    @Archaon - Why don't you consider an option to buy the block? Assign the option once you achieve DA or let the option lapse but you have tied up the site for a year or so to get the desired outcome.
     
  12. Archaon

    Archaon Well-Known Member

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    There is a house already there.
    I have no idea what an option is.
    Are you saying I offer to buy the block with a long settlement, pay all subdivision costs etc and settle once the subdivision is complete?
     
  13. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    An option is a contract which gives you the right, but not the obligation to buy the property at a later date - usually in exchange for a fee.
     
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