Ethics in selling.

Discussion in 'The Buying & Selling Process' started by Rugrat, 11th Jan, 2016.

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  1. neK

    neK Well-Known Member

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    So is money your slave or are you a slave to money? ;)
     
    Last edited: 11th Jan, 2016
  2. albanga

    albanga Well-Known Member

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    I'm reading PC on my phone on a tram on my way back from work. Think it's safe to say I'm a slave!
     
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  3. Adele

    Adele Well-Known Member

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    20K is a lot of money (to me :D)
    To be fair, I would notify the first person to match the amount with only a finance clause.
    I think they still gain something but I will not totally lose out.
     
  4. neK

    neK Well-Known Member

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    Aren't we all.... for now :)

    What i rephrased the question and added a point that you already reached financial freedom?
     
  5. wogitalia

    wogitalia Well-Known Member

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    Depends on the dynamics of the property.

    If I'm losing or making very little money then I'm going to take the better offer but I'd absolutely give the first offer a chance to match/better the new offer.

    If I'm making a lot of money on the deal I'd feel a lot more comfortable going through with the original deal.

    If I really don't like the person bidding or really do like the person bidding it would absolutely influence my decision, some ******* who plays games might not even get the offer to match ;)
     
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  6. wogitalia

    wogitalia Well-Known Member

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  7. Waldo

    Waldo Well-Known Member

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    20k might be the same difference for the buyer to be honest.

    I've also gotten a house after the vendor agreed, but exchange hadn't taken place. The next offer was also 20% more, but the REA/vendor stayed true to their word and I purchased the property for the original amount. Integrity - doing what you say you will do.

    Well I think we've established that theres no ethics in the RE world.

    EDIT:
    I'm curious about this position - surely that $20,000 still buys you the same either way? I would have thought it would have been more linked to how rich you were feeling, rather than the profit on that particular deal? Just putting it out there, if you have a deal that you're making lots of profit on, feel free to give me 20k?
     
  8. CosmicTrevor

    CosmicTrevor Well-Known Member

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    I'm going to take the moral angle here, which pretty much ignores commercial reality - but I do believe in Karma. My angle is simply to do unto others as you would have done to you. Thus if you honestly believe that you wouldn't mind if an offer you made was accepted and then rejected at the 11th hour then go with the higher offer, otherwise honor the first.

    To a certain extent the circumstances of the person that made the first offer make a difference;
    • are they an owner occupier or investor?
    • are they an *******?
    • will backing out cause them some form of genuine and serious hardship?
    Also, if you are the sort of person that says their word is as good as a signed document then it would be a sign of a weak moral radar in my view. This means that I basically can't trust anything they say. People that I come across in business like this don't get a second chance. Whether this is actually important in your circumstances I can't say.

    Trev
     
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  9. Gockie

    Gockie Life is good ☺️ Premium Member

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    I'd like to get the extra 20k but would allow the first purchaser to match on price (or at least come within say 5k) and match on the unconditional term. But the ******** factor is definitely is a factor in the decision.

    The agent of the property we just bought said we were a delight to work with, we said nice things about the property in an email for the vendors (and I really do think its a gorgeous house). And the agent liked me anyway since I chatted with him about 3 weeks prior at another open for the full half hour (nice agent.... and there were no other parties at that open there!)
    With all that, we did not offer a crazy over the top amount on the property. It was just enough for the sellers to say yes to our offer.

    The agent said the first serious people that came through for buying the place were nitpicking everything.... trying to get it for a lower price that way.... he (the agent) did not want to sell to them and in our conversation on New Years eve (and he was still officially on leave at that time) just after our cooling off expired he told me he was glad we ended up being the successful buyers! :)

    Good feelings all around....
    :)