Lying Agents

Discussion in 'The Buying & Selling Process' started by Xanatos, 5th May, 2021.

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  1. Xanatos

    Xanatos Member

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    I’ve been lurking for a while here to account out useful information while navigating the hot market at the moment.

    Unfortunately I’ve come across an issue I haven’t seen here before - I’m partly venting and partly open to ideas on what to do (if anything).

    I recently looked at a property going to auction but the vendors were open to offers prior. No price guide given but the agent provided a list of sales in the area for comparison.

    After viewing and research I put in my written offer of $305,000 which was knocked back “as they want to take it to auction”. No issue as I figure they want to get the best price in a hot market. A few days later I get a text message stating the property has multiple offers and to get my best and final offer in by the next day. I put in my maximum of $360k as I really loved the property.

    After my final offer the agent emails me stating that the vendors have accepted an offer in excess of $450k. That’s fine, it’s well above my offer and if I were the vendors I would take that too.

    This is where is gets dodgy. The property is marked as sold with no sale price disclosed which is strange for when a price greatly exceeds the suburb average like this one. My line of work means I have access to RP Data professional which shows me the sale price is $300k. The agent doesn’t know I have access to this.

    While I know there is nothing I can do to change the outcome, is it worth being spiteful and lodging a complaint? I’m also concerned that my offer wasn’t actually presented as I would have thought an extra $60k would have been in the vendors best interests given my condition was finance which has since been approved (was in the process of working its way through when the offers were made). I’m leaning towards being spiteful as I don’t like being lied to.

    TL:DR - offered $360k on a house, agent told me it sold for over $450k, actually sold for $300k
     
  2. boganfromlogan

    boganfromlogan Well-Known Member

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    Typo?

    To find out agents have been manipulating, maybe for their friend - developer, buyers agent, cousin (u scratch my back i'll scratch urs) is no great surprise to anyone.

    So if the numbers are correct, and the lie was made it would be great to see the agent held to account.

    Tell the seller?
     
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  3. pinewood

    pinewood Well-Known Member

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    Oh wow! I would be upset too but wouldn't it also be in the best interest of the agent to encourage vendor to accept the $360K so maybe there is some error in the entry of the sale price. Also given you actually offered, usually the agent would tell you what it eventually sold for. I would contact the agent and ask directly as a follow up to your interest in the property.
     
  4. Xanatos

    Xanatos Member

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    This is why I am wondering if the offer of $360k wasn’t put forward. Fair enough missing $5k for an unconditional offer but $60k is a comparatively large chunk of change to knock back for a few weeks longer settlement.
     
  5. skater

    skater Well-Known Member

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    If I was the owner, I'd be ropable! I think I'd be inclined to let the owners know.
     
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  6. pinewood

    pinewood Well-Known Member

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    No harm in taking it up further with the agent or company and see how they respond. Many people can access RP Data so it's a valid query regarding the discrepancy. Also you have an interest in the area so naturally you would be monitoring sale prices and your questions are not out of the ordinary. Or you can also get a friend to call on the pretense they want to sell a property in the same area and ask those questions.
     
  7. Xanatos

    Xanatos Member

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    One friend happens to be a solicitor who is happy to write a “please explain” on his official letterhead :D
     
  8. spoon

    spoon Well-Known Member

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    Would that be a case the purchase price wasn't reflecting the actual amount changing hands?
     
  9. Xanatos

    Xanatos Member

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    I suppose it could be. I’m just not sure why in this situation as the property was part of a deceased estate where as doesn’t that happen in divorce and such?
     
  10. See Change

    See Change Well-Known Member

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    Possibly one of the relatives buying out others ?

    But if accurate .. depends on how much you want to push it . I'd be tempted to get the solicitor to write a please explain .

    Cliff
     
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  11. wylie

    wylie Moderator Staff Member

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    This was my thought too. $300k sale price is two thirds of the stated $450k. One beneficiary buying out another two beneficiaries?
     
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  12. spoon

    spoon Well-Known Member

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    I know of a case which a property is under husband and wife's name. They wanted to sell it due to divorce. They had preliminary accepted an offer. But eventually decided to have the wife buying out the husband's share. So it would have registered a low sales price even though there was a genuine offer.

    Under the current climate, it is unlikely the sale would go so much under normal even for deceased estate. The person might be deceased but her offspring aren't.
     
  13. Xanatos

    Xanatos Member

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    Executors are two brothers
     
  14. boganfromlogan

    boganfromlogan Well-Known Member

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    you could spend your energy hunting down and securing a place for you, and leave the bereaved and misguided to themselves?

    But telling the seller would be more fun.
     
  15. Ronen

    Ronen Well-Known Member

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    I'm not fully understand what's the OP can do and why would he do that.
    After all, the vendor has no obligation to take the highest offer or any offer for that matter.

    Has the agent screw the vendor? Maybe.
    How's that the OP's problem?

    Vengeance? Really? When you're trying to buy a property and missed?

    I'd be moving on. It's not mine. It won't be mine. Why waste time on it?
     
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  16. qak

    qak Well-Known Member

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    I'm not familiar with RP Data Professional, but would the sale price be in there already?
     
  17. Scott No Mates

    Scott No Mates Well-Known Member

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    Usually taken from agent advised figures not from settled sales.
     
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  18. Piston_Broke

    Piston_Broke Well-Known Member

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    I've posted this before.
    RP Data has wrong amount for 3 transaction that i have done in the past. 2 on the same property.

    You can query the agent or his office on the amount.
    If that is the case then it's very shady.
    Or it could be a sale to a known party.

    I know of many people buying deceased family assets, but only after they got the best offer, and at that price.
    Though the "record" may be slightly different.
     
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  19. David_SYD

    David_SYD Well-Known Member

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    Definitely bring it to the vendor’s attention - if only for your own piece of mind (I’ve done this before with a dodgy agent).
     
  20. Rich2011

    Rich2011 Well-Known Member

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    Depends if a PEXA settlement or the old style manual settlement. Old style can take up to 60 days if it's not reported by the selling agent.