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New Listing Under Contract - Common?

Discussion in 'The Buying & Selling Process' started by Kael, 3rd Aug, 2015.

  1. Kael

    Kael Well-Known Member

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    Gday all. I've been keeping my eyes on a few different areas and refreshing the "Newest to Oldest" on RE.com.au to see new properties when they come on the market.

    This morning a new listing came up but it was "Under Contract" also. Does that happen often and how would that have occurred?
     
  2. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Happens a bit.

    Someone probably heard about it before it hit the market, made an offer which was accepted, and it's just been listed as
    • marketing was paid for by the buyer anyway
    • it's a good way for the agent to get backup buyers and build their database of buyers looking for similar stuff
    • it helps the agent get their face/brand out there
     
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  3. jpcashflow

    jpcashflow Well-Known Member Business Member

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    Depending on the area this is happening allot
    I have a few contacts who work in real estate and they are selling properties before they even advertise them.

    "eg" A couple of months ago, there was an auction and about 9 people bidded on the property.
    The same agency listed a property around the corner and it got sold straight away!!!.
     
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  4. Greyghost

    Greyghost Well-Known Member

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    As previous poster said: marketing already paid for, so exposure for agent..
     
  5. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    And you would want it listed so as to have interest from other parties should first contract fall through
     
  6. David Shih

    David Shih On my investment journey Premium Member

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    Had the same question popping in my head when I saw one this morning and was thinking "what's the point of still putting it on RE.com.au?". Now fully justified after seeing peoples' replies :)
     
  7. beachgurl

    beachgurl Well-Known Member

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    I saw this once and I asked the agent about it. She admitted she had bought it herself.
     
  8. See Change

    See Change Timing Lord Premium Member

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    We bought three two weekends ago on the Saturday prior to them going on the market on the Monday , and they were listed on the Monday as under offer .

    Cliff
     
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  9. Chilliblue

    Chilliblue Well-Known Member

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    Yes it is common for the reasons listed above. More with certain agencies than others and more frequently in a hot market.
     
  10. Kael

    Kael Well-Known Member

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    Thanks guys, makes sense!
     
  11. Azazel

    Azazel Well-Known Member

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    This, and it's more likely given the current lending environment.