Join Australia's most dynamic and respected property investment community

New Listing Under Contract - Common?

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

  1. Kael

    Kael Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    277
    Location:
    Sydney, NSW
    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

    Joined:
    18th Jun, 2015
    Posts:
    2,458
    Location:
    Sydney & Gold Coast
    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
     
    Kael likes this.
  3. jpcashflow

    jpcashflow Well-Known Member Business Member

    Joined:
    21st Jun, 2015
    Posts:
    371
    Location:
    Melbourne
    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!!!.
     
    Kael likes this.
  4. Greyghost

    Greyghost Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,259
    Location:
    Melbourne
    As previous poster said: marketing already paid for, so exposure for agent..
     
  5. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

    Joined:
    14th Jun, 2015
    Posts:
    2,098
    Location:
    Sydney & Adelaide
    And you would want it listed so as to have interest from other parties should first contract fall through
     
  6. LeMU

    LeMU Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    149
    Location:
    Sydney
    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

    Joined:
    18th Jun, 2015
    Posts:
    455
    Location:
    Sydney
    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

    Joined:
    18th Jun, 2015
    Posts:
    2,140
    Location:
    Sydney
    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
     
    Kael likes this.
  9. Chilliblue

    Chilliblue Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,578
    Location:
    Australia
    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

    Joined:
    18th Jun, 2015
    Posts:
    277
    Location:
    Sydney, NSW
    Thanks guys, makes sense!
     
  11. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    This, and it's more likely given the current lending environment.