Nominating an OTP Contract

That's 60,000 good reasons to hustle day and night to find a buyer.

How many hours you need to work to earn 60k net.

I would be banging down doors looking for a buyer.

 

Hang on, whats the financial planner doing involved in this?
What does your lawyer say?

 

Was this financial planner the one who suggested you buy the otp in the first place?
And was the conveyancer recommended by the financial planner, the agent, or the developer?

 

I was not a client of the financial planner when we signed the contract.

Conveyancer was recommended by the agent initially.

 

So you suggest going to another agent to try to sell?

 

@Scott No Mates raised some important questions. I'd want to clarify them asap. At the very least, talk to more agents to see what they recommend and how better they propose to handle this. You need someone who is gonna be very motivated and hungry to get it sold.

 

Of course this agent will tell me not to go to another agent to try to find a buyer - does that indicate that she wants to keep the commission?

Is there anything wrong with going to another agent to get them to sell it? Would it annoy this original agent or would it motivate her more or backfire on me?

I am happy to pay her extra too if she sold it in like the next two weeks but I don't know how to get her to just do it!

 

Who cares?

Does she have a nondisclosed conflict of interest or restrictions on what she can do with resales?

 

I'm not sure. She discouraged me from involving other agents because of the commission conflicts. But I don't really care, I just need to sell.

 

Update.

I have managed to get an agent on to nominating. She was going to charge me $15k to nominate and find a buyer however she has a favourable relationship with the company that sold me the property originally and has stated she will not charge me.

She was supposed to meet a buyer this weekend but due to the lockdown in Melbourne could not do so. Does this sound right? Hopefully the lockdown isn't extended.

 

I do know this agent is legitimate because they were able to find a nominee for a one bedroom apartment in the same building which my friend was also a purchaser of.

 

So you are asking for the same price as your contracted price?

you are way calmer than I would be in your situation.

 

Yes asking for contract price.

What would you be doing different than I am currently doing?

 

She is right. There is 5 days lockdown in Melbourne and the house inspections are not allowed. Also you can not have visitors in your house and also real estate offices are closed. They are not classified as essential service. All these restrictions makes meeting the poteential buyer mission impossible.

 

You asked "should I find another agent" several times now, yet almost every response on the first page said yes, and you still weren't sure......

So you have finally found another agent, have you signed an agreement for this one to sell your unit ? You didn't with the original, no wonder they aren't in a rush !

You haven't said you can't complete, just that you have changed your mind, so I'm guessing that you could settle and aren't really all that worried.......

Yep, when you don't complete they keep your $60k and advertise it again.
Not likely to "come after you" because they are $60k up and have another 2br unit to sell in a sold out building in a high demand area (you claim).

of course she wants a second sale, she has basically sold the unit to you and already got her commision (even if you don't settle, she likely gets it paid out of your deposit) !
Do you think she should be finding another buyer/nominee for free ?
No, she is expecting further commission/compensation/payment !
If you don't sign an agreement with either agent and pay them they are unlikely to find anyone for you (even though they probably have several enquiries/people waiting on a list).

Most OTP sales contracts have a clause saying that you can't on sell prior to settling, what does your contract actually stipulate ????
Can you actually nominate a new buyer ?
If others have nominated a new buyer did they obtain permission from the developer/pay a penalty ?