Not Passing an offer to vendor

Discussion in 'The Buying & Selling Process' started by Ravs, 26th Jun, 2019.

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  1. Ravs

    Ravs Member

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    You have also been approached by another potential buyer who makes an offer of $1,380,000. You believe that the house will sell for more, so you do not pass on the offer to the vendors. What Professional Conduct Regulations will you be breaching in this scenario and what penalties will apply?
     
    Ravs, 26th Jun, 2019
    #1
  2. wylie

    wylie Moderator Staff Member

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    Are you asking whether the agent should pass the offer to the vendor?

    I’d say yes unless the vendor has given instructions they do not wish to hear about any offers below $xx.

    Are you the vendor in this scenario and wanting to know your rights?
     
    Last edited: 26th Jun, 2019
    wylie, 26th Jun, 2019
    #2
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  3. The Gambler

    The Gambler Well-Known Member

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    Classic first post. Is this a 'What if' or a real question?
    Dunno, but either way, my answer is the same - it's extremely unethical (unless the situation Wylie mentions is in play).
     
    The Gambler, 26th Jun, 2019
    #3
  4. Ravs

    Ravs Member

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    oops. my bad to not explaining the case from beginning. Apologies on that. Lets assume price marked property to sell between $1,400,000–$1,600,000.
     
    Ravs, 26th Jun, 2019
    #4
  5. Trainee

    Trainee Well-Known Member

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    Your the buyer, then? Agent doesnt have a contract with you. Possibly the vendor says dont come to me with offers below the range.

    That big a range tells me the vendor wants closer to 1.6, and is putting the range just to pull in more buyers to look.
     
    Trainee, 26th Jun, 2019
    #5
  6. Scott No Mates

    Scott No Mates Well-Known Member

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    That's a shopping list. Agent is obliged to pass on all offers (unless under other instructions from the vendor).
     
    Scott No Mates, 26th Jun, 2019
    #6
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  7. Ravs

    Ravs Member

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    What Professional Conduct Regulations will you be breaching in this scenario and what penalties will apply?
     
    Ravs, 26th Jun, 2019
    #7
  8. Trainee

    Trainee Well-Known Member

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    How do you know the seller didnt say dont come to me with offers below the range?
    Or are you just peeved because you lowballed and lost to someone else even though you were willing to pay more?
     
    Trainee, 26th Jun, 2019
    #8
  9. Ravs

    Ravs Member

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    That's why it asks "What Professional Conduct Regulations will you be breaching in this scenario and what penalties will apply? " I need the answer for the case .... :)
     
    Ravs, 26th Jun, 2019
    #9
  10. Trainee

    Trainee Well-Known Member

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    “It depends”
     
    Trainee, 26th Jun, 2019
    #10
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  11. Ravs

    Ravs Member

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    why ?
     
    Ravs, 26th Jun, 2019
    #11
  12. Marg4000

    Marg4000 Well-Known Member

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    So who are you?

    The vendor?
    The buyer?

    Or someone who wants help with an assignment? (In which case, don’t rely on an answer from an anonymous forum.)
    Marg
     
    Marg4000, 26th Jun, 2019
    #12
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  13. TMNT

    TMNT Well-Known Member

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    asking price or asking price range isnt a representation of how much a property is worth
     
    TMNT, 26th Jun, 2019
    #13
  14. Scott No Mates

    Scott No Mates Well-Known Member

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    I can't recall if it is in the Act or in the Regulations (definitely not from REIV/REINSW) but it was in the agent's licensing course.
     
    Scott No Mates, 26th Jun, 2019
    #14
  15. D.T.

    D.T. Specialist Property Manager Business Member

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    Looks like one of the questions from a licensing course assignment, do your own homework :)
     
    D.T., 26th Jun, 2019
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  16. Dan Wood

    Dan Wood Well-Known Member

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    Either that or OP is scorn that their offer wasn't put to the owner and wants compensation.

    Or some rubbish like that.
     
    Dan Wood, 26th Jun, 2019
    #16
  17. thatbum

    thatbum Well-Known Member

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    None. Easy answer.
     
    thatbum, 26th Jun, 2019
    #17
  18. Athikalaka

    Athikalaka Well-Known Member

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    The wording of the OP definitely looks like a direct copy paste for an assignment... It would be funny if the teacher/marker is on this forum and fails them on the basis of what answers are provided here.
     
    Athikalaka, 27th Jun, 2019
    #18
  19. ThaRealJaySnell

    ThaRealJaySnell Well-Known Member

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    It is 100 percent from the Agents Rep Course.
     
    ThaRealJaySnell, 27th Jun, 2019
    #19
  20. D123

    D123 New Member

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    HI Wylie,
    Wondering if you could tell me what are some consequences of not passing an offer to the vendor?
     
    D123, 25th Aug, 2021
    #20
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