Offers over...

Okay, so I have been searching for a PPOR, and as I am a first time buyer, this is also my first taste of REs. What's the go with them asking for "offers over 480k" then replying once I contact them "We had offers on the weekend between $485,000-$510,000 they have all been rejected..."

Shouldn't the ad then say "offers over 515k" if they have been offered and rejected. This isnt the first run in, im sure there are a lot of stories of RE time wasters (had one claim it was a must-sell firesale, passed in at auction, still on the market 3 months later).

At what point does it become underquoting? I mean above seems a fairly obvious example to me. There is a 35k difference between advertised and the highest knocked back offer..

 

A friend of mine just sold. It said offers over $820k in the ad. The reserve was close to 1 million. I guess the best way is to compare what others are selling for in the area. Nothing has sold near them for less than 900 in the last few years. Unlikely it was ever realistic to be in the 800's. What is the rule on underquoting?

 

I thought some places were looking at having a major crackdown on underquoting to the point where agents lose commissions.

Of course it is up to buyers to do their research... But I still feel it is not ethical to INTENTIONALLY underquote!

 

'another thread on this - laws are changing in NSW

 

It's probably a case of under-quoting... But in saying that, it could have also been a case of conditions or settlement. Maybe others came in an offered cash unconditional straight off?

But I'm definitely leaning towards under-quoting.

 

Is there somewhere I can report it. Or should I not even bother? I know the laws are changing, but they're currently in place to punish it now arnt they? (Supposedly).

I personally can't wait till a massive recession and all these shonky REs go tits up.