Price Jacking by agent

Discussion in 'The Buying & Selling Process' started by Craig Jung, 29th Sep, 2020.

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  1. Craig Jung

    Craig Jung New Member

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    29th Sep, 2020
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    Dear members
    I need an urgent piece of advice.
    Have been in talks with an agent for a plot. However the agent is playing games in between and keep jacking up prices at any price I quote .
    The land assessment for the lot came in less . there is 50k difference however the agent says seller not interested in selling and would wait till someone offer the price .
    I suspect , it’s not the seller but the agent that’s doing all this .

    is there any way I can communicate with seller or can file a complaint against the agent as he has backtracked on all previous promises when I offered him price and started showing interest .
    Now bank loan is approved and agent says seller not agreeing the price as per bank evaluation
     
    Craig Jung, 29th Sep, 2020
    #1
  2. wylie

    wylie Moderator Staff Member

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    I'd move on to the next block. This agent sounds dodgy.
     
    wylie, 29th Sep, 2020
    #2
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    not much benefit for the agent to obstruct the sale ?

    ta
    rolf
     
    Rolf Latham, 30th Sep, 2020
    #3
  4. Trainee

    Trainee Well-Known Member

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    Theres no contract, right? So bank loan cant be approved.
     
    Trainee, 30th Sep, 2020
    #4
    Rich2011 and The Y-man like this.
  5. The Y-man

    The Y-man Moderator Staff Member

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    Do you have written evidence? Spoken words mean nothing. Also, you can misinterpret words. eg Agent might say "I think I can get the vendor to agree to that price maybe ..."

    The Y-man
     
    The Y-man, 30th Sep, 2020
    #5
  6. VB King

    VB King Well-Known Member

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    It’s the agents objective to get the vendor and a purchaser to hold hands on price (and terms and timing).

    There are circumstances where the agent doesn’t need to take or present your offer - for example, if the vendor has stipulated not to present offers below $x. It may well be the agent as you suspect, or it could be an optimistic vendor.

    Q - where is your offer in price compared to any advertised pricing?

    Q - can you strengthen your offer (not necessarily price)? If you’ve done your due diligence, would you consider waiving cooling off using a 66W form? This shows an offer is very serious and can be tempting to a vendor.

    Is there any way you can communicate with the vendor? Most don’t like it, that’s one of the reasons they’re employing an agent. But the vendors are named on the Contract of Sale, as is the solicitor or conveyancer representing them.

    Disclosure - I’m a selling agent.
     
    VB King, 3rd Oct, 2020
    #6
  7. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    Its in the agent's best interests to sell the land, the vendor could genuinely believe that the land is worth more than the valuation.

    Maybe put your offer in writing with terms and email it to the agent to ask him to present it to the vendor, or better still sign a contract with deposit and if you don't trust the agent you can send it to the vendor's solicitor.
     
    Mel Morgan, 3rd Oct, 2020
    #7
  8. skater

    skater Well-Known Member

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    Maybe just find another block.
     
    skater, 4th Oct, 2020
    #8
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