Property listed in Melbourne without contract

Discussion in 'The Buying & Selling Process' started by TFBoy, 10th Aug, 2016.

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  1. TFBoy

    TFBoy Well-Known Member

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    I have come across a few listings where the agent advised the contract of sale is not ready (1 where the auction is only 1.5 weeks away)

    Is this normal in Victoria?

    How do they take offers without contract?
     
    TFBoy, 10th Aug, 2016
    #1
  2. The Y-man

    The Y-man Moderator Staff Member

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    Yep - real common unfortunately.

    Formal offers just have to wait.....

    The Y-man
     
    The Y-man, 10th Aug, 2016
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  3. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    Very common, particularly where solicitors are doing the conveyancing rather than just conveyancers doing the conveyancing. It's irritating for everyone involved in the transaction, but sadly it is a fact of life. The key is to have an awareness of who the problematic legal reps are so you can factor this in to your process.
     
    JacM, 11th Aug, 2016
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  4. TFBoy

    TFBoy Well-Known Member

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    Thanks.

    However what is the agents rationale behind this?

    Wouldnt it be better to list when the cos on hand and property is ready to be sold?
     
    TFBoy, 11th Aug, 2016
    #4
  5. Joynz

    Joynz Well-Known Member

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    In Melbourne, they may prefer to go to auction and not care that much about offers...
     
    Joynz, 11th Aug, 2016
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  6. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    No because other selling agents will be circling and sign the vendor on to their books.
     
    JacM, 11th Aug, 2016
    #6
  7. Owlet

    Owlet Well-Known Member

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    Potential buyers also need to obtain the contract so they can have their own representatives look it over and so they know exactly what they are getting themselves in for prior to bidding. In cases where contracts are not available - unfortunately the first thing that comes to mind for me is what are they trying to hide? What is in the contract, perhaps special conditions that they do not want me to have sufficient time to investigate or clarify? As these purchases are IP and not deals of the century I just walk.
     
    Owlet, 11th Aug, 2016
    #7
  8. The Y-man

    The Y-man Moderator Staff Member

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    There can be genuine unforeseen delays. For example, getting an OC Cert (where an OC exists) can be a pain.

    The Y-man
     
    The Y-man, 11th Aug, 2016
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  9. Perthguy

    Perthguy Well-Known Member

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    I was recently involved in a property sale in Melbourne and this is normal. I think our contract was ready about 2 weeks before the Auction. Interested parties just made verbal offers up to the time of the Auction. None of the verbals were close to what we got on Auction day. Auctions are popular in Vic because the contract is unconditional.
     
    Perthguy, 11th Aug, 2016
    #9
  10. Big Will

    Big Will Well-Known Member

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    A REA may have the contracts but they are wanting as much interest as possible before they take offers or have it ready a week or two before the auction.

    There is nothing wrong with looking after the vendors best interest to get multiple offers...
     
    Big Will, 11th Aug, 2016
    #10
  11. Chrispy

    Chrispy Well-Known Member

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    It is very common. As the others have said there are sometimes legal holdups that take it very close to the Auction.
     
    Chrispy, 11th Aug, 2016
    #11