Statement of indication - VIC

Discussion in 'The Buying & Selling Process' started by gach2, 24th Feb, 2020.

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  1. gach2

    gach2 Well-Known Member

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    Just saw a property pass in for 840k when the statement of information stated 730 - 790K?

    Is this allowed and usual in VIC?
     
    croseks likes this.
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Just very typical, the regs are very weak in this area, enforcement is difficult.
     
  3. The Y-man

    The Y-man Moderator Staff Member

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    Should not be allowed from what I understood.

    The Y-man
     
  4. gach2

    gach2 Well-Known Member

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    Fair enough

    I understand underquoting (say 700k expected when bidders have a war and it goes to $1 million) but this one here was the reserve was over. Thought the 840k was a good price for the property, now its up for 850-920k
     
  5. The Y-man

    The Y-man Moderator Staff Member

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    Understanding underquoting

    Report to Consumer Vic

    The Y-man
     
  6. KateAshmor

    KateAshmor Victorian Conveyancing Lawyer Business Member

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    Did they update the Statement of Information prior to the auction? Often agents will do this if they have received an offer above the range.