Thinking of using a Buyer's Advocate / Agent? DON'T!!! A tragic tale of deception and woe.

Discussion in 'Property Experts' started by Bill Murray, 28th Oct, 2018.

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  1. Bill Murray

    Bill Murray Member

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    (I will not reveal which buyer advocate I have hired as I am currently going through a legal dispute with them, you can PM me if you are curious)

    ...removed at request of poster...
     
    Last edited by a moderator: 6th Nov, 2018
  2. Sackie

    Sackie Well-Known Member Premium Member

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    All over the place.
    I have had bad experiences with lawyers, brokers, real estate agents, accountants etc. I guess I should never use another one again.

    Painting an entire industry with the same brush is never wize.


    Disclosure: I only read the title of the post.
     
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  3. Kassy

    Kassy Well-Known Member

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    Get legal advice ASAP and before paying any deposit...make sure you get your contract with buyers agent reviewed by your solicitor at the same time.
     
  4. MTR

    MTR Material Girl Premium Member

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    What does your contract say??

    I had a bad experience with one BA years ago .... I would never use a BA again in Australia ... once bitten twice shy

    Not stating all BA are bad, I dont know??
     
    Last edited: 28th Oct, 2018
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  5. Bill Murray

    Bill Murray Member

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    Thanks. I have a conveyancer but not a solicitor. I will need to find one in this situation?
     
  6. Bill Murray

    Bill Murray Member

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  7. Joseph Skewes

    Joseph Skewes Well-Known Member

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    Is it typical practice to sign a blank contract for the buyer's agent to complete?

    You did change the amount you were prepared to pay multiple times, including agreement to $600k (max) around 18 minutes before they claim to have submitted your offer.

    As above, get legal advice... depending on the wording of the clause you could potentially get a building inspection and crash the contract on something you don't like in it?

    It is only 3% higher than your new maximum price... you could just suck it up and pay it. Do you think you could find a better apartment for $598k based on recent sales?
     
  8. MTR

    MTR Material Girl Premium Member

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    I understand

    However, Its important as this will determine whether you have a case or not

    Get legal advice
     
  9. Otie

    Otie Well-Known Member

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    I almost got burnt by one on here. Luckily I came to my senses and trusted my instinct. Found out that the “previous client” he put me in touch with for a testimonial was working with him as she started harassing me about buying a property that was an off market deal and that I needed to move fast. This was a RGZ property in Melton last year.
    I don’t know what I was thinking to be honest. Feel like I really dodged a bullet
    I started to piece it all
    Together afterwards. They talk these amazing growth deals on here to draw in people then they work on you. They really make you second guess yourself. Prior to their brainwashing I would have never bought in Melton especially not for the asking price they wanted. So glad I didn’t.
    I think it’s important to do your own research and once you’ve educated yourself have confidence in yourself- they will try to make it all sound too hard and make you second guess.
    The growth from one of their GRZ examples was no better % wise than a property I had bought in 2016 on my own using my own research.
    They got very angry when I told them I changed my mind and wouldn’t sign their contract.

    I just wouldn’t pay the deposit and tell them that you never signed that contract at that price. I really don’t think they can force you into the sale at all. Threaten legal action.
     
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  10. MTR

    MTR Material Girl Premium Member

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    Could also be buyers remorse as its a falling market?????
     
  11. Otie

    Otie Well-Known Member

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    Buyers agents have no incentive to work in the buyers best interest. Other professionals rely on repeat business (exception of real estate agents)
     
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  12. Otie

    Otie Well-Known Member

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    I think you’ll get a better deal if it’s Melb or Sydney.
    Can you cancel the buyers agents contract? Put the money towards your deposit and research yourself. Time is on your side in the market now. Different market to a year ago
     
  13. Bill Murray

    Bill Murray Member

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    Yes, I did change the pricing amount as I believed my buyer's advocate, that this is really a hot price for this kind of property. But there were cracks beginning to appear in the story of this property, so I had reservations as to what lied ahead. Their initial forecast was that this could sell for well over $620k at auction, that we should jump in now pre-auction and go to a bidding war with another party (which it doesn't seem there is in reality). We were happy to try for 560k, then 570 k, but as it was inching towards 598k, my partner felt this was way overs, considering how the market is turning, and that if we are the only buyers that we should have more bargaining power, and that with my Buyer's Advocate, they could get a really really good price (hoping!). A 3% difference is a lot for small-timer like myself, as this is about a year's saving. I was under the assumption that my BA would score a bargain, based on the position we were in. I stated quite clearly to just let it go, that something around 580k would be its real market value in my mind.
     
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  14. MTR

    MTR Material Girl Premium Member

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    I know a BA on PC who suckered someone into buying inferior development site in Melb

    Not only was timing wrong but what they said they could achieve with this site is not true

    ... and on top of this very difficult to sell on anything that is over 4 unit site

    This person may lose $100-200k and holding is not an option

    So this person could have paid a town planner to determine what could be built on this site for a fraction of BA fee.


    Please guys its your money, make the time to do your own homework, trust no one
     
  15. Bill Murray

    Bill Murray Member

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    This all depends on the outcome of this contract and whether it is binding. This is for a unit in Melbourne. This has only happened in the past 3-days days and 10% deposit requirement is TOMORROW! A BA for the people is just BS.
     
  16. Otie

    Otie Well-Known Member

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    Ha we are talking the same person!
     
  17. Otie

    Otie Well-Known Member

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    Don’t pay it. The vendor won’t take you to court and fork out for lawyers. They will cut their losses as there’s no loss. Let them give it to the other buyer. I bet it remains on the market because there’s no other buyer.
     
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  18. MTR

    MTR Material Girl Premium Member

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    Holly Molly.... I did notice this person is not posting, rarely now seen on forum.....

    I did not buy the thread on zoning, calling it BS, sales pitch, come in spinner

    This person was Quoting townhome end prices to pump up their figures on their feaso.....yet apartment prices significantly lower end values

    They were also advocating development sites where it would be nearly impossible to source finance for builds......
    No integrity

    Problem is newbie wannabee developers eat this up, believe it

    Use -
    Town planners
    Builders
    architects/draftee
     
    Last edited: 28th Oct, 2018
  19. Bill Murray

    Bill Murray Member

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    I agree 100% with you in your situation, and I hope it's not the same BA we are both using! Unfortunately due to my work commitments, I had placed my good faith in a BA to find my dream home at my dream price. Now all my friends and family are giving me the old "I told you so" lecture. The payment for the BA fee has taken me 8 months to save thus far. I feel disillusioned by the whole real estate industry after this, with such hope and optimism as a first-home buyer. I wonder where are all the legit BA to give their two cents' worth. Haven't heard a word from them yet... The next step with my BA is also of concern. Cut ties, they will still try to say I am liable and to forego the total fee.
     
  20. Otie

    Otie Well-Known Member

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    I didn’t like any that I spoke to- I only spoke to 2- the dodgey one and another one back in 2016 when I bought my first IP who made me feel like everything I’d researched and planned was wrong.felt pressured to think that I didn’t know what I was doing. Without using any BA on the first property equity has risen nearly 300k with my uneducated research- and I was told that the suburb I had bought in had no potential due to stigma. I think a lot of BAs rely on the rising market so they can’t go wrong when the markets hot- no one can really!
     
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