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

Whoa how much was the fee? Can you get out of the contract at all? I’d speak to a lawyer to find a way out

 

Suffered some FOMO....? (fear of missing out)
The message 27/10 @11.38 should have been the final discussion of that property.....
Now you have a bad case of "buyers remorse".

No agent is 100% "on your side"....the only reason they are there is $$$.....whoever pays.
The mysterious "other buyer" is an old sales trick to promote FOMO.

Get some legal advice from a real lawyer and see how you go....it may be an expensive lesson in doing your own real due diligence other than "google".....

On the upside - if its the type of unit you really wanted then no problems - you got it...

Good luck.

 

Very shonky.
You have written this out well and I think if you combined it with your sms data you'd be able to blast them to kingdom come on this one. May not even need to take it further than them. If the guy was straightforward with you when you first met, he might understand you being straightforward with him too.Worth a shot; short and sweet.
First, you need to decide if you want this or not i.e. is it worth the trouble of not going ahead? i.e. at one point you were prepared to go to 610K albeit with no sleep.
If you really don't want it at this price, don't delay. Lay it on the line.
Not sure I'd attack the commission per se, but more the mates/racket thing going on and the dishonesty. There's definitely some mutual back scratching going on somewhere - I'd say with REA.

 

Bad word of mouth is never good for any business . There is good and not so good in all industries .

 

The same can be said about posters on PC .

 

What you talking about.. Everyone here is a mench.

 

With the property, as i said before, i like it and its in a location that i wanted. The issue is the price and the way it was purchased. As BAs i was of the thinking they would be able to use our bargaining postion to bag it for 560k. They said that didnt work, and at 580k i would have been ok with that. When they started calling and saying they definitely could swing it our way at 598k, alarm bells started ringing. I was actually starting to doubt my BAs, the ones i am paying top dollar for! I was literally scratching my head and asking what the **** is going on???

 

Thanks Simon. I never knew of REBAA before, but no, they are not a member.
Attached is a free valuation on the property in question, as well as the property history.
CoreLogic has medium confidence estimate of 478k-684k. APM has high confidence of $520k-$680k. Median Price Unit is $593k. Growth since July is down 21%.

 

Was the section 32 signed by the vendor when you signed that and the blank contract?

If not it maybe another way out. You need to check with a lawyer but I believe the sec 32 needs to be signed by the vendor prior to buyer.

 

No, the s.32 is blank and not signed by vendor. Only the contract has been signed by the vendor, dated 26/10.

 

Taking those figures to task: Core Logic - $196k variability on $478,000 = 41%
APM $160k on $520k = 31%

The BA has achieved a deal in those ranges if that was your criteria .

 

So Bill can use give us a one or 2 line summary of why you are dissatisfied?

 

@Bill Murray , when you signed the document, how did you deliver to the BA? Was it electronically? Or by hand? If electronically it is at least tracable?

Also I wonder whether you can complain to REIV about this BA? I would do that, along with trying to get a lawyer to speak with professional advice.

I have used 2 BAs to buy 2 properties at Melbourne in 2016 and 2017. Both are on PC and and I have mixed feelings for both of them.

It is true that BAs are there to transact as quickly as possible so that they will get the money quickly. But some are better than others.

I just see them as hands and feet on the ground so that I can make the decision of buying. I didn't have time to fly down to Melbourne on regular basis to buy them.

Also I have 2 experiences with 2 different lawyers/conveyancers and the experience is night and day. Both were recommended by the BAs.

I am quite keen to know which BA you are referring to, PM me if you want.

Finally, I would ask this question, for 598K, would you get a much better Unit/Villa at Melbourne right now? If not, you may as well buy it, as you are renting anyway so you are throwing money out to landlord right now. Yes depending on your current rent you may have another year to buy, but because your experience on BA is bad, and unless you have time (which from what I read, you don't), you probably won't buy another property for a long time, and keep renting.

What suburb is is property? If it is a well located property in good suburb, and something you are happy with, you may as well keep it, and let the stress go. But I would still complain to REIV and seek lawyer advice (may get money back from the BA for a start).

 

This may be a way out if you want to get out. Like I said you will need to check with a qualified lawyer.

As others have said I wouldn’t pull the pin in the deal for the sake of it. If you believe you haven’t been provided with the services you thought you were procuring when you signed the agreement with the BA you could always negotiate the fee for the service. There may be a compromise that allows the deal to go through with everyone taking a small share of the pain.

 

I think because he wanted to get the property between $580 and $590k, not $598k (even though he had mentioned up to $610k at one stage)

 

Out of curiosity does the real estate agency end with Stuart?

 

In regards to the above posts, I can say I would be satisfied if my BA honestly had made a pitch for 570k, which I think could have been done by good negotiating. Pushing up to 580k was my max as a realistic evaluation of my own. As outlined in my texting, it was confirmed that we couldn't settle on a final amount, that 598k wasn't going to cut it. It may seem that the difference is not that much, but for a simple person like me, 18,000-28,000 is still a decent amount.

What I am upset about is the ethics involved. I thought we had lost out and so be it. I told the BA that it is a good buy for the other party involved. However, from the sounds of things, it looks like there was no other party. So what is happening here? Was an offer of $570k really made??? All these things have left a bitter taste as I had complete faith that my BA would come through and score a good bargain. The reality is they were trying to push up to my 610k limit to see how much they could squeeze out of me (I am guessing for commission purposes? However I am already paying these guys $13,000! ). The initial stage was I was happy to put in an offer of $550k and see what happens, but BA mentioned FOMO and another buyer involved, so to be ready for a bidding war that may tip it over $600 k and that his valuation of the property was that at auction it could sell for $640k+! Mentioning 610k as my max was prob my mistake but thinking a 30k difference might just be worth it. After a little bit more research, and seeing how things were unfolding, I should have stuck to my guns at 570-580k in hindsight. Note that this has been a rushed time, everything happened only four days ago, missed out two days ago, and then get told last night it has been secured for $598k with 10% deposit required tomorrow!

PS. The real estate agency begins with H (one word). My BA is one word, funnily enough too!