Underquoting NSW

So, there was much talk about underquoting and the new laws.

I cannot see any info on this, but one smarty pants agent is advertising an Auction, with no price guide, then when asked, they say they wont be providing any price, but that also it may sell before auction. Seems to me the new laws were to prevent this exact waste of time and money.

Seems to me these new laws do nothing ?

 

That's Queensland style.... agents can't provide price guides if it's going for sale by auction so you have to guess that for yourself....

 

Ask for some comparables.

 

It would be good if they would stop "forthcoming auctions" which seems to be the loophole in SEQ atm. If they can't list an auction date immediately, I don't think it's fair

 

SNM - It is not a problem for me to pick a random number, but this is wasting time, is not local, is not a standard resi block and house, so it does them no real favors in the long run. I already told them I won't bother. I like to know if a vendor is realistic and really selling, usually a decent agent will indicate this to you.

re laws

Set auction date and not be able to sign anyone till on or after Auction day would be a good partial fix, along with providing B&P.

The laws are useless if people can avoid a price altogether, then sell prior to auction, which is what they will do. The laws were meant to prevent time and money being wasted, this allows the same thing, so, as usual, a waste of time new law it seems ?

 

@dabbler - selling pre-auction means there was very little interest/vendor got nervous/agent pushed vendor to accept an offer or was a reluctant auction listing and wanted the sense of urgency.

OFT requirements are pretty weak as the agent isn't required to provide a guide hence not misguide buyers. If they do provide a guide 2 sets of comparables can be used - higher ones for the vendor to back the contract/listing & lower ones to match a price guide.

There's no requirement for these guides to match.

 

I do not know what they are up to apart from wasting time !

I think they could have set up some decent procedures if it was thought through well.

 

Here's a summary of the NSW underquoting laws:
Will the Leopard Change its Spots?

Keep track of the most inaccurate price quoters here:
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