Urgent Advice needed regarding high Offers

I think the short settlement would be enticing especially since they have already bought. When is building and pest happening? It's strange that he said you have a good chance when there are higher offers than yours. Also not right that he has disclosed other offers to you but hey it works in your favour if he is telling the truth

 

I still have no idea why they couldn't accept the high offers because of the market or something?

 

The Section 27 is a standard law/ condition of Vic real estate transactions.

It doesn't affect you directly as the payer of the deposit - but if you pay more than 10% deposit, then all of what you pay will be released.


There is no requirement for you to pay more than 10%, and there is no requirement for you to pay even 10%. The deposit you pay can be negotiated....it is up to the Vendor to accept an offer different to an amount of 10%.

With our PPoR, the sale price was $1.38m, so the deposit should have been $138k, but the buyers could only get access to $100k. We accepted that as their deposit, which was released a few days ago via a Section 27.

 

Likelihood of the deal falling over due to finance. If the agent has priced the property properly and the current offers are well above full valuation, then there is the possibility of the deal falling over as another valuer may not appraise it at the sale price unless it was purchased at auction (willing buy/willing seller at market conditions).

 

It sounds very peculiar. When wesold a propertylast yearat a price significantly higher than our agent had estimated, our agent didn't ask us to drop the price, instead we were warned that a valuer might not value it at the sale price.

Seems to me like you can tellwhen an agent is lying - their lips are moving

 

It does sounds very fishy when the agent is refusing higher offers. I would ask for more clarification about this and report back. Personally it seems too hot and too biased towards the vendor

 

Thanks a lot for the explanation! Does this also mean if I pay less than 10% or 10% then my deposit is not released till the loan is approved from the bank?

And thanks to everyone for the help, I called the agent up and told him $430K was the best I could do and he said this property will probably go to someone else, he will let me know if anything changes

 

The agent is just playing you. You have the highest offer on the table now. Normally agents would never bother to call you back if they have a higher offer. They wouldn't even wanna talk to you if there were 3-4 offers higher than yours by 20-30k(thats 5% difference on a 400k+ prop)

The very fact he called you back and told you about all the other higher offers(which they are not supposed to reveal if the offers are still on the table) means either those offers are imaginary or have already fallen through.

Since you already said 430k it will be hard to go back to 425k. If you don't want to wait just call him say you are considering to put offer on another place and consider withdrawing.

 

Hi Guys,

Just to let everyone know what happened! The property is under contract now for $440K (unconditonal)

http://www.realestate.com.au/property-house-vic-narre+warren-120492217

This was the property!

Thanks for everyone's 2 cents.

 

Thanks for letting us know.
Did you have any other contact from the agent?

 

Yes, the day was supposed to get back to him, he called me again and told me looks like this will go as another cash offer has come through for $440K !
I told him that is fine! Let me know if anything changes!

 

@MKH what did I private message you lol, boy am I good!

Just FYI I guessed 440k would be the price.

 

@Big Will I agree! good prediction!