Offer on a house set to be auctioned. Agent compliance question.

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billgates

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#2001450 24-Apr-2018 10:53

Received e-valuation report from our bank manager after my request. It's valued $80k less as per the report than what our offer price was. The max value for the house as per this same Core Logic report value is $16k more than what our offer was. Agent will meet today and discuss auction strategies for Thursday...

Do whatever you want to do man.

eracode

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#2007583 4-May-2018 07:39

@billgates How did it go?

Sometimes I just sit and think. Other times I just sit.

CrashAndBurn

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#2426348 24-Feb-2020 14:51

Is the agent allowed to disclose to other buyers what the pre-auction offer is given it is already accepted by the vendor? There is a property that we are interested in which was scheduled for next week giving us enough time to do checks however it was brought forward this week so was wondering if I asked the agent what the offer was to help me decide as if it is already outside my budget then that will save me from paying lawyer fees.

Batman

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#2426362 24-Feb-2020 15:11

I don't see why not. The accepted offer shall become the opening bid of the auction.

Of you explain your situation the agent will be able to indicate if you're wasting your time or not I hope.

CrashAndBurn

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#2426363 24-Feb-2020 15:13

Batman: I don't see why not. The accepted offer shall become the opening bid of the auction.

Of you explain your situation the agent will be able to indicate if you're wasting your time or not I hope.

That is what I am thinking. Just not sure if there is like a rule or law that agents are not allowed to disclose the amount itself.

networkn

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#2426364 24-Feb-2020 15:15

In my experience agents have wasted a lot of my time (and car dealers don't even get me started) by refusing to indicate directly if an offer is realistically going to be considered.

I recall a few years back we were lured to a place by an agent saying the seller of these 15 units was extremely willing to consider offers to get the first few ones sold. We weren't interested at the indicated price but the agent kept insisting any offer would be considered.

We put in an offer within our budget (and were very upfront with the agent) about what our budget was and that we wouldn't be in the ballpark if the asking price was what they actually wanted. 2 Days later the offer came back countersigned, agent wanted to meet, to discuss it, and the counter offer was the asking price.

We actually lodged a complaint with their office about it.

Like anything, it often depends on the person you deal with. The guy we ended up buying our house and selling our house through was very very good, no-nonsense and IMO very honest.

Mighty Ape

Shop now at Mighty Ape (affiliate link).

CrashAndBurn

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#2426466 24-Feb-2020 16:50

The agent just came back to me and told me that she would lose her job if she tells me the accepted offer which is dumb considering that will be the opening bid in the auction anyways. Would be better to have few people come to the auction who are in a position to bid within their budget than have a packed auction room with no one bidding.

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