Tell me something I don't know - I live in a cave on top of a mountain

[Frezzinghot]

Just thought I would start a thread based on the bleeding obvious, so I enquire about a property I am interested in, as is so often the case these days there is no price! (annoying) So I get this response.

Thank you for your enquiry regarding the home for sale at xx xxxx Drive xxxxx Drive xxxxxxxxx. The home is being marketed “Price by Negotiation”, we are recommending buyers who are looking in the price range north or $450,000.00 should seriously consider viewing this family home. Please note this property has just been listed for sale today, there is extremely strong interest.

My recommendation is I want to pay less, oh and by the way I read and listen to the news daily and am well aware of how HOT the market is at present. Why is there a need to pump the interest up so much from the agents these days!!

Just so bloody annoying or am I being precious...

FH

[lipm1]

I had an agent recently not bother to return my calls (multiple) and finally sent a text saying he want's all multiple offers in on Friday (this was a Wednesday and was only listed that day!)

Like shooting fish in a barrel for the agents at the moment. that same agent only puts 1 photo on the web, advertising consists of 1 sentence, and he almost never answers his phone, and he's still selling lots of property!

[Frezzinghot]

I believe all agents in this market should be treating all purchasers the same, getting back to buyers is just common courtesy, the shoe will soon be on the other foot and you don't want to be remembered for doing the wrong things.

As far as multiple offers go, it seems agents and vendors alike are hoping for this scenario, as it gives the best outcome (people fighting over the listing) and you can hardly blame them for wanting this, I would want the same.

An example of this was my latest purchase, listing had been on the market for 1 week, agent very green and had just started her career in real estate, and i presume did not create enough urgency with the listing. Also her rental appraisal was way off by $120 per week. I thought it had been unusual that the property (multiple income) had been on the market that long without an offer, I had finance in place so acted quickly to secure a deal. The time of the week helped as well, it was a Monday that I had viewed the property, and that evening I had signed the contract. It did not run all that smoothly for me though, after I had made my intention to put an offer on the property, the agent tells me that the vendor would like to wait until the weekend to view any offers as there may be others interested in the property (not a good result for me) I then put pressure on the agent, tell her that I would like to make an offer and to tell the vendor they were best to look at my offer, they did not even know what it was and other offers could be less, they finally accept to see the offer that night and I had a contract in place. Lucky also as another buyer was ready to put in an offer but did not have time to do any due diligence on the place and was gutted to miss out.

Point is in this market you need to move very quickly, and don't accept no for an answer, you can always walk away.

FH

[PTILoveYou]

Morale of the story, dont use the listing agent

[Frezzinghot]

Morale of the story, don't use the listing agent

She'll get better though, just needs more runs on the board.

[Frezzinghot]

Oh, get what you mean garry.

[PTILoveYou]

The non-listing agent would hopefully be more proactive to ensure you are the buyer.

[genius]

The non-listing agent would hopefully be more proactive to ensure you are the buyer.

Doesn't always work that way in this market unfortunately.
Most of the time, only the listing agent has access to the vendor and can "convince" that the listing agent's offer is better (or if not, they'll quickly match/beat the non-listing agent's offer) one way or the other. Non-listing agents are a waste of time in this hot, hot market.

[PTILoveYou]

Doesn't always work that way in this market unfortunately.
Most of the time, only the listing agent has access to the vendor and can "convince" that the listing agent's offer is better (or if not, they'll quickly match/beat the non-listing agent's offer) one way or the other. Non-listing agents are a waste of time in this hot, hot market.

I still prefer working with people I know =)

[BeachBunny]

Point is in this market you need to move very quickly, and don't accept no for an answer, you can always walk away. FH

Frezzinghot
I am interested to know how you can walk away from an unconditional offer?
Or was it not unconditional?
If not unconditional, then how was the other buyer not able to purchase from under you?

[Frezzinghot]

Or was it not unconditional?
If not unconditional, then how was the other buyer not able to purchase from under you?

Point was that before unconditional you can walk, the other buyer just was not ready to commit to an offer, the pace I moved at helped getting a signed S&P agreement before anyone else could go to multi offer. In a slower market there is no need to rush.

FH

[lipm1]

I had a situation with a property that had been sitting for a couple of weeks, which is a long time in this market, I made a cash unconditional offer to the agent expecting it to be presented, only for him to call me back and be told he has an obligation to advise all agents in the office an offer is coming in to give them a chance to also present offers, so now all of a sudden milti-offer situation and despite my protests he refused to present my offer until 4.00pm the following day as it is the agency rules! I'm struggling to find an agent who is remotely interested, private views are almost impossible to arrange, "just come to the open home". I can't wait for some of the heat to come out of the market for nothing else than be treated with some respect from agents.

[Frezzinghot]

I had a situation with a property that had been sitting for a couple of weeks, which is a long time in this market, I made a cash unconditional offer to the agent expecting it to be presented, only for him to call me back and be told he has an obligation to advise all agents in the office an offer is coming in to give them a chance to also present offers, so now all of a sudden milti-offer situation and despite my protests he refused to present my offer until 4.00pm the following day as it is the agency rules! I'm struggling to find an agent who is remotely interested, private views are almost impossible to arrange, "just come to the open home". I can't wait for some of the heat to come out of the market for nothing else than be treated with some respect from agents.

Unfortunately these are the times we are in and the wise investors have their hands in their pockets, I find this time on the property cycle to be the most difficult, as an investor, funding is cheap, capital gains (if in auckland market) is high, property in the media is also the flavour of the month and everyone from the barber to the taxi driver is talking about property and how much it has increased. As an investor you want a piece of the action and start asking questions like, "am I going to miss out on the capital gains if I can't secure property", "I want more property but its impossible to find at the moment"

Very difficult if you are driven to succeed, but I feel this is the time to be most cautious! Wait for the right deal to come along and keep looking, yes lots of agents are painful to deal with at this time in the cycle, but there will be some you can deal with, keep them on your side, they may bring that deal of the month and you'll be away again.

Patience there is always a slump to be buying in coming up.

FH

[Frezzinghot]

so now all of a sudden milti-offer situation and despite my protests he refused to present my offer until 4.00pm the following day as it is the agency rules!

You could try and put in the contract "This offer will terminate on xx day of xx month 2015" say that this is basically a cash offer and is my best price, no mucking around with me.

FH