Multiple offer situation

[AlFa]

Guys need your advise based on your experience please.

I submitted the offer for the house and was first person to do so. Instead of presenting it agent waited for several days when another offer would came up. In the end second offer was chosen being exactly the same in all respects (price, DD period) with only difference that people went through the property already.
So it makes me think if it's even a proper way when agent would not present offer once it come in?

[donthatetheplayer]

Some agents have a process where if an offer is presented they have a time frame where they communicate with other prospective buyers and invite offers. Then present multiple offers to the vendor. Whenever I've been in this situation I've instructed the agent to present my offer within a timeframe - usually same day. Don't listen to what the agents say when it comes to offers. You can basically make any offer you want with your own terms, although agents will try to tell you something different. Last agent I dealt with told me "it is illegal to make a 5% deposit". I didn't listen to them and secured the property with a 5% deposit...

In terms of your situation, not much you can do now. Move on and look for the next deal. It was a good lesson for you

[Puff]

It comes down to the Vendors wishes. If they want to hold off for a couple days to get an open home in there for example they can. Or as the above you can put a deadline on your offer to hurry them up.

[Damap]

I would complain to their manager if you really want it. Bad behaviour by agent 100%

[Frezzinghot]

Why didnt you make them present the offer on the day, I did this on a property last year where there were other interested parties, but I instructed the agent to present straight away or I will walk!

She was reluctant as she actually wanted us to fight it out.

FH

[AlFa]

Thanks for feedback guys. I do feel I've been let down by agent and if house will go unconditional with another offer will likely to chat with his manager.
FH - I don't have any influence on agent, don't see how I could have forced him to present the offer on the same day. In fact he's waited from Friday till Monday to even provide SPA
Puff - if it would be owners I'd understand but delay was on agent's side

[Nick G]

Sounds like the agent was playing games. I'd definitely have a chat with his manager. If you submit in writing your opinion and address it to the licensee you might get somewhere.

[OneStepCloser]

I find this very common in a hot market. We have tried to make an offer on the first day it was listed but the agents basically say no offer before open home. And we walked away, and they didn't care.

[HuntGatherRepeat]

Agent has to honour the vendor's wishes so if the vendor wanted to wait that's what has to happen. I would suggest, as has been noted above, that in the future put a 24 hour window or something similar on the offer. If you complain to the agent's manager it's likely that they will ask the vendor what their frame of events was. If the vendor states that they knew of your offer but wanted to see what else was out there then there was no wrongdoing by the agent.

[Davo36]

I guess agents don't really have to treat buyers very well just now. There are so many buyers out there, and so much demand that they can do what they like and they'll still sell the property.

[AlFa]

I guess agents don't really have to treat buyers very well just now. There are so many buyers out there, and so much demand that they can do what they like and they'll still sell the property.

yep, totally agree

[Frezzinghot]

The thing most are forgetting is a bird in the hand is worth 2 in the bush, there is never any guarantee of any offers at all coming in, so as a buyer why would you think that your offer is not worth presenting straight away? Never assume the seller will not accept your offer, you just don't know their motivation.

Has worked in the past and am sure will work again if you are prepared to walk away. Always a new offer to put in elsewhere.

FH

[xsfat]

I have included an expiry time and date in any written offers I have ever made. The expiry date is usually within 24 hours.
You do this because you want the agent to take prompt action. More importantly, you want to be able to move on to the next property, and you can't do this if you already have an offer that is capable of being accepted.

[donthatetheplayer]

I generally tell RE Agents I need a response on my offer today because if it's not accepted I have another property to make an offer on / attend auction for. This is generally true. But the benefit for me is when they present the offer to the vendor they tell the vendor this so the vendor has FOMO (fear of missing out). The vendor can reject my offer if they want of course. The point is to create a situation where the vendor not the real estate agent is the one making the call.

[AlFa]

Thanks again for feedback guys. Seems "sunset" clause is the answer, will definitely be adding it in the future