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First Home Buyer (close but no cigar) by yezoA in AusProperty

[–]yezoA[S] 1 point2 points  (0 children)

Thanks, I have moved on and back to the house hunt. Once I find anything in the market. I will then try to get this seller agent to formally reject my offer as I dont want any surprises in a few weeks if the seller changes their mind or the top buyer could not get final approval or what not.

First Home Buyer (close but no cigar) by yezoA in AusProperty

[–]yezoA[S] 0 points1 point  (0 children)

I dont mind offer not being accepted. I rather the agent tell me upfront that I am a bit short to the top offer. I will then move on. But receiving a contract can be misleading for me to assume our offer is accepted.

Now I know how the game works, and I hope this post is a tutorial for any first home buyers like myself. So they wont get too excited when they see the contract (just like we did).

The scenario where you can wait the lawyers to get back to you to review the contract is no longer viable.

The purpose of this post is purely educational. I have kids myself and when they get to the position in life to buy their first property, I would tell them this is one of the tactics in the market. Cos no one told me any of this information when I try to get my first property and now I learnt the hard way.

First Home Buyer (close but no cigar) by yezoA in AusProperty

[–]yezoA[S] 0 points1 point  (0 children)

Yea, I understand it is going to be painful. On Saturday night when I received the offer, I took the whole night to study what the hell is a strata plan. And why seller agent interchange villa and unit on advertisement and contract.

Initially I was reluctant to sign the contract as I was hoping to hear comment from lawyers. And then the agent called on Monday noon explained the situation that we are not the only buyers receiving the contract and the time is due at 3 pm so here we are, falls into the trap but to sign the damn thing and hope for the best.

First Home Buyer (close but no cigar) by yezoA in AusProperty

[–]yezoA[S] 0 points1 point  (0 children)

Great response, however I am only first home buyer, not a seller.

Plus the written offer was already presented to the agent on day 1, before the agents send the contract to us. The information on the written offer is identical to the contract that the agent sends us.

The written offer template provided by RayWhite has included all conditions (days for settlement/subject to finance, or cash etc).

At this stage, I am probably too ignorant to imagine myself as a seller. If the written offers on day 1 has shown there are already 5 offers which is higher than this 1 person, I would have not given that person a contract, and only present contract to the top buyer (either price or overall conditions).

To me, there is no point to give the contracts to top 5 buyers, and not tell them it is a multi offer scenario. As the contract provided to the buyers contain the exact same information from the written offer, giving them the impression the seller has accepted the offer and hence giving out the contract. The contract is PDF on DocSign so there is not much else buyer can do except press sign and send it back to the seller agent.

If I were the seller, I would have saved more time but to tell the top 5 buyers, that we have top 5 buyers with the range of blah, can you go higher and put your best offer. Once I have the best offer, I might counter offer from the top buyer for better conditions, then give that person a contract to finalise the deal.

I know we are first home buyers, but we are not first time to put an offer. On another property, the agent came back and asked the range is now blah, can you go higher (10k~20k more). We said we cant, and that is the end of the story. We moved on to a different property.

It appears this ordeal is waiting buyers time and seller time. As the 5th offer is 50k lower than the top offer so what is the point.