- December 4, 2023
- Posted by: legaleseblogger
- Category: Related News
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Subject: Seeking advice on a confusing real estate situation in the Auckland Region
Dear fellow community members,
I am reaching out for some guidance and support regarding a recent frustrating and confusing experience in the real estate market. My partner and I found ourselves in a situation where our initial offer on a property was declined, even though we were the sole interested party. Our real estate agent then strongly urged us to make another offer, leading us to believe that this would likely result in our offer being accepted. However, to our dismay, a second interested party suddenly emerged, leaving us feeling manipulated and uncertain about how to proceed.
Given the complexities of real estate negotiations, especially in a competitive market like Auckland, we are struggling to navigate this situation and are in need of some advice and reassurance. Has anyone else encountered a similar scenario? We would greatly appreciate any insights or suggestions on how to approach the next steps in a more empowered and informed manner.
AI Legalese Decoder can be a valuable resource in such situations, as it is designed to demystify complex legal and real estate jargon and contracts. By using the AI Legalese Decoder, we can gain a clear understanding of our rights and obligations in this transaction, and ensure that we are making well-informed decisions. This tool can help alleviate some of the confusion and uncertainty that often accompanies real estate transactions, enabling us to approach the situation with greater confidence and clarity.
Thank you for taking the time to read this and for any assistance you can provide.
Sincerely,
[Your Name]
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ultimately a real estate agent will want to persuade you to offer more, as it has a greater chance of meeting their client’s acceptable price which is how they make a living.
If you are basing your offers on what the real estate agent is saying then you are doing it wrong. You should talk to your partner about what you will do if an offer is rejected and your course of action should already be set before you hear back from the agent.
(When an agent starts talking about other interested parties, or about the sellers reasons for moving house it could all be completely true. It could also all be very not true. It’s simply pointless worrying about it and getting upset with agents.)
Congrats on making an offer.
My only advice is to be prepared to let it go.
Given they’ve already declined, if you said something like, “We’ll be submitting a revised offer in two weeks,” You may feel them jump *(Probably don’t do this unless you’re chaotic neutral)*
Remember it’s an agents job to extract the maximum amount of money from you. Always assume you are being manipulated. In your case I’d try a lower offer if you were happy with your original offer – assuming time has past since declining your original?
Oh, and an “interested party” could be nothing more than some guy they saw on the street looking at the for sale sign. The agent is attempting to establish urgency.
Who is ÔÇ£our real estate agentÔÇØ? You mean the agent for the person selling the house? They were saying whatever they though they needed to get another offer so the vendor would feel like theyÔÇÖd tried and would accept and they get their commission. How far apart are you on price? Given the market, I wouldnÔÇÖt stress, there will be other options.
The real estate agent doesn’t work for you, or the vendor, they work for themselves. Pressure and FOMO are tools of their trade. Assume everything they say is a lie, unless it can be proven otherwise.
Are they interested or is it a multi offer. Because until the other party has put something on paper itÔÇÖs pretty irrelevant who is interested. Interest doesnÔÇÖt sell a house (although it obviously helps!)
If you want to counter offer, do it at the level you originally felt comfortable at. IÔÇÖd move quick and make sure they know youÔÇÖll withdraw to pursue other opportunities if you donÔÇÖt get a timely answer
I feel for you, mate. Think the rhetoric here is correct in that you keep your offer as is and don’t budge. If it were me, I’d send them a “this offer will be rescinded and revised in 2 weeks” if you want to get certainty of whether they’re mucking you about. Just don’t get attached to the place 🙂 we are also looking and fell in love with 1 place only to lose it, and fall in love with significantly better places.
We went to a viewing yesterday and the agent had the f*cking audacity to suggest if we don’t buy now that we should keep lowering our expectations of what home we’ll get. He said we’ll go from wanting 4 bedrooms, to 3, to 2, to a 1 bedroom unit within 9 months.
They were trying to get us to buy the first townhouse (in a row of 4) which was closest to the street. You could hear cars driving past super clearly from the master bedroom. Absolutely dreaming.
Did you put in a written offer? When you say “our” agent, is it really the sellers agent? Did they counter with a higher asking price?
Why are you calling them “our real estate agent”? They work for the seller not you.
Fair enough if they will try to get you to make another offer and suddenly another one appears. Thats them doing their job.
I tend to make offers up to the point of my predetermined number that I have already set based on calculations regardless of what is going on because its all just noise to me. All that really matters is getting it for the price I want or if i cant then not getting it at all, and getting it for as far beneath that ceiling price as is possible.
I also put time limits on my offers to minimise the risk of a multi offer situation like you are now experiencing. They can still happen but short timeframes reduce the risk. Agents will always want you to leave an offer on the table for a long time to allow more time for them to drum up a multioffer situation.
If you are interested in the property add another $5000, they may come back with a counter offer.
It doesnÔÇÖt matter if there is another interested party, they may have just turned up to the open home. If there are multiple offers the real estate agent will need to advise you of this and itÔÇÖs usually a form you sign to cover them that they told you.
Making an offer costs you nothing. You shouldn’t expect your first offer to be accepted. If you make two offers and the second isn’t much higher than the first, that’s the signal to the seller that you aren’t really budging on price. Either they accept, counter offer or stop negotiations because either you are wasting their time or they are wasting yours or perhaps both.
A second interested party doesn’t mean anything unless they make an offer. At this point it’s a multi offer situation where both buyers are expected to pitch their “best offer” and the seller picks only one party to negotiate with. Given the current climate, this is not necessarily the highest offer- the offer most likely not to fall through on a finance condition may prevail so look and act successful.
You sound unsure about your next step because you don’t sound confident in your understanding about the value of this property. You can get over this by doing a lot of research. Look into what similar houses are actually selling for. Make a spreadsheet to compare and normalise them all. Once you’ve done this, the opinion of a real estate agent won’t affect you any more.
Don’t get caught up thinking about what houses “should be” selling for or what they might be selling for in a decade. What are they selling for right now?
Final comment on real estate agents- yes, their job is to get the best price for the client but it is also to move the house so they can focus on selling another one. If he’s suggesting the seller may take a second offer, maybe they will do just that, regardless of what the second offer is.
He is their agent, not your agent. His job is to get the best price for the property.
Yes and believe me that second party doesn’t exist. In my case I added $2 (as in 200 cents) on to my offer. That was the offer that was accepted
This happens a lot. Most likely the real estate agent is lying to try and push you up more, but the answer is the same even if they’re telling the truth:
“We’ve offered what we think the property is worth. If you have another buyer that thinks it is worth more, then I wish them every happiness in their new home”.
Basically you need to be expecting the agent to try and manipulate you.
When we bought our first home, during the offer process, the realestate agent said we should put in a higher offer to guarantee acceptance blah blah blah.
We had a price in mind before even looking at the house, we put in our offer and told the agent we arenÔÇÖt going any higher, so if the buyer doesnÔÇÖt accept then weÔÇÖll move on. Within the hour, offer accepted.
DonÔÇÖt let them push you around, stick to your offer, if no bueno then move on.
ItÔÇÖs not always about the lowest price, sometimes one offer has conditions with a lower price which are more attractive. For a genuine multi offer there should be a form to sign.
If you would still like to buy the property you could ask the agent to request an official written counter offer from the seller if they want to negotiate. Then you can counter offer from there. If they wonÔÇÖt do this then the seller is probably wasting your time or hoping for some sky high leap in your offer price.
Just offer what you think itÔÇÖs worth with the best conditions you feel comfortable with. DonÔÇÖt listen to the agent if they try to tell you what you are offering isnÔÇÖt good enough, if itÔÇÖs in writing they need to present it. Try not to let the agent get in your head, they usually donÔÇÖt care about anyone except themselves.
Check the council site to see what their latest valuation is, itÔÇÖs public information. You can also use homes.co.nz which gives a range of what they believe the property is worth in the current market. ThatÔÇÖs how IÔÇÖd decide whether they were trying to inflate the value of the house.
You always have the option to just put the same offer back in. If they tell you to put in another offer and theyÔÇÖre sure it will be accepted, then put the same offer back on the table. If itÔÇÖs fair and reasonable in the current market, thereÔÇÖs no reason for it to be rejected
Well you wont be buying the house at your current offer so you have two options increase your bid or wait. If there is another offer then you may get the chance to participate in a multi offer where you can either present your original price or increase it. ask the agent if you will be given an opportunity to do so.