+ Reply to Thread
Page 2 of 10 FirstFirst 1234 ... LastLast
Results 11 to 20 of 92
  1. #11
    Join Date
    Feb 2013
    Posts
    4,308
    Thanks
    3,424
    Thanked
    1,831
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by lolly007 View Post
    what state are you in? I thought gazumping was banned in Vic?? house hunting is a huge pain in the rear. we were lucky to get the first place we were serious about and our offer was accepted right away. but the gazumping angle would make things ridiculously unfair. how disheartening for you. are you using a buyers agent? we used one and he was great. pretty sure we got the place because of him. not cheap but we built his fee into our budget.

    good luck finding a place! when the right place comes along, it will become yours. well that's what I kept telling myself during the process. if it's meant to be, it will be
    I would love a buyers agent! I might google one now and see if there are any in the area.

  2. #12
    Join Date
    Feb 2013
    Posts
    4,308
    Thanks
    3,424
    Thanked
    1,831
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    There seem to be at least three main businesses in town.

  3. #13
    Join Date
    Nov 2010
    Posts
    1,715
    Thanks
    332
    Thanked
    640
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    You can come buy my house. It has been on the market two weeks but feels like two years!!
    Finding a house is fun to begin with but it soon turns into a pain..
    We looked at one house and the contract had already been signed but because they paid for it to be advertised they still did an open house so annoying

  4. #14
    Join Date
    Jan 2012
    Posts
    7,372
    Thanks
    2,571
    Thanked
    3,785
    Reviews
    7
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Yep it happened to us. We spent a whole afternoon on the phone to the real estate agent increasing our offers, and finally after about the 4th offer, we were told that it was ours, the real estate agency was closed so we were going in first thing the next day to sign the contract. Half an hour later, we got a call from the agent to say that another person who was putting in offers had scraped together another $1,000. We still had a few thousand more in our budget to increase but we're so angry then that we didn't increase ours. However the next morning my dad gave us a talking to and said you love the house, you can afford to go higher, don't let feeling angry stop you from missing out on what you want. So I quickly called the real estate agent and increased our offer by $1,000, the buyer was on his way to sign the contract and couldn't afford to pay anymore so we raced in as fast as we could to sign the contract, and it's now ours.

    So I know what a crappy feeling it is, but thankfully ours ended up positively. I hope yours does too!

  5. The Following User Says Thank You to JR03 For This Useful Post:

    VicPark  (11-07-2015)

  6. #15
    Join Date
    Aug 2010
    Posts
    4,094
    Thanks
    1,386
    Thanked
    1,357
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Yes we were gazumped and it made us really really angry at the time as the real estate was sneaky and conniving.

    We had put in a BIG offer on a house we loved, we went big because we didn't want stuff around and at the time there were no other offers. For a week and a half, ours was the best offer. We signed the contract and had a pest inspection carried out all at around 5pm. The real estate got back to his office and rang us about 20 mins after leaving us. He told us he had a higher offer.

    His solution - both come in with your best offer tomorrow with signed contracts and bank cheques and whoever is the highest gets it. We missed out by roughly $1500!!

    There is much more to the story of course but we were/are gutted.

    That happened almost 2 years ago and we still think about that house.

    We have never gazumped anyone else that we know of, but if I were in your position now, I would still go and look at the house. Looking doesn't equal buying, and although I would never intentionally gazump someone, if it's a place that was perfect for our needs, I wouldnt hesitate to put in an offer of someone else had already.

    At the end of the day, my main gripe was with the real estate agent we were dealing with at the time. I feel he was dishonest and slimy.

  7. #16
    Join Date
    Feb 2013
    Posts
    4,308
    Thanks
    3,424
    Thanked
    1,831
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by JR03 View Post
    Yep it happened to us. We spent a whole afternoon on the phone to the real estate agent increasing our offers, and finally after about the 4th offer, we were told that it was ours, the real estate agency was closed so we were going in first thing the next day to sign the contract. Half an hour later, we got a call from the agent to say that another person who was putting in offers had scraped together another $1,000. We still had a few thousand more in our budget to increase but we're so angry then that we didn't increase ours. However the next morning my dad gave us a talking to and said you love the house, you can afford to go higher, don't let feeling angry stop you from missing out on what you want. So I quickly called the real estate agent and increased our offer by $1,000, the buyer was on his way to sign the contract and couldn't afford to pay anymore so we raced in as fast as we could to sign the contract, and it's now ours.

    So I know what a crappy feeling it is, but thankfully ours ended up positively. I hope yours does too!
    Quote Originally Posted by SAgirl View Post
    Yes we were gazumped and it made us really really angry at the time as the real estate was sneaky and conniving.

    We had put in a BIG offer on a house we loved, we went big because we didn't want stuff around and at the time there were no other offers. For a week and a half, ours was the best offer. We signed the contract and had a pest inspection carried out all at around 5pm. The real estate got back to his office and rang us about 20 mins after leaving us. He told us he had a higher offer.

    His solution - both come in with your best offer tomorrow with signed contracts and bank cheques and whoever is the highest gets it. We missed out by roughly $1500!!

    There is much more to the story of course but we were/are gutted.

    That happened almost 2 years ago and we still think about that house.

    We have never gazumped anyone else that we know of, but if I were in your position now, I would still go and look at the house. Looking doesn't equal buying, and although I would never intentionally gazump someone, if it's a place that was perfect for our needs, I wouldnt hesitate to put in an offer of someone else had already.

    At the end of the day, my main gripe was with the real estate agent we were dealing with at the time. I feel he was dishonest and slimy.

    I still can't get DH to look at the house.
    Last edited by Little Ted; 11-07-2015 at 08:06.

  8. #17
    Join Date
    Dec 2009
    Location
    Launceston
    Posts
    13,466
    Thanks
    732
    Thanked
    2,355
    Reviews
    35
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts
    Thankfully that's illegal in Tassie. We put an offer in on our house and it was well below asking price. The owners were divorcing, 1 said yes and the other wanted to think about it. A couple of days later another offer was put in. The real estate called and said that another offer was put in but the owners couldn't even look at the other offer until they had decided yes or no on ours and there was still time to amend our current offer if we wanted. We changed it to asking price and the owners said yes as soon as they saw the offer. We later found out the other offer was only $1500 below ours.

    Buying a house was the most stressful time of my life! and all we didn't go through the looking phase! I stumbled across the house and loved it, we were still a year away from even looking and having a decent deposit! I convinced DH to look at it with me, we put an offer in that day but it was still another 2 months before it was officially ours and unconditional! Stressful!!!

  9. #18
    Join Date
    Jan 2015
    Posts
    595
    Thanks
    106
    Thanked
    364
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    what states is gazumping legal in?? I'm certain it's illegal in Vic. real estate agents are conniving enough as it is, never mind if they're allowed to encourage gazumping.

    makes me angry at how unfair the playing field is. the buyer really is at the mercy of the vendor and real estate agent. that's why we used the buyers agent. to feel like we had an expert in our corner gunning for us.

    our offer that got accepted was actually lower than the others that came in. but our finance was unconditional (won't be doing that again as it caused many sleepless nights lol) and the offer was only good for 24 hours. put the pressure on the vendor and by the next day, we had word that the offer had been accepted. so don't always think that a big offer is necessarily the best. it's one strategy but it's not the only one.

  10. #19
    Join Date
    May 2009
    Posts
    4,786
    Thanks
    1,021
    Thanked
    2,246
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    We thought buying a house would be fun and exciting... Ha yea right it was war! Sydney is crazy it was us against 30 other people. We would put in an offer ( way over asking price) and the agents would laugh... Literally laugh Every Saturday afternoon turned into an over the phone "auction". The only reason we got a house after 4 months of looking and watching house prices up every week was because we threw a huge offer before open then prayed.

  11. #20
    Join Date
    Jul 2010
    Posts
    10,301
    Thanks
    3,122
    Thanked
    6,312
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts
    It's legal in NSW , when you make an offer on a property all you are doing is indicating to the seller that you are serious about wanting to buy their property. Until you have a contract signed by the seller there’s no guarantee that the property will end up being yours, the buyer has the right to change their minds at any time before signing, as does the owner

    It becomes a problem when there are too many people interested in the same house and some buyers don't know the law around purchasing property - all states (I think!) have a cooling off period which protects the buyer ( except auction)

    The main reason I auction 100% of my properties is to avoid the possibility of guzumping - the law around making offers is very hard for agents - firstly a verbal acceptance means nothing legally until contracts are signed but legally we have to give all offers to the owner - so if we have more than 1 buyer interested in making an offer ( which in Sydney since the 1990,s is every home) we have to not only legally take the offer but ethically give every buyer the right to increase their offer - then most buyers love playing the "game" of offering low and doing the "we won't pay anymore than $" statement , don't believe us when we say there are others buyers interested but then get the ****s when we sell it for a few thousand more!

    Owners want the most they can get so yes they may say yes to an offer but when another buyer offers more they usually take it , with auctions the beauty is all buyers can see who and how much other buyers offer and it's an unconditional sale so once the hammer goes down its done and everyone gets the same opportunity

    It is worse in a booming market like it is now , obviously , we are averaging 15 registered bidders per auction, imagine having to handle 15 buyers privately who all want to buy the 1 house and all offer more than what the house is worth - it's a nightmare


 

Similar Threads

  1. Real estate help please.
    By LoveLivesHere in forum General Chat
    Replies: 23
    Last Post: 03-04-2015, 21:22
  2. Real estate Q!!
    By monnie24 in forum House & Gardens
    Replies: 15
    Last Post: 25-09-2014, 20:44
  3. Help with real estate
    By cluckcluck in forum House & Gardens
    Replies: 14
    Last Post: 22-08-2014, 07:34

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
free weekly newsletters | sign up now!
who are these people who write great posts? meet our hubbub authors!
Learn how you can contribute to the hubbub!

reviews
learn how you can become a reviewer!

competitions

forum - chatting now
christmas gift guidesee all Red Stocking
Einsteinz Music
Make music at Einsteinz Music in age-appropriate class in Sydney's Inner West, Eastern Suburbs or North Shore. For ages 6 mths - 4 yrs. All music is live! Christmas Gift certificates available for full term or casual classes. Call 0431 338 143
sales & new stuffsee all
Wendys Music School Melbourne
Wondering about Music Lessons? FREE 30 minute ASSESSMENT. Find out if your child is ready! Piano from age 3 years & Guitar, Singing, Drums, Violin from age 5. Lessons available for all ages. 35+ years experience. Structured program.
Use referral 'bubhub' when booking
featured supporter
Vibe Natural Health
Your natural health care team for fertility, pregnancy, post natal and family health care. Our Naturopaths, Doctors, Osteopaths, Acupuncturists, Psychologists,Nutritionists, Pilates, & Massage specialise in women & children's health and wellbeing.
gotcha
X

Pregnant for the first-time?

Not sure where to start? We can help!

Our Insider Programs for pregnancy first-timers will lead you step-by-step through the 14 Pregnancy Must Dos!