The Battle Of Multiple Offers

Posted on May 1, 2007 by | 1 Comment

Tim O'Dwyer M.A., LL.B OPINION
by Tim O’Dwyer M.A., LL.B
Solicitor
Consumer Advocate
watchdog@argonautlegal.com.au


Real Estate Encyclopedia


Multiple offers can lead to high blood-pressure!


 


My blood pressure rose a tad when I read a purportedly helpful article in The Courier Mail’s weekend real estate supplement.I still don’t know if the piece was intended to be helpful to consumers or agents. Certainly the very caption (“Good advice for buyers”) made me suspicious straight away.

The un-bylined article began by asserting that, with demand for South-East Queensland homes apparently outstripping supply, multiple offers to sellers (or early offers in an “auction program”) had become a “problem for some would-be buyers.”


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1 Comment

  • Robert Bloss says:

    I recently attended a “mortgagee will sell today” when the price stalled at 620 the agents hit the buyers individually with 680 in the reserve another buyer increased to 630 and the crowd was told if there was no other bids then the house is passed in and everyone had the opportunity to go to the office and make a contractual offer… I was delayed getting to the office and fortunately got on the phone to a real estate friend he said about signing a multiple offers form the agent at the office there was two buyers one who hadn’t been bidding and myself arranged in diiferent rooms, I was asked to place my best offer and the reserve was 700 so to stand a chance put as close to that as possible. Of course I was ready to walk away and stated the req. Form he had no idea and said that didn’t matter as there were two different agents handling the sale. The plot thicken when the other agent left the building to drive 70km away to get a wife’s signature??

    Firstly I signed a contract for a little more than the passed in price as I’m happy about paying that amount should I be successfully, with the feeling that there really was no other genuine bidder, however how long does this bid last for? I felt a gut instinct and stayed within my limits im just wondering how many have been caught before at this little tactic

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