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What to do about a terrible real estate agent


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#51 -Emissary-

Posted 13 August 2019 - 07:48 PM

Maybe they’re not in that bad of a financial state if they’ve knocked back offers, hold firm on what they want and haven’t been foreclosed on.

#52 can'tstayaway

Posted 13 August 2019 - 07:58 PM

View Postiwanttosleepin, on 13 August 2019 - 06:52 PM, said:

At the moment they want us to offer a firm price, before any inspections (so we take that huge risk) and they won't even make any commitment to letting the tenant leave.  There could be some issues around building approvals.
When you say “firm price” do you mean unconditional offer or do you mean submitting a signed offer?

In Qld, a signed offer is the normal thing to do. It’s usually the pro forma contract and you add in the subject to conditions.

As a vendor, I am unlikely to allow building or pest inspections if it would inconvenience me and the potential buyer doesn’t seem serious (ie won’t submit a signed offer and pay a (refundable) deposit). I have arranged for my own building a pest report which I’ve allowed the agent to give out to serious buyers but I’m not about to be inconvenienced with randoms poking around my house.  

A rare, nice home in a regional area would get a lot of true kickers and sticky beakers. The agent and vendors are probably jaded.

Re letting tenants leave, do you mean they want you to buy the property and allow the tenants to continue their lease?  Are they connected/related to the tenants?  Are they concerned about the tenants finding a new home or are they concerned about loss of rent?

#53 Smoo

Posted 13 August 2019 - 08:08 PM

Can you put an end date on your offer saying you're withdrawing it as of Saturday or it will be reduced if it is not accepted by this date

#54 iwanttosleepin

Posted 13 August 2019 - 08:35 PM

When they say firm price - they mean we give a price now of $X and they won't negotiate at all on this price regardless of anything that is found in the building inspection or search of approvals......

Which still gives us an out if we aren't happy but its hard to give a firm price not knowing all the details.  we already know the pool may not have planning approval and one bedroom is not legal and that's just the start of it. We can live with the things we can see and know about.  But its not a 'fixer upper' if you know what I mean.

We are doing the building inspection and approvals search now.  They've agreed and at most we will be out of pocket $500.

If we did it after a signed contract and had the lawyer do it we could be out pocket 1000s without any commitment from the owner to deal with the tenant.  In which case we'd meet our end of the bargain but the owner would have no commitment whatsoever.

The agent and owner know perfectly well we are not tyre kickers.  

yes - they want us to deal with the tenant issue.  they aren't related to the tenant (but I am).  The tenant wants to leave but on his timeline.  the owner is reliant on the rent to cover some of the mortgage.  the tenant had told the owner he'd buy it at the end of the lease - total lies.  all things that are not of my making.  

There is hardly a stream of people going through the house - we were the only people to view it in 6 months.

#55 -Emissary-

Posted 13 August 2019 - 09:08 PM

View Postiwanttosleepin, on 13 August 2019 - 08:35 PM, said:


yes - they want us to deal with the tenant issue.  they aren't related to the tenant (but I am).  The tenant wants to leave but on his timeline.  the owner is reliant on the rent to cover some of the mortgage.  the tenant had told the owner he'd buy it at the end of the lease - total lies.  all things that are not of my making.  

There is hardly a stream of people going through the house - we were the only people to view it in 6 months.

That’s probably why they don’t want to budge on their condition. They probably think if you walk away they would still have the current tenant there to buy.

I’d personally walk away from the fact that they won’t even let you do pest and building inspection without seeing an offer at all.

Do you have time OP? Can you wait them out? They clearly would be in a situation where they’d have no buyer or tenant soon and may be more willing to negotiate at that point.

#56 iwanttosleepin

Posted 13 August 2019 - 09:19 PM

The tenant has told them he won’t buy it and that he wants to leave before the lease is up.

They’ve agreed to a building inspection

#57 born.a.girl

Posted 13 August 2019 - 10:17 PM

Oh yikes, a pool without a permit, and a non-legal bedroom, yeah, I'd be wanting an inspection and report before offering, too.

#58 Freddie'sMum

Posted 13 August 2019 - 10:24 PM

Honestly if it was us in your situation OP, I would just walk away from the whole deal.  It's too complicated and convoluted. There are other houses to buy.

#59 can'tstayaway

Posted 13 August 2019 - 10:29 PM

View Postiwanttosleepin, on 13 August 2019 - 08:35 PM, said:

When they say firm price - they mean we give a price now of $X and they won't negotiate at all on this price regardless of anything that is found in the building inspection or search of approvals......

Which still gives us an out if we aren't happy but its hard to give a firm price not knowing all the details.  we already know the pool may not have planning approval and one bedroom is not legal and that's just the start of it. We can live with the things we can see and know about.  But its not a 'fixer upper' if you know what I mean.
Low ball the offer based on the potential problems with a “subject to” clause. If you find problems in the inspection, that would cause you to want to reduce the offer, invoke the clause to pull out. You can then resubmit a lower offer. I’m in Qld and I wouldn’t take any verbal offer seriously. I have negotiated as a buyer on paper too. The contract was pretty messy with signatures, initials, offers and counter offers all over it.

Quote

If we did it after a signed contract and had the lawyer do it we could be out pocket 1000s without any commitment from the owner to deal with the tenant.  In which case we'd meet our end of the bargain but the owner would have no commitment whatsoever.
I haven’t used a lawyer at the offer stage for a residential purchase. I have always put the “subject to” clauses in so we could pull out. There was one contract which we made an unconditional offer when we knew we were making a lower price offer. Never cost us 1000s for such minimal work. The tenants issue is a separate matter.

Quote

yes - they want us to deal with the tenant issue.  they aren't related to the tenant (but I am).  The tenant wants to leave but on his timeline.  the owner is reliant on the rent to cover some of the mortgage.  the tenant had told the owner he'd buy it at the end of the lease - total lies.  all things that are not of my making.  

There is hardly a stream of people going through the house - we were the only people to view it in 6 months.
How soon do you need to buy?  Can you wait out the lease?  Maybe a long settlement?  I don’t know how much notice a landlord has to give for a break lease but how about offering a settlement period of that duration so the vendors are not missing out on rent.

Or a contract with a due diligence period to get your inspections done and finance sorted, then the contract becomes conditional only on vacant possession and the settlement period is the duration of the tenant’s notice period.

#60 can'tstayaway

Posted 13 August 2019 - 10:40 PM

https://fclawyers.co...ate-sell-house/

That gives a pretty clear run down on pool safety compliance requirements. The vendor has to provide the documents showing compliance unless you agree to do it yourself.

#61 born.a.girl

Posted 13 August 2019 - 10:52 PM

View PostFreddie, on 13 August 2019 - 10:24 PM, said:

Honestly if it was us in your situation OP, I would just walk away from the whole deal.  It's too complicated and convoluted. There are other houses to buy.

Not always.


We had acquaintances that had friends living in a house they absolutely adored.   Never thought they could afford it.   Not far away from where they were living in a bog standard 1970s brick veneer, amongst many other bog standard brick veneers.

When they knew the friends were selling, they wanted that house. There really was nothing else like it in the area.

When you're talking about a small town, possibly remote, presumably in an area with diminishing population, chances are nothing much else will come up anything remotely like it for a decade.

I suppose we're all influenced by our own experiences.  I've lived in places that qualified for the tax office 'remote area' allowance, and I can well imagine houses like the OP's talking about.  There often are not other houses like that to buy.

#62 Holidayromp

Posted 14 August 2019 - 07:15 AM

It’s a biiiiiiig risk having to deal with a tenant that you didn’t put in place and that the previous owners have put in the too hard basket.

Everything is he said she said but with nothing concrete in writing and we all know that nothing is set in stone when you have a tenant in place.  What happens if he doesn’t want to move or there are issues surrounding the vacate.  It could be a long, costly process moving him on.

There is a reason why it is recommended that vacant possession takes place.

Are they also hiding something with the run around re inspections? They have agreed to one but with stipulations which is all risk on YOUR part not theirs.

Why have other parties not gone further?  Usually the most determined would not be put off if it is a matter of due process.  If there have been illegal additions who knows what other faults the house has and them making it difficult for you to investigate properly to make an informed decision is sending out alarm bells.

I would put everything in writing and do a ‘take it or leave it’.

It sounds like a nightmare.

#63 aquarium2

Posted 15 August 2019 - 01:29 PM

Once the price has been agreed, tell them to vacate the tenant and you'll cover the rent until you take possession.




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