{"id":35508,"date":"2021-11-08T12:14:52","date_gmt":"2021-11-07T23:14:52","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=35508"},"modified":"2021-11-08T12:14:52","modified_gmt":"2021-11-07T23:14:52","slug":"dodgy-real-estate-agents-playing-with-offers","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/dodgy-real-estate-agents-playing-with-offers\/","title":{"rendered":"\u2018Dodgy\u2019 real estate agents playing with offers"},"content":{"rendered":"

PHOTO: Real estate agents<\/strong><\/p>\n

A NSW man put in a bid for a property but was told the owners were \u201cholding out for more\u201d with claims they had already got an offer $80,000 over the price guide.<\/p>\n

Question:<\/b><\/span><\/p>\n

I\u2019m currently trying to buy a home in Sydney and I\u2019m coming up against a world of problems. Not only is the market ridiculously hot but I feel like I can\u2019t trust real estate agents. The area I\u2019m searching in has gone up by over 20 per cent in less than a year yet the agents always seem to want more. I put in a bid on a place with a guide of $800,000 but the agent said they\u2019d already been offered $880,000 but were \u201cholding out for more.\u201d He said if I offered $900,000 it would be mine. What proof do agents need to have to show an offer has been made? How do I know the $880,000 really exists? \u2013 Dan, NSW<\/p>\n

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\"How<\/div>\n

How do you know if real estate agents are telling the truth? Picture: iStock<\/strong><\/em><\/div>\n

Answer:<\/b><\/span><\/p>\n

Having a level of scepticism of real estate agents<\/a> and sellers is very healthy and stands you in good stead to ensure you are not being taken for a ride.<\/p>\n

Your question raises two really important issues: underquoting when it comes to the price guide, and the handling of multiple offers being made by potential buyers.<\/p>\n

In relation to underquoting, there are laws in NSW intended to stop real estate agents from understating property prices in their listings.<\/p>\n

The price guide of $800,000 quoted by the real estate agent can\u2019t be merely plucked from the air or set at a price that makes the property attractive to more buyers.<\/p>\n

An estimated selling price needs to be in the agreement between the agent and the seller when the property is listed.<\/p>\n

This estimated selling price needs to be a \u2018reasonable\u2019 estimate based on the agent\u2019s careful consideration of the property\u2019s individual features, market conditions, comparable sales and their own professional skills and experience.<\/p>\n

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\"The<\/div>\n

The estimated price needs to be a \u2018reasonable\u2019 estimate based on the property\u2019s features, market conditions, comparable sales and the agent\u2019s own skills and experience. Picture: David Swift\/NCA NewsWire<\/strong><\/em><\/div>\n

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