Buying real estate

[Bomberman]

You should have declared up front that you've already seen the house with agency 1. If you hadn't gone to agency 2 after the first negotiation you would be signing a deal for 1.85 mill now and this thread wouldn't have existed.

 

Go back to agency 1 and say you'll sign for 1.85 and not a cent more

this was said when we met them, not sure if she was paying attention.

[Red Robin]

Is there a possibility that the seller is being a little less than honest about being given the offers?

Just seems a bit strange that both agencies 'never gave him' the offers. He would stand to gain by doing the private deal as the seller pays the agency commission.

[zaslayer]

The OTP you signed with agency 2, was it also signed by the seller..? If so, you now have a binding agreement for a sale at 1.85 mil.. however, the OTP, should, have a section dealing with the seller being able to accept a higher offer subject to a cooling off period and or any suspensive conditions as stipulated by yourself, such as bond approval and or the sale of your existing property..

 

This clause may also be worded differently though, each OTP would be slightly different..

[Bomberman]

The OTP you signed with agency 2, was it also signed by the seller..? If so, you now have a binding agreement for a sale at 1.85 mil.. however, the OTP, should, have a section dealing with the seller being able to accept a higher offer subject to a cooling off period and or any suspensive conditions as stipulated by yourself, such as bond approval and or the sale of your existing property..

 

This clause may also be worded differently though, each OTP would be slightly different..

No it was not signed, but I told agency 2 to screw it and get it signed. The way agency 1 has handled the whole thing has left a bad taste in my mouth. What ever comes now they need to sort it out.

[Bonus]

The fact that the seller never saw any of those offer could mean that you have a foot to stand on. Afaik, the agent has to go to the seller with the offer regardless of what they think.

 

 

pretty sure both realtors have broken their agreement with the seller by not showing him the offers. ..so he should be able to fire them on those grounds?

 

*disclaimer I know nothing about realtor guidelines or laws.. surely there must be some sort of law/code of conduct for this.

 

 

I agree with you both. I also know nothing about realtor guidlines or laws but I have been refered to as a stable genius so there's that  :-).

[Robbie Stewart]

Lets hope that the agent who does not do the deal doesn't sue you for their lost commission. What did the offer to purchase say in the small-print?

 

In my experience with Estate agents, they look after their commission first and foremost...

 

So, just yesterday I have an estate agent pop around to evaluate my house as I am looking at selling due to needing a home office now that I no longer have a desk at my actual office. Anyhow, I state what I am wanting out of the deal, to which the agent replies, "ja, but that means I must then cut in to my commission... . I normally charge x %, but now I'll have to charge y %." like she's doing me some massive favour...this after my saying she can have sole mandate, as the only thing I dislike more than people marching through my house at any given time is having to pay taxes.

[Captain Fastbastard Mayhem]

So, just yesterday I have an estate agent pop around to evaluate my house as I am looking at selling due to needing a home office now that I no longer have a desk at my actual office. Anyhow, I state what I am wanting out of the deal, to which the agent replies, "ja, but that means I must then cut in to my commission... . I normally charge x %, but now I'll have to charge y %." like she's doing me some massive favour...this after my saying she can have sole mandate, as the only thing I dislike more than people marching through my house at any given time is having to pay taxes.

Bear in mind that the agent's commission isn't only hers / his, and it's probably written into her contract regarding % commission that they're able to / obligated to charge. 

 

I don't know if there are agencies like that, but I wouldn't be surprised. 

[Robbie Stewart]

Bear in mind that the agent's commission isn't only hers / his, and it's probably written into her contract regarding % commission that they're able to / obligated to charge. 

 

I don't know if there are agencies like that, but I wouldn't be surprised. 

 

I suppose they have overheads as well. Perhaps I'm being a bit too tight on my price. I am just not really wanting to have to end up paying in more than absolutely necessary for the new place

.

[Long Wheel Base]

I had a really bad experience once with a multi listed property and since then I said I will never look at multi listed properties again. But my situation is also different as I never buy for myself to live in and you have found your dream home. I have dealt with enough agents to realise that some are serious sharks and will do anything to make the sale. 

My opinion, if you really are set on the house then play them both at their own game and be ruthless. Almost 2 bar is a lot of money and you need to look after your bank balance before anyone else's.

Tell them both you know they never took your offer to the seller, hell, if you have to, threaten to report them. 

At the end of the day, you don't want to pay them your hard earned money if they haven't worked for it.

[bertusras]

At the end of the day, you don't want to pay them your hard earned money if they haven't worked for it.

 

This.

 

Agents love whinging about their commission, but very rarely do they actually put the effort in. Make them work for it.

[Gen]

This.

 

Agents love whinging about their commission, but very rarely do they actually put the effort in. Make them work for it.

Hit and miss I suppose.

 

We were fortunate enough to have a really good agent when we purchased a house recently..to say she went over and above is an understatement.

[Rocket-Boy]

Just be careful with this one, if you sign with Agency 2 you could and probably will be liable for commission with Agency 1.

It works on the agent that first introduced the property to you.

 

I think you might need to tell both agents about the situation and when you viewed the property with them.

 

It does sound like they are giving you a bit of a run around though which would really annoy me.

[Shebeen]

So, just yesterday I have an estate agent pop around to evaluate my house as I am looking at selling due to needing a home office now that I no longer have a desk at my actual office. Anyhow, I state what I am wanting out of the deal, to which the agent replies, "ja, but that means I must then cut in to my commission... . I normally charge x %, but now I'll have to charge y %." like she's doing me some massive favour...this after my saying she can have sole mandate, as the only thing I dislike more than people marching through my house at any given time is having to pay taxes.

 

i'm in the final stretch of selling, been a rollercoaster as it was all done and dusted precovid.

 

agency commision seems to be standard at 3-4% (in the sub R2m market) these days.

[IceCreamMan]

Normally it is the seller that pays the commision not the buyer. So as a buyer you should be fine as you have no contract with either. 

 

The seller may be liable for commission even if you buy it privately from him as both agents showed you the property, there will be small print regarding this. 

 

Happy to have a look at whatever documentaiton you may have signed but doubt you did. 

 

AAMOI , commission here in the UK is on average around 1.5% on properties , in ZA its normally around 7% both excl VAT. 

[stefmeister]

Personally I would invite all the parties involved to a meeting at the sellers house (unknowingly of the other's attendance) to make it very uncomfortable to those who are lying, and sort it out there on the spot.

When you get the upper hand, tell them you're paying R 1.85 m and they have to sort it out among themselves who gets what ito commission etc. 

[mazambaan]

Just be careful with this one, if you sign with Agency 2 you could and probably will be liable for commission with Agency 1.

It works on the agent that first introduced the property to you.

 

I think you might need to tell both agents about the situation and when you viewed the property with them.

 

It does sound like they are giving you a bit of a run around though which would really annoy me.

 

Be wary of this. You may be a sardine in the shark tank here.  If you have a lawyer on tap; use them. 

 

We ended up having to pay Agent 1 some commission after seeing a house with Agent 1 who sneeringly would not even let us look at the house or take an offer from us - we saw it while looking at another place nearby with them. Agent 2 then took us through the place, we made an offer and it was accepted.

 

Agent 1 sued for part commission and we were advised (by an attorney we trusted) to settle. We split the settlement between us and Agent 2.

 

You are dealing with some of the most venal people on earth; next to politicians. Count your fingers regularly.