Basics of a deal

[ChrisF]

Cool, thanks, understood.

 

It was just something I was wondering about, if you initially decide to sell your house and then for some reason get cold feet.

 

A friend went through this process, selling his house, getting the full price offer, and then deciding not to sell (he could net get a new house that fit their requirements, thus the reversal)

 

He had to agree with the agent that they would have the sole mandate for selling his house a few months later, or he would have had to pay the agent fees.

[Robbie Stewart]

I am just curious how on earth this thread has made it all the way to page 3...

[eddy]

From what I understand ( from own experience in selling) once you sign that sale agreement with state agents,if someone offers you your asking price you can’t refuse.They will have a legal case against you.

 

 

There are two agreements here which are not to be confused.

 

First, the buyer makes you an offer to purchase your house and you are free to accept or reject it as you see fit, no matter the offered price. You have no agreement until you have committed in writing to accept his written offer. the buyer cannot force you to sell.

 

Second, and completely separately,  is the agreement you signed with the estate agent which probably says somewhere in the small print that if they bring you a buyer at a specified price, you are liable to pay them the commission whether you sell or not. Draw a line through this clause when they come and sign up a mandate to market your house.

 

It will also in all likelihood say that even if you accept the offer and the buyer pulls out, you owe them the commission and they can take it from the deposit. Also draw a line through this clause.  

 

If the estate agent is not wiling to earn his or her commission on transfer, find another one.

Edited May 6, 2021 by eddy

[Vetplant]

There are two agreements here which are not to be confused.

 

First, the buyer makes you an offer to purchase your house and you are free to accept or reject it as you see fit, no matter the offered price. You have no agreement until you have committed in writing to accept his written offer. the buyer cannot force you to sell.

 

Second, and completely separately,  is the agreement you signed with the estate agent which will in all likelihood say that if they bring you a buyer at a specified price, you are liable to pay them the commission whether you sell or not. It will also say that even if you accept the offer and the buyer pulls out, you owe them the commission. Draw a line through this clause when they come and sign up a mandate to market your house.

Very good advice, thanks.

 

My mother is about to put her house in the market, we will look out for this clause...

[RobbyB]

Back onto the topic then...

I made an offer to a Hubber for some tyres.

He accepted my offer to pay full price but to split the Postnet 50/50.

I duly EFT'd into his account on Saturday...and said that it would to take a few days to clear...

and that he could check his account of Tuesday.

 

He communicates to me on Monday that the money isn't in yet and I say to wait another day (Tuesday)

as we have different banks and the transfer was done on the weekend (longer clearing time - maybe?)

 

He then communicates that he has now done a cash sale with someone else saying:-

"What is you banking details? The gp5000s has been sold. Still waiting for you payment to reflect"

 

I'm a little annoyed and ask if he has now sold them to someone else?

 

He doesn’t reply for 24 hours after his last chat (above) then says:

I got a cash buyer on Monday now I want to give you your money back. Be grateful I'm honest.

 

I had to laugh at his "BE GRATEFUL I'm HONEST"

 

Anyway, I received an sms that he has made a deposit back into my account.

Just waiting for it to clear into my account!

 

Not the best behaviour from a Hubber - and lacking integrity!

[Eldron]

 

Back onto the topic then...

I made an offer to a Hubber for some tyres.

He accepted my offer to pay full price but to split the Postnet 50/50.

I duly EFT'd into his account on Saturday...and said that it would to take a few days to clear...

and that he could check his account of Tuesday.

 

He communicates to me on Monday that the money isn't in yet and I say to wait another day (Tuesday)

as we have different banks and the transfer was done on the weekend (longer clearing time - maybe?)

 

He then communicates that he has now done a cash sale with someone else saying:-

"What is you banking details? The gp5000s has been sold. Still waiting for you payment to reflect"

 

I'm a little annoyed and ask if he has now sold them to someone else?

 

He doesn’t reply for 24 hours after his last chat (above) then says:

I got a cash buyer on Monday now I want to give you your money back. Be grateful I'm honest.

 

I had to laugh at his "BE GRATEFUL I'm HONEST"

 

Anyway, I received an sms that he has made a deposit back into my account.

Just waiting for it to clear into my account!

 

Not the best behaviour from a Hubber - and lacking integrity!

 

 

That is a proper *** move. Name and shame!

[RobbyB]

Think I'll just give a bad rating as we did have a sale agreement!

[HenkD]

Leave a rating for the seller and move on

[AdamA]

. I offered to buy at the advertised price upon which the wanted "to think it over", obviously not sticking to offer to sell. The next morning notified of a "correction in the price, due to a mistake". When questioning his behavior, he pleaded poverty and difficult times, shame. The loss of the deal is not the issue, but the lack of ethics. When getting more than one offer to purchase at the asking price, I'd say confirm the deal with the first respondent, and let others know that they were not first

 

I have been a buyer and a seller, where buyers have responded in different ways Phone Call, SMS or 'Dibs' on the advert (when comments were still allowed on Adverts #Petition: Bring Back the Classifieds Comments  ).

 

I have lost some good deals where I was the 'First respondent'. and also had to apologize when to I concluded a deal on the phone to someone and afterwards saw an email or SMS that was sent prior to the phone call.

 

However I have never 'held' an item for someone on an 'Oil rig', no matter how much they insisted that they will take the product. 

[BaGearA]

Back onto the topic then...

I made an offer to a Hubber for some tyres.

He accepted my offer to pay full price but to split the Postnet 50/50.

I duly EFT'd into his account on Saturday...and said that it would to take a few days to clear...

and that he could check his account of Tuesday.

He communicates to me on Monday that the money isn't in yet and I say to wait another day (Tuesday)

as we have different banks and the transfer was done on the weekend (longer clearing time - maybe?)

He then communicates that he has now done a cash sale with someone else saying:-

"What is you banking details? The gp5000s has been sold. Still waiting for you payment to reflect"

I'm a little annoyed and ask if he has now sold them to someone else?

He doesn’t reply for 24 hours after his last chat (above) then says:

I got a cash buyer on Monday now I want to give you your money back. Be grateful I'm honest.

I had to laugh at his "BE GRATEFUL I'm HONEST"

Anyway, I received an sms that he has made a deposit back into my account.

Just waiting for it to clear into my account!

Not the best behaviour from a Hubber - and lacking integrity!

 

You agreed on a deal so go rate him appropriately

[BaGearA]

All this thread has done is reinforce my belief that estate/property agents offer vastly less value to society than they claim to