Property Purchase - Who Is The Seller/Owner?

briony on 13/03/2021 - 12:01
Last edited 13/03/2021 - 12:34 by 1 other user

Hoping someone can clarify this:

  • I am currently renting a property in QLD
  • The Lessor on the lease is “XYZ Pty Ltd” T/A as “ABC Property Management”
  • The Agent on the lease is also “XYZ Pty Ltd” T/A “ABC Property Management”

Does this mean XYZ Pty Ltd is the owner?

Reason I ask:

  • Property is for sale. Listed Price $239,000.
  • Selling Agent is the sister -in-law of the person the representative of the Property Manager i.e The Agent.
  • I have made an offer to purchase.
  • Selling Agent is me around saying the offer can’t be put to the owner till next week as the owner is uncontactable.

There is an Open House today (not the first…a previous contact with a buyer fell over due to finance) and the agent says there are a number of interested parties.

I suspect I am being dicked around. I made an earlier offer of $227,000 after the previous contact fell over. It was rejected by the “Owner”.

My current offer is cash $235,000 unconditional.

Any helpful advice appreciated.

Financial

Comments

  • parsimonious one on 13/03/2021 - 12:13
    +3

    Doesnt sound like the either is the owner.

    Agents and property managers are unlikely to be the owner

    that being said it does sound like you are being given the run around. unless the owners have gone off grid its hard to believe they cant receive phone call, sms or email

  • whooah1979 on 13/03/2021 - 12:27
    -1

    Property is for sale. Listed Price $239,000.
    I suspect I am being dicked around. I made an earlier offer of $227,000 after the previous contact fell over. It was rejected by the “Owner”.

    My current offer is cash $235,000 unconditional.

    Why are people lowballing when the market is on fire? Don't waste the vendor's time. Put in an offer they can't refuse.

    • garetz on 13/03/2021 - 13:30
      +1

      It doesn't matter how hot the market is, it is always smart to negotiate.

      • TheBird on 13/03/2021 - 13:44

        Sometimes this is true, especially if there's no competition, but at other times where there are alternative and perhaps better options for the vendor, they may choose to remove you from their consideration. This can happen when there are two bidders already higher than your offer.

        The agent is probably waiting to see what their best offer will be. Which can also bite them in the rear.

        That being said, it's often worth taking the time to talk about what is important to the seller/buyer. It's often is, but it's not always about the price.

      • dizzle on 13/03/2021 - 13:53

        If you put in low ball offers right now you don't even get a look in.

        Most houses I inspect go to a multiple offer situation. The agents state that this is to show the buyer the best offer. If the buyer doesn't accept, they talk to the highest bidder to go a bit higher. If you're 4th down the list you probably won't even be contacted.

        I've made a couple of offers that I thought were above the value of the house, and I wasn't even contacted to ask for a higher offer. Three weeks later I see that they sold for around $30k over my offer.

    • djones145 on 13/03/2021 - 14:24

      property for 235k…
      must be some rural town, might be an apartment even

      doubt the market is that crazy

      house in main city yes
      even apartment are having issues, over flooded

      • whooah1979 on 13/03/2021 - 15:12

        May be it's a newish unit on the Gold Coast.

        • Neoika on 14/03/2021 - 12:36

          Dont thibk so. It must be very rural or retirement village.

  • mini2 on 13/03/2021 - 12:35
    +2

    What's another $4k when you're spending $235k already. You know there's definitely an issue if they knocked that back as well.

  • PissLUR on 13/03/2021 - 13:20
    +4

    Make the offer 239K cash.
    Why the (profanity) are you mucking around?

    • Jugganautx on 13/03/2021 - 17:12

      Whats the point of saying CASH in a large amount like this? OP's not walking into a ferrari dealership.

      It all gets transferred through the bank and ends up as numbers anyway.

      • whooah1979 on 13/03/2021 - 17:18
        -4

        Some people still think that cash is king when in fact it's dying.

      • dizzle on 13/03/2021 - 17:48
        +3

        It still works for real estate. Cash means there will be no "subject to finance" conditions. Considering he said $235k unconditional, he doesn't need building or pest either. So once the cooling off period (5 days in some states) is passed it's a done deal.

        Others will have to wait (probably) 14 days after the contract is signed to know whether the sale is final.

        Even for pre-approved loans, the bank generally need to value the property, so they are not loaning $400k on a $300 house.

        So some sellers would accept $235k cash, Vs $240k subject to finance. But more likely if they get the same price offer they will choose the cash offer.

      • TheBilly on 13/03/2021 - 22:27
        +4

        Lol cash does not mean a big duffle bag of tens, twenties and fiddies … cash simply means you have the money to pay and will not get a home loan which will simplify and speed up the transaction for both parties.

  • elgrande on 13/03/2021 - 13:45
    +2

    Ask for copy of the sale contract.

    • dizzle on 13/03/2021 - 13:55
      -2

      Why would they give you that?

      • parsimonious one on 13/03/2021 - 16:09
        +2

        Because if you are buying a property you should be able to read the contract that contains the conditions of that sale

        The contract should contain the details of the current owners too

      • [Deactivated] on 13/03/2021 - 16:20
        +2

        Just a wild stab in the dark…

        But, so they can sell you the property?

      • tallkid123 on 13/03/2021 - 19:34

        Because a serious buyer wants to know what they're signing up for - inclusions/exclusions, by-laws, etc.

        A copy of the contract is usually sitting on the kitchen bench for perusal during open inspections.

        • dizzle on 13/03/2021 - 21:47

          However they generally won't do that until they have accepted an offer. What I'm asking is why would they give you a contract to read if you're offering below what they expect to get (And judging from sales I'm seeing recently, they're going $20-30k above the "offers over" price, which is what I expect is happening here).

          If you have placed an offer it's still not binding until you sign the contract, you still have plenty of time to read it

          • mini2 on 14/03/2021 - 14:37

            @dizzle: I don't know which state you're from but agents from NSW, ACT, SA, and VIC have no issues sending me a copy of contract before I make an offer. I kinda need to know what I'm getting myself into before making an offer (or figure out how much to offer) thus there is an inherent need of pursuing the contract…

            • dizzle on 14/03/2021 - 16:57

              @mini2: Fair enough, I've haven't seen that happen.

              From my current expereinces you would be missing out on making an offer, as an open house will happen on the Saturday morning, and offers are needing to be in by 5pm Saturday (whether they decide overnight or not is another matter, but they are not waiting around for other offers).

              I don't even think the agent would bother to send out a contract for you to review unless there were no offers.

              • mini2 on 15/03/2021 - 09:24

                @dizzle: There's nothing wrong with calling/texting the agent asking for a copy of the contract before the open home. In fact back in the last boom here in Sydney, open home at 11am, best offer by 5pm and the phone calls started going around at 6pm (stirring up the top couple of buyers to outbid each other) and sale finalises at 6:30pm. You were expected to go ask for the contract and study it beforehand the Saturday because those properties will be sold on Saturday.

  • robbyjones on 13/03/2021 - 14:00

    Lessor is generally the owner of the property. Put your offer in writing (email), There isn't much you can do really if the agent isn't cooperative, they work for the owner not the buyer and generally want a quick sale to earn their commission, however if it is a family thing you just have to ride it out. My guess would be, with all the hype in the media surrounding ridiculous house prices, they are waiting to see what the open home brings.

  • JIMB0 on 14/03/2021 - 12:11

    Have you tried straight up asking the agent what it would take to sell? As in a dollar figure they would take for it. You're in a strong position not being dependent on finance, this helps particularly if they are keen to sell. I've seen plenty of places sold only to come back on the market due to finance being rejected.

  • Venustrap87 on 14/03/2021 - 14:49

    Make friends with the agent and maybe throw in a slab of beer he may take up your offer

  • briony on 16/03/2021 - 07:42
    +2

    Update: Signed a contract for the property. The owner was not the property manager so can’t figure out why the agent’s name was on the lease. Got it for $235k. Cash made the difference.

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