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2 minutes

Published:

24 October 2014

Getting Cheated When Buying AND Selling.

Danger All Around

Your comments on the website came all too late for my wife and I.

About five years ago we purchased a townhouse at Elanora Heights on the Gold Coast from a Development Company. We paid $163,000. Had we made one phone call to an agent we may have realised it was worth about $120,000, if that.

I am now about to sell it at Auction tonight for about $105,000. A loss of almost $60,000.

The promises of a great investment were lies. I was told an enquiry would be held over the thousands ripped off like myself, but as yet have heard nothing.

In connection with unethical behaviour I would like to mention my current agent who is handling the sale of this property.

Her behind the scenes activities have left me and especially my wife with anger and disgust.

My bank arranged a valuer to value the property. The agent had already advertised it as ‘offers above $90,000’ a strategy which I had read on the website. The valuer valued it at $110,000. Later I had a phone call from my bank to say that the valuer had randomly checked with estate agents in that area and by rather unfortunate coincidence rang my agent. What she told him made me sick.

To put you in the picture even further, we had an offer under contract of $80,000. We rejected this of course and this offer was before the bank valuation. The interested purchaser however was the wife of one of the agent’s colleagues in another agency in Palm Beach. We knew of this and didn’t mind at the time. What she said to the valuer was, “Oh we have made an offer to the owners of $85,000 (that wasn’t even correct) because that’s what it’s worth and we believe it won’t sell at auction!”. With that information the valuer reduced his valuation to $85,000.

Those I have spoken to say it is all ‘sus’. I believed the agent lied to the valuer to get a sale for her colleague at my expense. She was very apologetic later and denied all but the damage was done as far as I am concerned.

This whole episode has been a nightmare.

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