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18 February 2016


How thousands of buyers get bitten.

We were negotiating to purchase a property; the asking price was $1,330,000.

We signed a contract with an offer of $1,000,000. The vendor was in another state.

The agent sent us a text message at midnight saying she had the contract back and it was counter-signed at $1,250,000.

The next day, we said we were looking at another place but were still very interested in negotiating on the property.

A few hours later, the property we were negotiating to purchase had been sold to another buyer for $1,250,000.

We were shocked as we really wanted to buy the property. We would have continued negotiating to purchase it.

Has the agent done anything illegal or is she simply unethical?

This is the third property we have missed out on under similar circumstances.


The agent is not really doing anything illegal, nor is the agent particularly unethical. The agent is just incompetent, like thousands of agents. Their main focus is to make a sale – at whatever price is acceptable to the seller.

From their point of view, the agent may consider you unethical. After all, you offered just one million when you were prepared to pay well over $1.25 million.

You are doing what thousands of buyers do – and, like thousands of buyers, you are getting bitten.

You are trying to be smart and play a bluffing (lying) game. But you are not dealing with smart people.

Lots of agents are nice people, a few are also caring and competent, but most are neither smart nor caring, especially when it comes to buyers who want to nab/grab/steal a bargain (as you are trying to do).

You have to ask yourself what is most important to you – to buy a home for a lot less than you are willing to pay (and risk losing it) OR to buy a home that you love at a price you are willing to pay?

Think about it.

The best way to stop this situation happening (where you miss out on a home when you would have paid more than its selling price – and more than you offered) is to stop bluffing and just offer your best price in the beginning.

Agents have a common saying among themselves – “All buyers are liars”. Sorry, but they are talking about you.

So, just tell the truth about the price you are prepared to pay.

It might cost you more in the short term, but if you love the home and you can afford it, you’ll be a lot happier in the long term.

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