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iwanttosleepin

What to do about a terrible real estate agent

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iwanttosleepin

I am going crazy!

 

We are trying to buy a house and the seller's chosen real estate agent is the worst agent I have ever dealt with.

 

The house we are looking to buy has been on the market 3 times over the past few years and has failed to sell in this time. So it's hardly like we are competing with a whole heap of other people! Apparently the owners are desperate to sell.

 

There is a reason it is hard to sell - its a higher end property in a pretty slow market where buyers in the price range are far and few between. It's a small country area so the price is pretty low if you start comparing to city areas where we have owned previously.

 

But we want to buy it - have to offered a fair price. I can't tell whether the problems we are having are with the real estate agent or the seller but I am getting a strong 'useless real estate agent' vibe who isn't giving the sell all the story. it's really frustrating as there is a local agent who is fantastic and I would just like to use them. most houses in our area are multi-listed but this one is an exclusive. The agent has sold 6 houses in 2 years!!! maybe there's a reason for that. aggghhh.

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Holly298

Contact the owner directly, tell him your having trouble with the agent - agent will get paid anyway but this way you will hear it straight from the owner - if it’s been on the market for years odds are the owners are not that serious

What exactly is the agent saying about your offer and what price did he say the owners want?

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yellowtulips74

How frustrating, OP!

 

One thing which I have heard of (but never done) is to engage an agent to represent you as a buyer. If there's a great agent in town, this might be worth it in your situation?

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iwanttosleepin

I have those 2 options on my list

1. engaging the local agent to be a 'buyers agent' for me

2. talking to the owners.

 

By all accounts they are desperate to sell (we know friends of theirs) but they are so hung up on a single condition that we want they are frozen with fear. we want vacant occupation on sale. it has a tenant, who wants to leave but the owner wants to hold them to the end of their leases its guaranteed income. the rent would not cover the mortgage.

 

they are afraid they will be without a tenant and without a sale. we can't make them see sense. we don't want the tenant at sale for a number of very legitimate reasons. We have been very upfront with these reasons.

 

we will get finance easily.

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PrincessPeach

How much notice has to be given to the tenants to vacate in your state? Are you able to make settlement for a date a few days later?

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iwanttosleepin

The tenant has a lease until mid 2020 - but wants to break it.

 

we are very flexible with the settlement date - like months flexible!

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JustBeige

Can you buy the house with the tenant in it and just let them break their lease - as thats what they want.

Once its sold its between you and the tenant

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Lady Gray

Get a copy of the contract, fill it in with the price you’ve offered, sign it and send it with a bank cheque for the deposit amount to the vendor’s solicitor. Cut the agent out completely.

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Flaxen

If you really really want the place, can you offer addition money to cover their potential lost rental income? Might not end up much at all in the grand scheme of things, and might get you over the line

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Lou-bags

With regard to your options:

 

1. I don’t know how it works in Vic so this may not apply, but here in WA once you’ve made contact with the selling agent, even if you approach an agent to work on your behalf they won’t get any of the commission. However, I believe it’s the case that in other states the buyer pays the buyers agent so this may be a non issue. In which case I think this would be my preferred option .

 

2. I don’t think I would approach the sellers, under any circumstances.

 

Can you not have the tenant vacating be part of the contract, so that it will only come into effect once it’s a done deal? Lessen the appearance of risk on their behalf. Or make it a condition that if the sale doesn’t go through and you pull out that you pay rent until a new tenant can be found (or, rather, for a set period to facilitate re letting so you’re not on the hook for ages if it does fall over?)

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melbun

But if they let the tenant break their lease without penalty the tenant could move out before settlement and leave them with no rent income.

 

Are you in a position to guarantee to compensate them for any lost rent?

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Lou-bags

Can you buy the house with the tenant in it and just let them break their lease - as thats what they want.

Once its sold its between you and the tenant

 

Actually, this is way simpler than anything I posted. Surely this would work?

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Lou-bags

But if they let the tenant break their lease without penalty the tenant could move out before settlement and leave them with no rent income.

 

Are you in a position to guarantee to compensate them for any lost rent?

 

But it wouldn’t belong to the OP until settlement so the tenant couldn’t break the lease early until after anyway.

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iwanttosleepin

There is a very good reason we don’t want to take the property with the tenant. That’s not negotiable. But way too identifying for a public forum.

 

We have given the option of a 2 step conditional process. Ie. they let the tenant loose after we finalise our end. We are flexible on settlement date. We’ve given a 2 month window plus a month for our end ( finance, inspection etc)

 

The real estate agent seems unable to convey our offer. We are taking all risk and have offered a fair price.

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Lunafreya

Can you have a very long settlement until next year when the lease is up?

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Holly298

What do you mean the agent can’t convey the offer?

Your solicitor can send the terms to the vendors solicitor to negotiate?

Buyers agents will cost you $$$ and seeing the problem seems to be with the owner not budging on this tenant condition a buyers agent would be useless

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iwanttosleepin

I don’t know if the seller has a solicitor yet. I fear it may even be the partner of the real estate agent....small town

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Freddie'sMum

Put your offer in writing OP.

 

Send it to the office of Dodgy Real Estate and cc in Agent. Don't just deal with the one agent, deal with the whole firm. Ask the firm to convey your offer to the vendor.

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iwanttosleepin

Real estate company is a one-man show....

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-Emissary-

Did you have a subject to finance clause or anything else?

 

I personally wouldn’t let the tenant off until settlement happens. It’s not really my problem after settlement and would be between the new landlord and tenant to sort out.

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Holly298

I don’t know if the seller has a solicitor yet. I fear it may even be the partner of the real estate agent....small town

Not sure in VIC but in NSW you have to have a contract drawn up by solicitor/conveyancer before you put it on the market? Who have you been negotiating the lease terms with so far?

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iwanttosleepin

QLD

All negotiations through agent.

 

The vacant possession at settlement is not negotiable. But everyone agrees this sort of. They will never sell it tenanted. It’s a rubbish investment and only works as a family home.

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iwanttosleepin

Yes subject to finance, building inspection etc. but the seller doesn’t have to let the tenant off until this is all sorted.

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Hollycoddle

Did you have a subject to finance clause or anything else?

 

I personally wouldn’t let the tenant off until settlement happens. It’s not really my problem after settlement and would be between the new landlord and tenant to sort out.

 

Only if you're willing to let it sit on the market for another untold number of months...

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anon1071

If they won’t budge on the tenant there’s nothing you can do about it.

 

You might need to look at another house.

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