Went to put an offer on a property today. After three months on the market with barely a nibble I arrive at the designated time at agents office where it's casually mentioned that there's three other offers going in at the same time as mine.
Well I had expected a phantom buyer to be brought into the picture so I was prepared for it (though not quite to this extent!). Basically stood by the figure I had originally intended and said I wasn't going to try and compete with any offer I haven't seen on paper and that they are welcome to cover the buyers name if they showed me. They said no which was to be expected. Apparently this is illegal. I'm not sure if this is true or not.
What was curious however was that I said my initial offer was intended to provoke a counter offer and the response was that it would depend on which offer they decided to deal with as under Qld law in a multiple offer situation the vendor can only negotiate with one person at a time. I've never heard of such a law and to be honest this sounds like utter rubbish to me. If I were a vendor I would insist on being able to negotiate with several people at once if the opportunity presented.
So can any Qld agents confirm or deny if what I was told is true with respect to it being illegal to show evidence of another offer or the dealing with multiple buyers rule? I think it was either a negotiating ploy (which failed if it was) or it's a policy of this particular office (or group rather).
Well I had expected a phantom buyer to be brought into the picture so I was prepared for it (though not quite to this extent!). Basically stood by the figure I had originally intended and said I wasn't going to try and compete with any offer I haven't seen on paper and that they are welcome to cover the buyers name if they showed me. They said no which was to be expected. Apparently this is illegal. I'm not sure if this is true or not.
What was curious however was that I said my initial offer was intended to provoke a counter offer and the response was that it would depend on which offer they decided to deal with as under Qld law in a multiple offer situation the vendor can only negotiate with one person at a time. I've never heard of such a law and to be honest this sounds like utter rubbish to me. If I were a vendor I would insist on being able to negotiate with several people at once if the opportunity presented.
So can any Qld agents confirm or deny if what I was told is true with respect to it being illegal to show evidence of another offer or the dealing with multiple buyers rule? I think it was either a negotiating ploy (which failed if it was) or it's a policy of this particular office (or group rather).