Offer to purchase on price as advertised refused.

[Elax]

Hi,

We made an offer on a property, which was actually equal to the price on property24. The owner then refused this, and the agent says he was asked to reduced the price, but lost the sms.

Is there any recourse in this regard? The advertised price on the website has now been increased from 1.25 mil to 1.58 mil...

 

[GhostSixFour]

It's his house and prerogative - you can't force him to sell.

 

[D4N]

No, an offer is just that.. an offer. They need to accept it

 

[Elax]

Figured as much.

 

[P924]

Agents often list with incorrect price to get more calls...

 

[Compton_effect]

Agents often list with incorrect price to get more calls...

Sadly. The unethical and desperate ones do.

 

[GhostSixFour]

No, an offer is just that.. an offer. They need to accept it

This is also true. In terms of the CPA, they advertised it at that price, so they have to take it, also, if something breaks within 6months you can get it replaced with a new one.

 

[Wall]

This is also true. In terms of the CPA, they advertised it at that price, so they have to take it, also, if something breaks within 6months you can get it replaced with a new one.

CPA doesn't apply to private deals...

 

[Elax]

CPA doesn't apply to private deals...

Was via an estate agent

 

[GhostSixFour]

CPA doesn't apply to private deals...

Was via an estate agent

Reading fail there Wall.. Estate agent, meaning it kinda works like a business deal @ OP, was this signed on a Agent letterhead?

 

[Wall]

Reading fail there Wall.. Estate agent, meaning it kinda works like a business deal @ OP, was this signed on a Agent letterhead?

/facepalms self

 

[Humberto]

Wall is correct; unless the seller is a property developer, the CPA does not apply. The estate agent is not the seller.

 

[Elax]

Nothing signed yet. We communicated to the agent that we wanted to put in an offer at the advertised price, after which he came back saying the owner didn't want to accept. Basically a verbal offer. My guess is they saw we liked the place and are trying their luck..

 

[Jakes147]

Reading fail there Wall.. Estate agent, meaning it kinda works like a business deal @ OP, was this signed on a Agent letterhead?

Comprehension of the CPA fail. The CPA only applies when you buy from a developer...

 

[Rocket-Boy]

It works on a willing buyer/willing seller basis.
In this case the seller is not willing.
Unless there is a signed offer to purchase and the conditions in the offer are met then there is nothing you can do about it.

 

[GhostSixFour]

Comprehension of the CPA fail. The CPA only applies when you buy from a developer...

Double fail..

Trolling becomes so difficult when the others don't realize you're doing it.

 

[Jakes147]

 

[GoB]

lol.. This is different scenario, but I offered 5K MORE than the asking price on a house and it was rejected. The estate agent was apologetic. I think that from their side they could keep the seller liable for their fee but did not.

What upset me more (really) was when an agent wanted to chat for an hour to some old people who spend their time visiting show houses... instead of filling in my offer to purchase (of the asking price again).

 

[ToxicBunny]

Nothing signed yet. We communicated to the agent that we wanted to put in an offer at the advertised price, after which he came back saying the owner didn't want to accept. Basically a verbal offer. My guess is they saw we liked the place and are trying their luck..

Of course they're trying their luck... you should have gone in 10% below, and put it on paper. Then they have to countersign it or reject it outright.

Actually come to think of it, make the agent do some work for their commission. Go in, sign an OTP at 10% off the advertised price, the agent is obligated to present it to the owner, they might change their tune when its in paper and would be binding on both parties if signed.

 

[Napalm2880]

Actually come to think of it, make the agent do some work for their commission. Go in, sign an OTP at 10% off the advertised price, the agent is obligated to present it to the owner, they might change their tune when its in paper and would be binding on both parties if signed.

+1. This is exactly what you should do.