Was I played by a REA?
So I went to check out a property in a northwestern suburb that was advertised in the $880–$950k range and going to auction. Before I even asked anything, the real estate agent (REA) pulled me aside and told me the vendor would sell before auction if I made a quick, unconditional offer at the top of the range ($940–$950k).
He kept saying stuff like “act quick,” “first come, first served,” and even threw in, “If you wait for auction, the price will go over $1 million.” That last part really got me thinking, so I asked why the vendor wouldn’t just wait for the auction if that’s the case. His response? “Every vendor is different. This one specifically said they’re happy to sell beforehand.”
He also mentioned they recently sold another property nearby to someone who offered at the top of the range quickly, and “this property will be no different.”
At this point, I felt like I had to move fast or risk missing out. So I took a day off work to organize everything: a building and pest inspection, having a conveyancer review the contract, doing another inspection, etc. Then I sent him a text with my unconditional offer at the top of the range.
Guess what happens next? The REA comes back saying, “Sorry, the vendor has changed their mind. They’re now rejecting all offers and will definitely go to auction in a month.”
I was pissed. All that effort and money down the drain because the vendor “changed their mind.” But here’s the part that makes me question everything: the REA told me (after rejecting my offer) that he’s since received offers higher than the advertised range, yet the vendor is still insisting on going to auction.
When I asked if they’d update the advertised price, the REA gave me some nonsense about how “there’s no signed contract, so none of the offers count” and “the auction price could still be within the range.” Basically, they’re not changing the price because it’s technically not illegal or whatever.
I can’t help but feel like I got played here. Was this just a sales tactic to hype me up and create urgency, or is this kind of thing normal in real estate? Has anyone else been through something like this? What should I do about it (if anything)?
Would love to hear your advice or if I just need to chalk this up as a learning experience.