NSW Home Buyers Wasting Time and Money - Sellers Must Be Responsible for Price Estimates!
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Extract: “Buyers often arrive at the Auction to find that the Reserve set by the Seller is higher than the campaign estimate, sometimes by a significant amount!” This Petition seeks to protect buyers.
Home Buyers across New South Wales already face significant hurdles when trying to buy a property at Auction.
Many Buyers incur considerable expenses for legal and property due diligence when they decide to bid on a property based on estimates of the sale price given by Agents to Buyers during the campaign leading up to the Auction. These costs include legal fees and the costs associated with building and pest reports. In addition, people invest time and emotional energy into the process of searching for a home and bidding at an Auction.
Although Agents are legally prevented from under-quoting, Sellers currently have no responsibility to act fairly to ensure that the price estimated and published by the Agent is in line with the minimum actual expectations of the Seller. As such, Buyers often arrive at the Auction to find that the Reserve set by the Seller is higher than the campaign estimate, sometimes by a significant amount!
Buyers across New South Wales are incurring costs, time and effort based on the legitimate expectation that the Agent’s estimate accords with a price that the Seller is actually willing to sell at when in fact that is often not the case. This renders the Agent’s estimate largely irrelevant and leads to a lot of frustration.
This Petition proposes that the New South Wales Governent intervene urgently so that:
(1) Sellers be required to estimate the Reserve no less than 14 days prior to Auction.
(2) If the Reserve actually set by the Seller at Auction is more than the amount estimated by the Seller and the property sells, then the Seller would be obliged to compensate those who incurred costs on due diligence via the proceeds of sale. The costs would be limited to those incurred during the period of 14 days prior to Auction, and a reasonable cap per prospective Buyer may be considered.
The above would help to prevent Sellers from sitting back and allowing their Agents to set an estimated price lower than the Seller’s actual intended minimum. It should be obvious that this is manifestly unfair and operates to the expense and detriment of prospective home buyers across New South Wales who already struggle to afford a home!
This Petition seeks the urgent intervention of the New South Wales Government to introduce fair rules dealing with Seller estimates to protect those seeking to purchase property at Auction.
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