I made an offer on a property last week and found out today that the property was sold for a lesser amount that what I had offered. I believe the agent didn’t inform the vendor about my offer. What can I do?
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Answer by Neha Sharma, Hillsdale 2036 NSW
- Real estate agents are legally obliged to inform the vendor of all offers up until contracts have been exchanged. The vendor has the right to accept any offer he or she chooses and can change their mind up until contracts have been exchanged. It does not necessarily have to be the highest offer.
- If you feel the agent did not inform the vendor about your offer you should ask a lawyer about any other options that may be available to you. You may not receive any compensation but the real estate agent may be subjected to disciplinary action. A vendor may sue the real estate agency if it has evidence that the agent wilfully or negligently withheld any offer.