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A couple lost their $75,000 deposit because of a banking issue.
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Out of humanity and compassion, what is 24-hour extension? It's called greed and I would take my business somewhere else.
my advice in WA is: if you are buying – negotiate the lowest possible deposit. If you are selling – negotiate the highest possible deposit. Because I have been the Seller that the Buyer defaulted on, actually went completely AWOL and tied up my sale for 4 months. Finance wasnt a problem, the Buyer was quite wealthy, had full cash ready, then had an episode. From then on it was all unknown territory for all real estate agents & property conveyancors, they had never been involved in not only the the seizure of a deposit, $10k in this case, but the extrication of the property from the sale contract. I blew half of that in Lawyers fees. The Buyers Sibling eventually signed off.
4 months at the mercy of Lawyers. No thanks.
I know what I'd be doing to the seller.
Okay its a dog act. But they acted in the confines of the law.
Gee I wish I could have " poor me" publicity every time a vendor/ contractor/ supplier..di this kind of thing…amazing what you can get when you have pretty girl hanging off your side ?>
Do you think a single male would have got the same treatment ? > NOPE.
Oh > further to my below comment…> just rem kids..that refund came out of your > westpac fees OR > Westpac SHARES > either way > its got paid for by someone elese..even though it was legal > why ? > because vagina
Simply saying the sellers are a-holes is disingenuous. The buyers were also 25k better off at the end of this.
QLD is different, to say the least, when it come to real estate transacting.
The buyers should also have been told that a "deposit bond" could have been used instead of cash; which may have alleviated this situation entirely as the bond is a "promise to pay" rather than deposited monies. The delays in processing might have meant the original deal was adhered to. Though in this case, that is unlikely by the sound of it. The sellers may alternately have opted just to go with the new deal and release the first deal, rather than start legal proceedings to recover the deposit to avoid the headache of the court system.
Dog act by the sellers. Negligence by the bank.
Don’t bank with the big 4. I just de-banked Westpac and Commonwealth this week!
1 Timothy 6:10
The love of money causes all kinds of evil. Some people have turned away from what we believe because they want to get more and more money. But they have caused themselves a lot of pain and sorrow.
That’s a low blow 🤛 greedy bastards
The sellers should be doxxed, total dick move on their part. The worst I've ever done was holding a buyer to the contract because they didn't get their building and pest inspection done by the due date but keeping the entire deposit and then selling to another party is ethically disgraceful.
The sellers should have to show just cause, as to how they had been financially impacted. Clearly they weren't and if they had been, only able to access from the deposit the losses that can be proven. Not just pocket the total deposit, pricks, should be looking over their shoulders
Would be good if the banks could blacklist the sellers from acquiring future mortgages or even foreclose any existing mortgages by raising their intrest rates to unpayable levels. A bit of justice for their scum. move
Your commentary on this episode was perfect Heise! Say it as it is. 👏
Thats a pretty disgusting act by the seller
Australians know nothing on the greed and evil thats happening in the world. We have it good. Egypt steals your organs from not just you but you're whole family. N.Korea rents out its own people as slaves. China knocks on your door, forces you out of your own house and goes over it with a bulldozer. Dubai has built its city on the blood of slaves. Africa has prison states and tortures innocent people. I could go on.
A contract is a contract, not the seller's fault. The fault lies with the bank screwing over the buyer.
Bank wasn't ready to settle on the day when my place sold. They forgot, same bank for buyer and seller.
A call to bank then solicitor saying I was taking the deposit magically sorted the issue in 10 minutes. Lazy bank staff is not my problem.
You'd be amazed how dishonest some people are. I worked with a few low lives at my previous job at Centurion Transport in Hazelmere.
Why did they put that much deposit down ive always never put down more then 10k as a deposit in realestate, i once bought a house with 1k deposit
Karma happens to the seller(s).
It's greed plain and simple. The sellers knew full well, they could sell again, in a moment. And probably for a slightly higher price.
The sellers were legally allowed to do this of course. This counts as morality these days in Australia. If it's legal, it's moral.
It's the Australian way these days.
There's no way known I could feel good about myself if I did that. So I simply wouldn't!
Sadly this couple will still lose out, even with the bank giving their money back. Brisbane property is up 7% this quarter.
I bet the vendor was Chinese
Whats the vendors name?
So we should swap contract terms with "fair"?
Heise channel goes woke
Paying a million bucks only to sit in traffic on the centenary highway… thats the real robbery.
@Heise, you've reading through a short version of the article. Here is the interesting part:
"Hours after the settlement fell through, the house was marked as being sold on a real estate listing for $1,030,000 – $65,000 higher than the price from Mr Trau and Ms Goyder."
So no there was no cost for them, in fact there was quite a bit of gain.
I think the world would be a better place without people like those sellers. They damn well knew what they were doing to those people who are guilty of been desperate to get a house start a family. And Philip Lowe, in the unlikely case you are reading this, f**k you too.
Caveat emptor…