Episode 11: Miriam Sandkuhler - Understanding Underquoting, Statements of Information and Vendor Reserves

 

Miriam Sandkuhler, from Property Mavens, takes away the confusing about price ranges and quotes on property marketing, Statements of Information and what the vendor can do with their reserve. It's quite insightful. To be in the running for a copy of Miriam's book 'Property Prosperity', listen out for the codeword in the podcast and private message us on Facebook for your chance to win.

 

Sue: today we are talking about the serious business of quoting. You know those little price ranges, plus signs and comparable properties that became mandatory in 2017? Well there is still a lot of confusion out there about what is acceptable, so we want to get to the bottom of it. What do you want to know grant?
Grant: I want to know what the rules are. And why are there so many numbers flying around about the same property? Quotes, valuations, vendor reserves… they can be the same, but they can also be so different.
Sue: well let’s get to the bottom of it!

Intro:

Today we welcome Miriam Sandkuhler, the CEO and multi-award winning property advocate from property mavens to talk to us about quoting. She is the best-selling author of property prosperity, an accredited property investment advisor and sought after media commentator on the subject of all things property for major newspapers, national radio and television. Welcome Miriam.

Miriam, how did you get into the advocacy business?

1. What are the rules regarding price quoting in Victoria?
2. Sometimes when we are at properties doing copy and photos, there is a valuer doing his report, does a property usually get a sworn valuation prior to the property being advertised?
3. What is a sworn valuation? And how does it differ from a bank valuation or a market appraisal from an agent?
4. Karen from Essendon recently bought a property where the price range on the statement of information was a lot more than what was originally quoted. It turned out that the property had been on the market with another agent prior to this agent who had a more realistic price on it… how come the price range on the advertising and the price range that appears on the statement of information can be different?
5. What happens if a vendor changes their reserve on the auction day?
6. Recently Harry from Glen Waverley went to an auction where the vendor changed their reserve on auction day and the underbidder got really upset with the agent for underquoting, saying he would report him. Harry wants to know who was in the right? Would an agent be liable for underquoting if the vendor changes their reserve to a higher amount, even if they had advised their vendor that they would not get the higher amount?
7. How recent do the comparable properties sold on the statement of information have to be? And why is it sometimes left blank, is that allowed?
8. What happens if an agent gets an offer that is higher than the price range on the statement of information that doesn’t get accepted by the vendor?
9. How fair is that on the buyer?

Show Notes:

Link to a Consumer Affairs Fact Sheet regarding quoting. https://www.consumer.vic.gov.au/search-results?s=fact+sheet+on+underquoting

 

Competition Time

We have 2 copies of Miriam Sandkuhler’s book ‘Property Prosperity' to giveaway.

All you have to do is while your listening to Episode 11: Listen out for the ‘Codeword’ and private message us the answer for your chance to win.