Perth homeowner thought agents were selling his home; later found out they were the buyers

The issue came to light after Mr Wu became suspicious about the transaction. (Picture: ABC Australia) A homeowner in Australia says he may have sold his Perth property for nearly $100,000 less than its value after discovering that the real estate agents he hired to sell it were behind the company that bought it. Chao 'Jack' Wu sold the home for $705,000 in 2024, while a later valuation put its value at $800,000.Wu had signed an exclusive sales agreement with Ideal Realty WA on in April 2024, ABC News Australia reported. Six days after it, the agency told him it had received three offers, with the highest coming from a company called Generation Two PTY LTD.An email from agent Lynn Ding recommended that Mr Wu accept the offer, saying, “The buyer is almost a cash offer, we recommend to accept the offer and get it secure, or the buyer will offer another property.”Agent Roy Li also sent Mr Wu several messages, one of which said, “The buyer has no finance issue and we can accept it or the buyer will offer others after compared (sic).” Another said, “Will do the best to deal with the buyers. No worries”.Mr Wu said he signed the sale contract with Generation Two later that afternoon after ...