Estate agents,bah hum bug
Discussion
My brother sold his house STC. Accepted £5000 below the asking price because the buyer had sold and was in rented accomodation and had a mortgage arranged. Had an offer accepted ion a new place, so all going swimmingly.
Now it looks lke his buyer has no mortgage and never had one agreed and is struggling to get one because he and his partner are both in the throws of a divorce and have mortgage liability on other houses. Looks like it will all fall through after he has spent loads on a full survey and solicitors fees.
Thing is, I though estate agents were supposed to 'qualify' offers by confirming the validity of the offer? I certainly had to produce a letter from my bank showing I had the cash and mortage agreed to cover the purchase price when I moved last year.
Is this a sloppy agent, or par for the course from your experience?
Now it looks lke his buyer has no mortgage and never had one agreed and is struggling to get one because he and his partner are both in the throws of a divorce and have mortgage liability on other houses. Looks like it will all fall through after he has spent loads on a full survey and solicitors fees.
Thing is, I though estate agents were supposed to 'qualify' offers by confirming the validity of the offer? I certainly had to produce a letter from my bank showing I had the cash and mortage agreed to cover the purchase price when I moved last year.
Is this a sloppy agent, or par for the course from your experience?
Nothing new.
Parents house sold and the buyer kept us hanging on for 4 months.
Then found out that she was trying to buy it between herself and her son, she had the cash no problem but the son had problems due to buy to rent + lots of work to be done.
Shame they were well known friends and therefore we bent backwards trying to push the sale through, but found that the Estate Agents were also very good friends and they took their side (so to speak) and not ours. Buggers even went on holiday at the point of signing contracts and the Agents knew this but kept US holding on.
The final straw was when they tried to pull a fast one by saying "ohh, hard times prices have dropped etc" and were thinking of LOWERING the offer.
bye,bye. Idiots.
Remember of course you are not tied UNTIL signing of contracts and not before. Infact she had a history of doing this so we found. It cost her for all the surveys though (dont fall for that one).
added bit more
>> Edited by scared but happy on Tuesday 14th June 23:16
Parents house sold and the buyer kept us hanging on for 4 months.
Then found out that she was trying to buy it between herself and her son, she had the cash no problem but the son had problems due to buy to rent + lots of work to be done.
Shame they were well known friends and therefore we bent backwards trying to push the sale through, but found that the Estate Agents were also very good friends and they took their side (so to speak) and not ours. Buggers even went on holiday at the point of signing contracts and the Agents knew this but kept US holding on.
The final straw was when they tried to pull a fast one by saying "ohh, hard times prices have dropped etc" and were thinking of LOWERING the offer.
bye,bye. Idiots.
Remember of course you are not tied UNTIL signing of contracts and not before. Infact she had a history of doing this so we found. It cost her for all the surveys though (dont fall for that one).
added bit more
>> Edited by scared but happy on Tuesday 14th June 23:16
why oh why dont they change the system in the UK?
After having gone through the grief of buying and selling in blighty it was a relief to find the system here where you sign a legally binding contract at the outset. This certainly sorts out the daydreamers and wannabee's and gives peace of mind to sort out your affairs
After having gone through the grief of buying and selling in blighty it was a relief to find the system here where you sign a legally binding contract at the outset. This certainly sorts out the daydreamers and wannabee's and gives peace of mind to sort out your affairs
shirepro said:
My brother sold his house STC. Accepted £5000 below the asking price because the buyer had sold and was in rented accomodation and had a mortgage arranged. Had an offer accepted ion a new place, so all going swimmingly.
Now it looks lke his buyer has no mortgage and never had one agreed and is struggling to get one because he and his partner are both in the throws of a divorce and have mortgage liability on other houses. Looks like it will all fall through after he has spent loads on a full survey and solicitors fees.
Thing is, I though estate agents were supposed to 'qualify' offers by confirming the validity of the offer? I certainly had to produce a letter from my bank showing I had the cash and mortage agreed to cover the purchase price when I moved last year.
Is this a sloppy agent, or par for the course from your experience?
I've just left Estate Agency, mainly due to this sort of thing happening and then getting the blame for it!
A buyer can only be qualified so far, if they decide that they aren't going to buy the place, for whatever reason, there is nothing in the world an Estate Agent can do to stop them pulling out. Nothing is binding until exchange of contracts.
All an Agent can do is what scaredbuthappy said he does. We meet them face to face, usually with a Financial Advisor, who can ask their position and even do credit checks etc if the buyer agrees.
Trouble is, under the Estate Agency Act 1979, an Agent is not allowed to be biased in respect of offers. We are not allowed by law to tell you its a crap offer. We have to give you the facts and let you make an informed decision.
Now, the average Vendor only sells two or three times in his life, so wouldn't it make sense for the agent... who he is paying a fee, to be able to advise him?
Your absolutely right, the system does need changing, and its about to happen... the government are looking at an introduction of the sellers pack by 2007, probably on a trial basis to start with.
What will happen, is that all the searches, surveys, inspections, and contracts will be prepared before a house hits the market. If someone makes an acceptable offer, they will automatically get their mortgage offer because a standard Valuation has already been done, and they will exchange contracts.
Stop all the
ing timewasters that Agents and Vendors have to put up with... which can only be a good thing. 
Nothing new or unusual I'm afraid. Buyers telling porkies in order to secure the best property.
Had a complete bunch of timewasters trying to buy our old flat. Cheeky buggers were constantly hassling for an early exchange / completion but when push came to shove they didn't have the funding.
Ultimatum issued - exchange in a week or its back on the market. They just laughed. 1 week later back on the market and sold for more than the original offer.
They weren't too happy but serves 'em right.
Had a complete bunch of timewasters trying to buy our old flat. Cheeky buggers were constantly hassling for an early exchange / completion but when push came to shove they didn't have the funding.
Ultimatum issued - exchange in a week or its back on the market. They just laughed. 1 week later back on the market and sold for more than the original offer.
They weren't too happy but serves 'em right.
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