Online agent - suspect 'fake' offer (no sale no fee)

bxboards · 19 May 2017 at 4:32PM

G_M wrote: »

We need to see the exact, wording in the contract.

Please quote it in full.

It's not that uncommon for overseas investors to buy without viewing - though more often it's off-plan / new builds. As mentioned above, returning expats might do so also if familiar with the area & properties.

Having said that, the coincidence of timing IS suspect! Call their bluff and accept provisionally and see if they proceed.

I'd prefer not to quote the T&Cs but they are vague enough I am asking the question....

As much as I'd love to think the house is a 1 off, can't miss it place, too be honest, this is not the sort of thing you would buy unseen from 4,000 miles away as you could pick up 100 more within 50 miles around a similar price, so it's not got any sort of unique selling point that would explain an offer made unseen IMHO.

bxboards · 19 May 2017 at 4:41PM

pretamang wrote: »

I take it that £4k is too low for you to accept?

Could you still 'accept' the offer and ask that they proceed with the conveyancing process, but given that they've not seen the house you will keep it on the market until they've had a survey done and demonstrated to your lawyer that they have deposit funds in place?

If none of this materialises then they are clearly not able, whether they exist or not.

In principle, the offer might be acceptable, but I'd feel a whole lot better if I had done a viewing with them and met them first so I know it's a real person on the end of it. The whole point of online agents is that the seller does the viewings etc themselves, and this step is missing, and it feels crucial.

I like your way of thinking with this - what I do not want to do it have it go off market subject to contract, incur solicitors fees etc, only to find out the buyer isn't genuine or doesn't even exist.

eddddy · 19 May 2017 at 5:27PM

Is this an EA whose name rhymes with 'mouse pimple'?

If so their current t&cs say it must be a 'ready, willing and able' buyer, who has offered the full asking price.

Even if it's a different EA that uses the term 'Ready, Willing and Able', that term has a special meaning in law.

See this response to a complaint to the property ombudsman:

The Estate Agents (Provision of Information) Regulations 1991 define a purchaser who is ‘ready, willing and able’ as a person (or persons) who “is prepared and is able to exchange unconditional contracts for the sale of your property”.

Link: https://www.tpos.co.uk/news-media-and-press-releases/case-studies/item/ready-willing-able-case-2

bxboards · 19 May 2017 at 5:40PM

eddddy wrote: »

Is this an EA whose name rhymes with 'mouse pimple'?

If so their current t&cs say it must be a 'ready, willing and able' buyer, who has offered the full asking price.

Even if it's a different EA that uses the term 'Ready, Willing and Able', that term has a special meaning in law.

See this response to a complaint to the property ombudsman:

Thanks a lot, that is very helpful

glasgowdan · 19 May 2017 at 6:50PM

I don't suppose there's anything wrong with naming the company by sharing the Ts&Cs. You're only stating facts at the minute.

bxboards · 1 June 2017 at 2:30PM

so...a small update on this. I had my suspicions from the start this was a 'fake' buyer.

I requested proof of funds. still have not had them, but this 'buyer' does not have cash in hand, and appears to be in a chain.

So I phoned up to request a refund of my set up fee today, as it's been a clear 3 months with no genuine buyer in sight. While I was on hold, I got another 'offer' message come in via e-mail and SMS after days of silence - literally DURING my phone call requesting this set up fee refund!- this whole thing is smelling more fishy then a fishy thing.

I will report back if I do get my set-up fee back... I am almost certain there is no real person at the end of this offer now.

fairy_lights · 1 June 2017 at 2:40PM

Todays offer would be over the 91 day cut off point anyway so I would tell them to jog on.

bxboards · 8 July 2017 at 12:22PM

Right well... as someone here advsised, I suggested the 'buyer' get a survey done as they had not viewed. The survey was quickly declined.

I was told a few times, the buyer was anxious to complete, so I accepted the offer.

Interesting, the buyer on the memorandum of sale has no named solicitor, and the buyer's address is linked the online agent according to google....

Needless to say, my set up fee has not been refunded.

Assuming my suspicions here are coming to reality, considering my next steps!

davemorton · 8 July 2017 at 2:56PM

bxboards wrote: »

Right well... as someone here advsised, I suggested the 'buyer' get a survey done as they had not viewed. The survey was quickly declined.

I was told a few times, the buyer was anxious to complete, so I accepted the offer.

Interesting, the buyer on the memorandum of sale has no named solicitor, and the buyer's address is linked the online agent according to google....

Needless to say, my set up fee has not been refunded.

Assuming my suspicions here are coming to reality, considering my next steps!

Well name and shame would be one move.

hazyjo · 9 July 2017 at 12:48AM

Ask for details of their in-house complaints procedure. I expect you'll have to complete that before taking it further.

Good luck!

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Online agent - suspect 'fake' offer (no sale no fee)

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