Beware Buyer Liars

busydaffodil1

About 5 weeks ago we accepted an offer on our house some £10,000 below asking.
A week later we offered on a house & offer has been accepted. I instructed Solicitor, sent of the Searches Fee & waited to hear from Buyers Solicitor.
Anyways, 2 weeks ago, I contacted EA as no survey had been appointed by buyer, etc. Was told my buyers were cash & not having survey. EA was a little evasive so phoned 1 week ago to check. was told the same again. Yesterday I got hold of Valuation lady in EA's office and asked her to check my buyers out. She phoned back, buyers apologising for not doing more. Turns out they have not even started searches or instructed Solicitor. They have appointment tomorrow with a Financial Advisor and will then sort a survey out. This is some 5 weeks after having their offer accepted.
The house we are buying want completion on 3rd week of August.
Our EA administrator lied to us for 2 weeks. Buyer only now getting things organised.
Am getting worried.
Any advice would be appreciated.

noyk

it was the ea lying to you then not the buyers, the title of the thread is wrong

noyk

also meant to say, whats new!? Hope you sort it out though.

Richard_Webster

This kind of thing is a regrettably common problem and is even more likely to occur if you try to sell privately. if you have a good estate agent, he is supposed to chase up this kind of thing. Crummy ones don't bother.

In this case it looks as if the agent should have checked simple things like whether the buyer had instructed his solicitors.

Try complaining to the estate agents and renegotiating their fee downwards!


As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients.

Doozergirl

Richard_Webster wrote: »

Try complaining to the estate agents and renegotiating their fee downwards!

I entirely agree. They haven't been provided a full service, so I don't see why you should pay for one.

busydaffodil1

well, they have until tomorrow to prove that they have arranged a survey. Otherwise I am instructing EA to remarket it. We have MANY drive-bys. Its morally wrong to mess people around like that.

terrierlady

when one buys a new home we get told we are too invasive but we need to be as many, many people tell lies to get what they want, they also tell estate agents they have nothing to sell and they have, in new homes we try to check our sale and the chain below as yes estate agents some times get chain information wrong their crime is they believe the purchasers story so next time you put an offer in be prepared for some serious questions and try not to get annoyed although to be honest, honest people are happy to answer all questions. so at the viewings ask the questions, have you sold? have you exchanged? when are you looking to move? you might be glad you did .

telfordwhite

5 weeks?

"we have sold to my brother and it has gone to solicitors" said our buyers when we accepted a low offer on our house.

3 months later said brother hadn't even instructed a solicitor, 4 days after that (yesterday) our buyers pulled out.:mad:

we thought we were moving tomorrow

homer_j_3

I work in an EA and may be able to put some clarity on what has happened and what avenues you have open to you.

If the EA is a member of the NAEA scheme and ombudsman scheme then they should have properly financially qualified the offer. What this basically means:

If it was cash then the EA has a duty of care to their client, the seller, to fully understand that the person submitting the offer was in a proceedable position and was likely to sustain the purchase through.

Where a cash offer is made then the EA should have requested to see proof of funds. When the offer was advised to you as the seller, they should have told you that they had or had not seen proof of funds.

If proof of funds had been seen then the EA has not lied. They should retain a copy of the proof received on file. If something has gone wrong later down the line then its clearly difficult for the EA to know this if the buyer fails to mention this.

However, the more likely reason is that the EA has failed to obtain proof. If this is the case then they have been negligent and I believe that you can sue them for any costs incurred. You should check this out with the NAEA complaints scheme.

If proof of funds were provided then ask to see a copy of what they were given. If they refuse, speak to your solicitor and see what they say. If proof of funds were not received, you have them by the you know whats as they should never have stopped marketing your property and should have made it clear to you that the position was unqualified and therefore you should wait until it could be qualified.

So as you can see, its important to get a clear picture to what steps were taken at the point of taking the offer. You should have been issued with a memorandum of sale which should document that the sellers are a cash buyer and whether proof of funds have been seen.

You need to ask some questions to your EA and see if they are covered under NAEA rules. To me, the EA has been negligent and I am sure if you do this face to face, you will see the colour drop out of their faces as they realise what knowledge you have and what they have failed to do!!!!

BELLAANDBUD

we need advice, my house sale is on the verge of collapse.
due to exchange tommorrow, yes friday 13th, just found out our cash buyer, is in a chain and its due to collapse any time know. i have no written evidence of this only verbal that they were cash buyers.

they have told me, the sellar, the estate agent, and the solicitor that they are cash buyers. this is the only reason i agreed the sale. i have so far incured costs around the £800 sum. can i recover these on the fact of being given false information. i have nothing on paper to authenticate this.
only verbal is word of mouth enough . would the court costs be worth the hassle or do i put this down to experience. i have sold 8 houses and never been in a chain.

Jennifer_Jane

Busydaffodil - if they are still wanting to see Financial Advisor then surely they are not cash buyers? I think I would pull out and put the property on with another estate agent. You are being messed about considerably!