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Beware Buyer Liars
Comments
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that doesn't sound correct - the EA has to confirm the offer in writing and should confirm details of the offer, like if their is a chain etc. Your solicitor should have got copies of the sales memorandums too.
As above, if the offer was not qualifed correctly, then your EA has been negligent - end of!
Estate Agents are paid to act on behalf of the seller and not the buyer. The EA has to, under NAEA rules, when dealing with offers, fully check the buyers ability to see the purchase through and the chain details. If the EA has been told they are cash - proof of funds have to be provided or some evidence to show that. If they have failed to get that then they are in the wrong.
The EA should have recommended that the property be marketed until proof of funds be shown.
You need to talk to NAEA complaints team to see what steps you take. I do not work on that side of the business - I just financially qualify those who are not cash buyers.
Looking at the code of conduct for residential sales which can be found here : http://www.naea.co.uk/help/code.asp
Under offers, section 5 point, It clearly states "You must take reasonable steps to find out from the prospective purchaser his source and
availability of the funds for buying the property and pass this information to the client."
If they have failed to do that, how can you make an informed decision and if they have misled you then they have allowed you to commit monies and time on a buyer that may never have been able to proceed.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
thank you thank you thank you!
Seriously.......I am REALLY grateful for all your help everyone.0
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