Estate agent rant!

Loopy28

Sorry just need to have a rant.

I accepted an offer on my property in early November and found one to buy the same month. I paid for a survey, got my mortgage offer and started legal work on my purchase. In the meantime my solicitor started raising concern at the lack of response from our buyers solicitor.

I chased it up via my EA, am told I am worrying about nothing and that they are just finalising their mortgage with the broker. I chased this throughout November and December, being told it was all ok and they were awaiting final evidence to submit to the lender. Then the bombshell comes in early January that they haven't been self employed long enough so can't submit an application to the mortgage lender.

I am so cross that it took them two months to find this out and that I can potentially now lose money paid on my purchase so far due to their incompetence. It was the EA's own broker, they let this go on for 2 months, this was without an application even being submitted to the lender!!

EA tells me they have another buyer as it was someone who really wanted the house after it had gone SSTC. This was a week ago yet no memo of sale has come through and I have heard nothing since. Yet they have phoned the EA representing the house we wish to purchase to say that we definitely have new buyers and not to worry about the chain falling through.

To be honest I now have no faith in them and have asked my solicitor to put my purchase on hold until I at least have a memo of sale as I can't lose any more money. I just don't know how to move forward now.

DRP

Trust no one's word and check everything yourself. ask for evidence in writing.
Take control of the situation - the agent is working for you.

anselld

Give the agent notice to terminate your contract. That should prompt them to confirm the new buyer if there really is one. If there isn't a new buyer then it is time to change agents anyway.

rosie383

I agree with the above posters. How frustrating for you Loopy. I really hope your buyer is real and ready to go but you do need something on paper today.

Loopy28

Thank you for your replies and I'm going to chase up with the EA today. If nothing comes of this I am definitely changing agents.

I had lots of viewings so I am confident my property will sell again quite quickly as it is in the FTB price range and not many going for sale in my area at the moment.

Feel so let down by my EA. Grrrrrr! Just hope these buyers do actually exist but can't believe a word the EA says and am so angry their incompetence has cost me several hundred pounds.

chucknorris

Loopy28 wrote: »

Thank you for your replies and I'm going to chase up with the EA today. If nothing comes of this I am definitely changing agents.

I had lots of viewings so I am confident my property will sell again quite quickly as it is in the FTB price range and not many going for sale in my area at the moment.

Feel so let down by my EA. Grrrrrr! Just hope these buyers do actually exist but can't believe a word the EA says and am so angry their incompetence has cost me several hundred pounds.

If you do change agents, ensure that your eventual buyer was not introduced by the original agent, or you could end up with a claim from the original agent (worst case scenario would be after you have already paid the second agent).

Jhoney_2

Sorry to hear that this happened. Hope EA comes through with the new buyers and you can get things back on track.

Loopy28

Thank you for your replies.

So I called the Estate Agent today to find out what is happening. It looks like these new buyers do exist and they have been in to see the EA broker and got the AIP.

However, the EA and broker have decided that they want to see all supporting evidence for the mortgage before they will send out the memo of sale to ensure the buyer can prove the information given re wages/outgoings etc.

Apparently buyer brought everything in early last week but there is stuff they still need, yet noone has though to chase them in the last week so now I have had to tell them to please get back on the phone to this potential buyer.

Honestly, I feel like I am doing the EA job for them, but it does appear that there is some potential glimmer of hope, I guess only time will tell....

Hoploz

You have said twice that you are awaiting a memorandum from the new buyer. Have they actually made an offer?!

phoebe1989seb

Hoploz wrote: »

You have said twice that you are awaiting a memorandum from the new buyer. Have they actually made an offer?!

That's what I was wondering too.....do hope it works out for you Loopy

Loopy28

Sorry yes, offer made and accepted.

But the memo of sale that is sent out to both solicitors with all details, that is what hasn't been sent out yet.