To think Estate agent favoured another buyer for their own gain.

[mum61]

I made an offer on a house (best and finals) and really disappointed that I lost out.
My offer was the highest by a little and I am um under offer to buyers who have no related sale and are living with family.My buyers need a low loan to value mortgage and are secure high net worth individuals I don't need a mortgage..My buyers have instructed their solicitor and have had a mortgage valuation and survey on my house.
The buyer who was successful in the best and final offers has 3 properties to sell to fund the purchase ,just going on the market now.
I was initially told my offer was acceptable in principle but the EA needed to due due dillegnence on my buyers,.
Then told the vendor had decided to go with the other offer (similar price to my offer) because at the last minute they decided to take a bridging loan to finance the purchase and sell the 3 properties at their leisure, the estate agent advised that was quicker and less risky than my situation for the vendor.
The EA seemed disinterested in me from the start, I struggled to get a viewing ,kept being put off and they never answered queries .
Do you think I am being unreasonable to feel the EA favoured the other buyer for some reason or have I just been unlucky ?

Sorry you missed out on this one. If the other buyer has financing unrelated to a property sale they are in a better position than you so it’s not that surprising the vendor would go with them even if the offer was slightly lower I’m afraid.

Estate agents are generally rubbish anyway in my experience - but given short supply of properties right now they are most likely inundated with requests for viewings for each house and consequently not caring loads about any individual one so I wouldn’t assume it’s personal.

Estate agents are notorious for this….and it is outrageous. It really should be regulated. They basically manage the chain; the guy who got the house will be selling a house through them to a buyer who is also selling a house through them etc. And then they get a whopping commission.

if this is really the house for you, write directly to the buyers. The EA won’t put you in touch (they may not even tell you the truth), but you have the address…..

@WimpoleHat The other buyer had 3 properties to sell to finance the sale so perhaps that was an inducement to favour them.
I can't compete with that.
I emailed the agent and said how sorry we were to miss out and that would they please let us know if this sale doesn't proceed....never replied.
Perhaps I could write similarly to the vendor.

@Haus1234 I was just told the other buyer had decided to get a bridging loan at the eleventh hour ,presumeably that requires valuations of the properties used as security and would take time and not be certain? Along with interest rate rises doesnt seem that "risk free" or quicker than my situation .
And the agent will get to sell the 3 properties.
I feel a bit naive tbh.

Contact the vendor direct as others have said.

I can't compete with that.

But this is what is so outrageous. The estate agent is supposed to be the agent of the vendor; acting in the vendor’s best interest. Can you imagine the outcry if,
say, an IFA sold you a less appropriate product - or refused to discuss an alternative provider - because they got better commissions?

I don’t like how estate agency works and have had one tell my builder friend to lie to us about a house, builder friend informed us.

The sale with the person taking the bridging loan should be quicker, it will make a shorter chain which means less chance of it breaking. My friend is in a chain that broke recently.