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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To be so angry that our EA and buyer have put us in this position?

123 replies

AngeloMysterioso · 21/09/2023 03:11

DH and I are expecting DC3 and need more space, so trying to move house.

Put our home on the market early July, one viewing pretty much straight away, thanks but no thanks, then nothing. After a month reduced our asking price by £10k, had another viewing, another thanks but no thanks.

Two weeks ago was another viewing, with someone we were told was a cash buyer. Great! Offer made and accepted the next day, we viewed a place we’d had our eye on the day after that, our offer was accepted early last week.

Our vendors had previously accepted an offer from someone else in July but their original buyers still hadn’t been able to provide proof of funds after 8 weeks so they started having viewings again, and because we were in a more proceedable position having a cash buyer (or so we thought) they accepted our offer.

Except- it turns out our buyer isn’t really a cash buyer. They don’t have liquid cash sitting in the bank ready to go, it’s coming from inheritance that is still tied up in probate - in AUSTRALIA. Which wouldn’t be too much of an issue because fuck knows house buying in England isn’t exactly quick, but it’s being handled by solicitors who are apparently so inept that almost two weeks after our buyer made the offer, they still haven’t been able to provide the one piece of documentation we need in order to establish proof of funds, get memorandums of sale issued and get this transaction started. And because they’re in fucking Australia, all our EAs can be arsed to do is keep emailing them and hope they get an email back.

That’s two weeks closer to my due date. Two weeks that our vendors have yet again been kept waiting by people who can’t provide proof of funds.

DH and I are so utterly powerless here and I’m fucking raging. I’m angry at our buyer for making an offer when they weren’t in a proceedable position. I’m angry with our EA for sending them through our door in the first place telling us it was a cash buyer when it wasn’t. I’m terrified we’re going to lose our onward purchase, a place that is a bit of a fixer upper but otherwise so perfect for us, because our vendors will lose patience and accept another offer from someone else. And there’s less than fuck all we can do about any of it.

OP posts:

EggInANest · 21/09/2023 17:45

The point at which EAs seek proof of funds is when the offer is made. It should form part of the offer. Or at least, if it takes a couple of days to get the evidence together, the offer would be accepted subject to proof of funds. And as a vendor I wouldn’t take my house off the market until such proof was forthcoming. Yes, your EA fucked up massively, but not by allowing them to view in the first place.

Original poster

AngeloMysterioso · 21/09/2023 17:50

We didn’t take our house off the market at any point. It’s been on the market this whole time.

OP posts:

GRex · 21/09/2023 18:18

AngeloMysterioso · 21/09/2023 17:15

The probate solicitors can’t confirm how
much the “buyer” is due, they still don’t even know how much tax might be due on the estate and she had no proof she was even due to receive it in the first place. Basically she had no business making an offer, and the EAs (in my opinion) massively fucked up by letting her arrange a viewing, much less make an offer that she couldn’t honour.

Our EAs have insisted to DH that no estate agent requests proof of funds on prospective buyers until after they’ve made an offer, and that’s just standard across the whole industry. I’m so mad it’s taking all my self control not to go down there and scream at them.

I’ve told DH I want to reduce the asking price to the absolute lowest we can afford to accept whilst still being able to honour the offer we’ve made. The EAs have told us they’re sending the particulars out to the people on their mailing list… well that’s nice but as far as I’m concerned it’s not good enough, I’m going to ask them to make it a featured property on the various sites it’s posted on and if that’s something that has to be paid for then they can bloody well pay for it.

We have to contact our sellers (or rather, their EA) and explain that we made the offer in good faith and we still really want to buy the house, but our buyer was disingenuous and couldn’t honour their offer, and see if they’re willing to give us any kind of grace period to find another buyer. But I’m not holding out any hope.

Right now I have 10 minutes to pull myself together before I have to go and pick the DC up from nursery.

You only prove funds after the offer, it is not the EA fault they didn't know your buyer lacked funds. You got excited and you jumped the gun making an offer. It happens. If you didn't withdraw the house, then you haven't lost a minute of time nor a penny of expense. So cool down and don't alienate people unnecessarily. Start the viewings, keep the vendors sweet on the house you like to get a little more time.

tulippa · 21/09/2023 18:58

Sorry but as PP have said this will take AGES. My DM died waiting for an inheritance from my grandma in Australia it took so long (she wasn't ill when it started) so DB and I ended up sharing it a further year down the line. There was a land sale involved which complicated things a bit but it still took forever.

Original poster

AngeloMysterioso · 21/09/2023 19:50

tulippa · 21/09/2023 18:58

There’s been an update, but thanks

OP posts:

MaggieFS · 22/09/2023 09:27

Gah. What a horrible situation. I'm not sure what the 'done thing' is in terms of when proof of funds needs to be provided, but two weeks with no news and no help from the EA is poor. Especially is such an unusual situation, you'd think they would have been even more on the case.

Can you change EA? Trust is fined plus a fresh set of pics might catch the eye of someone who has already discounted it on right move.

Pinkdelight3 · 22/09/2023 11:03

Lowering it by that much would mean our asking price is only £5k more than we bought it for 4 years ago. There’s no way we can afford to do that. We could drop another £10k at the absolute most.

Is it worth much more than you paid for it then? We sold our last house for the same price we'd bought it for after 6 years even though we'd done the kitchen and a loft conversion and made it a lot nicer. Sucked, but that's just how the market was when we needed to move, and we had to take the hit, same as we'd took the benefits when our previous property had increased in value.

Lolalady · 22/09/2023 19:33

I used to work for solicitors doing conveyancing and believe me when a potential new client phoned and said I’ve sold my house to a cash buyer I was immediately on high alert ! Numerous times cash buyers weren’t cash buyers after all! If probate in Oz is anything like probate here you could be waiting a long time. I can understand your frustration and anger at this because you weren’t presented with a true picture

Ukrainebaby23 · 22/09/2023 21:54

MissBiljanaElectronika · 21/09/2023 07:13

Switch agents, this isn’t going to happen

now you know to be very wary of “cash buyers” like this. Let the other house go, and start afresh

you can’f control this situation and clearly the Oz guy is a dud

anguishing over it does not help. Buying and selling a home is a business transaction.

good luck

Yep, that's my experience too. Good advice.

Inkpotlover · 23/09/2023 06:16

We found ourselves in a similar position with a cash buyer, or cash liar as I liked to call them. Made a good offer but the EA didn't do due diligence and it turned out her money was tied up in investments she needed to draw down which took six months longer than the three it should've took. It was only because the house we were buying was vacant and not in a chain that we hung on. But I was livid with EA and you are right to be too, because the EA is also lying to you. They should've verified your buyer's finances between her viewing the property and them bringing her offer to you. That's the norm these days - you need to show you can proceed even before you've seen the property.

My concern now for you is that the EA will just try to cling onto this buyer because you've had no other offers. So if your contract allows it, I would move to a new EA who will be motivated to get a quick sale based on a lower price. So, new pix, new marketing blurb, new mailing list. You can have an offer by the end of the week if you push it. Good luck!

EggInANest · 23/09/2023 09:47

Incredibly frustrating OP.

The EAs really had no business telling you how long Aus probate might take etc. unless they are international law r peers.

I would switch agents. You can lower the price (if so inclined) with new agents without showing price reduced.

Goodadvice1980 · 23/09/2023 10:03

Are you still under contract with the EA OP? If you can, give 2 weeks notice to terminate the contract stating the reasons why. Also don’t forget to ask for a list of people they can legitimately claim to have “introduced to the property”.

Instruct another EA.

Are you currently with a big chain EA or a local outfit?

BlueVinca · 23/09/2023 10:15

They should wait til they've received the inheritance and then start buying

Original poster

AngeloMysterioso · 23/09/2023 10:35

We’ve reduced the asking price by another £10k and got two viewings today. Same EA.

OP posts:

Roselilly36 · 23/09/2023 10:43

That’s good news, best of luck with the viewings

Twiglets1 · 23/09/2023 11:39

Good Luck today @AngeloMysterioso

whynotwhatknot · 23/09/2023 13:06

if you have no joy with these viewings consider putting it for auction quick sale i th8ink they have to produce documents to say theyve got the funds to bid

Original poster

AngeloMysterioso · 25/09/2023 10:32

They were both a no. Back to square one. We’re giving this EA til the end of the week.
I have no hope.

OP posts:

Roselilly36 · 25/09/2023 11:36

Aww that’s a shame OP, keep your chin up, you only need to find one committed buyer.

Eventingmum · 25/09/2023 13:16

The next time I get a cash buyer I am instructing my solicitor and Estate agent that I want a 10% deposit, that will be forfeit if they do not complete on the purchase of the property within a mutually agreed timescale (say 4 months).

If they will not agree to pay the deposit then you know they are time wasters.

theemmadilemma · 25/09/2023 13:26

That's appalling OP.

I took a lower offer on my old house for a cash buyer because they could proceed quickly and that put us in the position we wanted.

Our EA's were clear it was standard process to ensure fund were available from the buyer before giving us the offer.

We actually hit an issue late in the process where they didn't have the funds in place and I lost my utter shit at the EA. As it happens it was just a delay in transferring money from China, however the EA's were really clear they had done checks and had paper work to show the buyers did have the funds.

Your EA's fucked up massively.

Saschka · 25/09/2023 15:16

Eventingmum · 25/09/2023 13:16

If they will not agree to pay the deposit then you know they are time wasters.

No sensible buyer would pay that deposit, because they wouldn’t want to be tied into buying a house regardless of what the survey and conveyancer turned up….

Rosscameasdoody · 30/01/2024 15:04

I thought the EA was responsible for verifying the funds when an offer is made. Sounds to me like they are at fault. I’m with others here, I think you should keep your property on the market and if another buyer comes along who can proceed then go with them.

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