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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Estate Agent's Cash Buyer

27 replies

WordlePoodle · 19/10/2024 14:23

Hello,

Posting in AIBU to hear more opinions/experiences on this.

We are looking to sell our house and talking to multiple estate agents. We haven't confirmed anyone yet.
3 days back, one of the estate agent called and told us that he has a cash buyer and interested to buy in your area and would like a viewing. Cash buyer already lives around this area and knows the town. We agreed for a viewing, cleaned and prepped the whole house.

5 minutes before the time, agent calls and tells us that the buyer is not interested. Buyer went on a walk on our street and they think it is too noisy/busy. They don't think they can live here. 5 minutes before the meeting!

AIBU to think the agent is being an absolute liar and based on this , we shouldn't be proceeding with him.
This is the first time we are selling our house, so new to all this.

Here are the reasons I think he is a liar

Flag 1- He was not clear on our further question on how keys will be handed over for this viewing.

Flag2- Cash buyer is renting here in the area, so knows the area very well already.

Flag 3- he said the buyers are pensioners. This is an out and out commuter town. Why would a pensioner be interested in this place.

AIBU- this happens more often that you can believe.
AINBU- He has lied and could be unreliable in dealings with him in future.

OP posts:
SatansBobbleheadedDashboardOrnament · 19/10/2024 14:28

You're being paranoid.

If - and it's a big if - the estate agent wanted to lie, he could do so far more convincingly than your example.

Flags 2 and 3 are also a bit of a stretch. Do all renters in the area know the streets inside out? Are there no pensioners in your town?

redboxer321 · 19/10/2024 14:35

All estate agents are absolute liars if lying benefits them. Just how the industry works. It shouldn't but it does.
No reason to believe they were lying here though. Sometimes people just get a feel for the house from the exterior and cancel the viewing because they know it would be a waste of everyone's time.
Buying and selling property is a right pita but it's just how it is sadly.

Original poster
WordlePoodle · 19/10/2024 14:35

Thank you. I do get your point.
Pensioners are moving away as it is getting crowded. No pensioners are buying here.
The street is the main road to get in/out of the town , and used as the main road by the next 2 villages.

He didn't even call earlier in the day to confirm the viewing.

OP posts:
LammasEve · 19/10/2024 16:19

I'd avoid a cash buyer anyway, after my experience with one (granted they're probably not all arseholes). He messed us around so much for weeks that I wasnt even sure we would sell up until I saw the money in my bank account, he was a nightmare. He seemed to think that because we needed to sell, he could piss about the entire time using the "I'm a cash buyer, I'm ready to buy" card every time we said we'll relist the house.

Catza · 19/10/2024 16:38

And what would be his motive?
It's far more likely that the buyer cancelled at the last minute. The reasons are irrelevant and, honestly, who cares. Yes, it's annoying but not the end of the world.

bows101 · 19/10/2024 16:53

Seeing as you've said you are in contact with multiple agents. It seem likely this agent makes up they have a really keen buyer with cash (to move fast) just to secure you putting the property on with them
Once a contracts been signed with them, they then cancel the 'viewing'

SophiaCohle · 19/10/2024 17:06

bows101 · 19/10/2024 16:53

Seeing as you've said you are in contact with multiple agents. It seem likely this agent makes up they have a really keen buyer with cash (to move fast) just to secure you putting the property on with them
Once a contracts been signed with them, they then cancel the 'viewing'

Exactly this. So maybe you shouldn't go with them. Except that, as the pp said, all estate agents are liars and most of them are also incompetent in one or more respects, and you've got to choose someone. I would look at all of their websites and see which one seems to take the best photos.

Walkinginthesand · 19/10/2024 17:06

This. Trying to reel you in and develop a 'relationship' over discussing a fictitious buyer.

TheNoodlesIncident · 19/10/2024 17:46

We had a "cash buyer" interested in buying a flat from us. As you can tell by the quote marks, it turned out Mr Cash Buyer was actually Mr Wait I'm Now Getting A Mortgage.

It's not just the estate agents who say what they think will work out for them.

FWIW, you will probably find the whole process a lot less stressful if you accept that a lot of people are inconsiderate asshats and you will come into contact with plenty of them, and just dial down the overthinking. It's hellish enough selling and having to rely on other people to do the necessary work/admin in an accurate and timely fashion when you have no control over them whatsoever. So try to chill a bit and not take things personally.

And YY, as suggested, look at the listings already on Rightmove with your local agents and pick one who makes good listings with decent photos. Or a personal recommendation from someone you trust.

LlynTegid · 19/10/2024 17:48

Don't do business with this estate agent. If you get any further contact tell them why in no uncertain terms.

The sooner there is some regulation of estate agents the better.

Brombat · 19/10/2024 17:52

I've heard the "cash buyer" line more than once. Often followed a few weeks later by "we're waiting on a mortgage offer."

I would only proceed with a cash buyer after proof of funds and even then I'd be wary.

Ihateslugs · 19/10/2024 18:33

I bought my current house as a cash buyer, I had sold my previous house and was living with my parents - moving 100 miles and starting a new job as a single parents was not possible!

Before I could even view the house, the estate agent wanted proof that I had the funds, I was expecting to need proof so my solicitor provided me with a letter as I did not want to show them my bank statement. Your estate agent should have also had some kind of proof before setting up the viewing.

I was able to negotiate a very decent discount by being a cash buyer as the seller was a property developer who wanted a quick sale to move on to the next project. I had to agree to complete the sale in six weeks which we just managed.

RedRobyn2021 · 19/10/2024 20:31

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RedRobyn2021 · 19/10/2024 20:33

@Ihateslugs

Some agents check in some areas before a viewing (usually faster moving markets), the one I worked at was a slower market and we checked upon an offer and took people's word for it before viewings.

Crikeyalmighty · 19/10/2024 20:50

@WordlePoodle my FIL at 85 is buying a bungalow in a town known for its middle aged 'alternative scene' - and he's not an old hippy - it just happens to be a lively place, handy for where we are and a very suitable bungalow -and he can't afford one where we are- people's reasons are varied- and he's turned down lovely bungalows on streets he just didn't like the vibe of !

LlynTegid · 19/10/2024 21:01

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If even 10% of the accounts of estate agent behaviour are true, then you should recognise that there is a need to regulate. I would choose the same basis as Scotland and apply it for house sale and purchase in England and Wales, which would be a step forward though not perfect.

The 'mental problems' are caused by the current laws which allow behaviour by estate agents and indeed some who are buying and selling a house.

Flossflower · 19/10/2024 21:04

I am fairly sure the buyer didn’t exist. He was just trying to get you to use his estate agents.

RedRobyn2021 · 20/10/2024 11:06

@LlynTegid you're mistaken, there is a lot of regulation in estate agency and a lot of paperwork, it's not the 80s

Tbh you will get nasty people in all walks of life and I had a gut full in that job. It's so underrated. Did you know selling a house and moving is one of the most stressful things you can do?

Do you think working with a customer dealing with that kind of stress is easy?

I can promise you from experience it's not

And the pay, the pay is not good. Better than working in a supermarket stacking shelves, but not much better. That's why it's hilarious that people complain so much about the fees. Those people have no concept of what's involved in selling a property nowadays or what it costs to run a business and employ people.

GatherlyGal · 20/10/2024 11:10

You might be over thinking this.

Which agent sells the most houses similar to yours in your area? Go with them and stop worrying about ulterior motives and conspiracies.

Precipice · 20/10/2024 11:14

TheNoodlesIncident · 19/10/2024 17:46

We had a "cash buyer" interested in buying a flat from us. As you can tell by the quote marks, it turned out Mr Cash Buyer was actually Mr Wait I'm Now Getting A Mortgage.

It's not just the estate agents who say what they think will work out for them.

FWIW, you will probably find the whole process a lot less stressful if you accept that a lot of people are inconsiderate asshats and you will come into contact with plenty of them, and just dial down the overthinking. It's hellish enough selling and having to rely on other people to do the necessary work/admin in an accurate and timely fashion when you have no control over them whatsoever. So try to chill a bit and not take things personally.

And YY, as suggested, look at the listings already on Rightmove with your local agents and pick one who makes good listings with decent photos. Or a personal recommendation from someone you trust.

Once a family member was interested in buying a second flat for their DC to live in and EA asked them how much money they had and told them they would define them as a "cash buyer" because of the deposit size, even though they still needed a loan.

TheNoodlesIncident · 20/10/2024 14:41

Precipice · 20/10/2024 11:14

Once a family member was interested in buying a second flat for their DC to live in and EA asked them how much money they had and told them they would define them as a "cash buyer" because of the deposit size, even though they still needed a loan.

Show quote history

Sure, but our "cash buyer" assured us the cash was immediately available and he wouldn't need to get a loan, so the transaction could go through very quickly. It did not. And his solicitors were used to doing commercial buildings conveyancing and held up the process a few times because of things that mostly applied to those. So the speedy sale they assured us of, that we were hoping to complete on before the end of the year (2023), actually finalised in August this year.

Irritating, but what can you do?

maddening · 20/10/2024 14:43

Perhaps they are moving to be closer to their adult children and gc?

ByQuaintAzureWasp · 20/10/2024 15:00

We did the same, 15 minutes before a viewing due to neighbour's house. Hard to do buy better than wasting everybody's time.

MidnightPatrol · 20/10/2024 15:03

They may well be lying.

When we sold our last house the agent assured us they had a long list of people wanting to buy… and they had no one fitting that profile once we had signed the terms.

Total bullshitters.

Allthegoodnamesarechosen · 20/10/2024 15:13

Nothing to do with your story, OP, but just a funny story to cheer you up.

In the late 1980’s we accepted an offer from a ‘cash buyer’. It all went through reasonably to plan, until the cash buyer turned up at our Solicitors on completion day with three suitcases full of ….cash. Large denomination British banknotes.

It was before money laundering was a thing so the bank eventually accepted them in settlement. Luckily we were not using the money to fund a simultaneous onward purchase, though.

Good luck with your sale.

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