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Original poster

Selling a property... buyer pulling out?

9 replies

DontBeBitterGlitter2023 · 14/07/2023 19:22

Selling a flat i currently own but which is rented out. Bought it 14 yet as ago and lived in it a while but had to move away due to DV so rented as it's never been worth more than outstanding mortgage. Selling now as will just about cover the remaining...

Buyer made offer and accepted about 3 months ago, in that time I've spent about £2000 sorting all of the necessary certificates, leasehold documents, solicitors initial fees, etc.

Chased up today and although he has a mortgage offer and has approached a solicitor he hasn't even instructed them to officially act! I'm so scared it means he's changed his mind and I'll be out of pocket, the flat sale would just about recoup these outgoings after everything is paid off! I'm a single woman with a mortgage and bills to pay on my own and don't have the money spare

My solicitor is chasing things up with the estate agent - however the buyer actually works for them!

Am I right to be so anxious or is just being slow to act?! There's obviously no chain either side and the same tenant will be staying so no rush for him I guess...

OP posts:
Oophelia · 14/07/2023 19:24

It doesn’t sound ideal. Can you tell the agent unless he instructs a solicitor to act by the end of next week you’ll put it back on the market?

Original poster
DontBeBitterGlitter2023 · 15/07/2023 07:09

@Oophelia he is the agent! The guy buying it is the sales director of the estate agent so I'm feeling a little stuck. I am outside of the period where it needs to be exclusively advertised with them but I'd have to pay to advertise again with someone else and it's taken so long to sell in the first place 😬

OP posts:
PosiePerkinPootleFlump · 15/07/2023 07:12

Did you get some valuations from other agents before you agreed to sell to him?
I wonder if he thought he could pull a fast one but is now worried that the market has slowed more than expected

Antsinmypantsneedtodance · 15/07/2023 07:19

How longs your contract with them for? If out of exclusivity you can likely end the contract with short notice - check. Then go in with a threat of if you don't do x y z (agree what you want done when with your solicitor) it is going back on the market with another agent. I'd be pushing for exchange in a short period if you're ok to do that your end.

I'd start looking for other agents now anyway. You may also get a bit lucky and they're charging less percentage wise so you can go in harder with 'i'll change agents as they're giving me x percrnt lower rate as well.

Estate agents are dodgy as dodgy goes. Don't care about them, care about you. They likely know your position and are going to use it to their advantage. Sounds like some of the expense you'd recoup however you sold it. So go in and play hard with them!

Bromptotoo · 15/07/2023 08:14

I'd have said making an offer on a property you're instructed to sell is unethical and probably unprofessional. Never worked in estate agency but I spend quite a few years in a UK government office that had a finger in property sales. A colleague was subject to serious disciplinary action - an offer on a client's home from a 'friend' of his.

Is this a local outfit or part of a chain? If the latter I'd consider reporting the conduct; I certainly would if, after faffing you over for weeks, he then pulls out.

I'd tell him you're remarketing it with another agent but that you'll honour his offer provided he extracts his finger NOW and exchanges within n days (a reasonable period of your nomination)

DD and her hubby had a similar experience with a purchaser who seemed totally inactive. He was from one of the Baltic states and consensus was he just didn't get how we do real property transactions in the UK.

Oophelia · 15/07/2023 09:10

I don’t understand why you would incur extra costs from another agency? When I sold it was about £300 upfront for the photos then the rest only payable on completion?

Original poster
DontBeBitterGlitter2023 · 17/07/2023 11:14

This the third agency it's been up with so yes had several valuations; I just hope he hasn't changed his mind...

I've emailed the agent (it's someone else dealing with the sale, not the buyer) and they have said they will have a chat with him, it doesn't sound great!

Please everyone keep your fingers crossed for me, I genuinely can't afford to keep paying solicitors and with the rising interest rate I'm already losing money on the rent! (Can't increase as it's at current market rate)

OP posts:
Hattie777 · 28/07/2023 16:53

DontBeBitterGlitter2023 sorry no really advice but contacting because I’m in a similar position!! I have a flat that I rent out and am currently trying to sell! The first people to view put an offer in at the asking price…brilliant I thought!! However this was 3 months ago…and all was obviously too good to be true, (they were in the property business, we’re cash buyers and wanted to keep my tenant) however they pulled out 2 weeks ago with no real explanation, apart from saying the process was taking too long to progress! (My solicitor did appear to be dragging her feet..despite my chasing). The flat is now back on the market and has had viewings and interest but no offers as yet! Problem now is my tenant is refusing to do any mid week viewings as he works from home! This is so unhelpful and frustrating! I’m also 39 weeks pregnant and really was hoping to get it all sorted before I had baby but obviously the previous buyers put an end to that!! Really not sure what to do now!! I hope your situation is resolved??

whyisitallsohard · 09/09/2023 21:16

hi, this sounds completely unethical on the part of the EA/buyer. this is not proper conduct and i am sure they are breaking some EA rules and regulations (the Property Redress Scheme overlooks this with their own solicitors for FREE - they work for seller, buyers and renters - addressing issues anyone has had with EA). did you know they were the EA you market the property with, who then also wanted to buy it? this is key, because if not, then this is what you should do: call (and write) that you want an update on their side regarding buying and that you are/have instructed your solicitor to start to start the process on your side at the agreed price. if you are not happy with their response, you then say you noticed that they are the EA whom you have paid a fee to advertise and this does not sound ethical (not sure why you did pay for this btw, don't EA normally take a % of the sale?? again, all sounds unethical for an EA you are doing marketing of the property with to then also be buying your property !). If it feels icky and unethical, make a formal written complaint that you want your advertising money back and the money you've spent on your side on solicitors etc because of the unethical nature of all of this. tell them you will go to the PRS should you not be satisfied with their response - also tell them to tell you which Redress scheme they are with (they are legally obliged to be with one). Call that Redress scheme telling them your case and see what they need you to do so they can assist you for free and hopefully get your money back.

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