You could not make it up!

[Bulldog01]

Have you experienced issues with viewing properties, if you are a cash buyer?
My husband retired in July 2022. We needed to sell as we were downsizing.
We sold our house in September 2021. We started to look for a house, as soon as we sold.

We only managed to arrange viewings on 7/8 properties in 5 months.
Due to being prevented by Estate Agents who did not seem to want cash buyers!

Out of the 7/8 potential viewings, we only managed to view 3 properties in 5 months. The booked viewings were cancelled by the selling agents, Due to being outbid? Due to property sold prior to a appointment? Cannot view as the property is under offer? Or other random excuses?

Two properties we were outbid, which left just one, which we live in now. We had no choice but to pay more than the house is worth £20,000 as it was being marketed with inflated bidding, & Estate Agents Dubious selling tactics.

When we finally moved 9/10 months after selling. We found out the house we now live in was being marketed until exchanged of contracts June 2022! Even though it was classified as sold to us in January 2022?

The Vendors pay the price, as they are being denied buyers who are Cash buyers, who may make a higher offer, not restricted with mortgage T & C.

Agents are not working for the Vendor, they work for themselves making certain that potential buyers need a mortgage, which they make money in commission.
At the expense of the Vendor. I doubt if most Vendors are aware of this?

We weren't! When we were selling, we were advised that we had viewings for 6 potential buyers. That was it! Two were not serious buyers, one had a property to sell, others were curious put in low bids. The house was only marketed for one week, before we had a buyer!

Anyone selling now or in the future, please make sure your agent is not filtering out your potential buyers! or other dubious tactics!

Trust no one, expect anything from Estate Agents, surveyor's, Conveyancers.
Our Conveyancer, took 6 months to send the title deeds, related paperwork which received in a damp 2nd class envelope in December 2022!
Our Surveyor's, missed quite a lot of issues in the property, that was not raised in the full survey report!
Our selling agent, was trying to advise us to rent, so we did not loose our buyer!
Told us lies or very economical with the truth?

That sounds dreadful. I didn’t have a problem viewing properties but the estate agents did ask for (what I considered to be) an intrusive and unnecessary amount of proof that the funds were available (and far too revealing of budget thresholds). This worried me as they are not regulated to keep this information private nor do they have the necessary systems or controls in place to hold personal financial records.

Did you see the recent bbc news whistleblowing about estate agents pushing their own mortgage services (not new) and actively restricting buyers who were not using these services. Do you think that may have applied to you?

There was literally a BBC News article on this yesterday OP https://www.bbc.co.uk/news/articles/cvg81l57x53o

There's a contact form at the bottom of that article, might be worth speaking to them to share your story?

This was the subject of Panorma last night.
Plus 'you and yours' on R4 this lunchtime.

We were cash buyers and were lucky. We were snapped up every time.

That programme last night highlighted just how appalling some agents can be. They were deliberately allowing viewings only from people who bought their in house services, giving them the potential of substantial money in addition to the fees.

Sellers are being potentially cheated out of higher offers.

I agree.

In my view the AML paperwork should be done and provided by an independent broker or solicitor. It's far too revealing as you are effectively showing your hand at poker!

My DS didn't have to until.the offer had been accepted and just before the memorandum was sent to his lawyer. Even then it felt unwise (although he obviously had to). But better than those that ask up front.

Was it Reeds Reins?

We had the same issue with them but only them.

We are cash buyers and they DEMANDED we take out a mortgage advice with their recommended broker or we would not be allowed to view any properties (of course they get paid for all these referrals). They also insisted we had to have our house valued (another referral), we don't own a house and where renting, we explained this several times.

They kept referring us against our will (they are still referring us for stuff years later) and even showed up to my partners parents house at one point to value it (they had nothing to do with ME buying a house, no idea how they even got their address). It was insane and now we just ignore them, they can waste their own time on these wasted appointments.

They 'blacklisted' us though as we refused to get a mortgage with their affiliates and so we couldn't view any property for sale by them. Sucks for the sellers because they probably have no idea the EA are sabotaging viewings for their own gain.

All other estate agents where absolutely fine with us being cash buyers.