Buyer slow completing AML/verification

[Wellifyouresurebetterbegryffindor]

Our house went on the market last week and we had 7 viewings booked immediately - 4 for Thursday and 3 for Saturday. 2 of Thursdays viewers offered 4% under asking so one upped there's to 2%. The agent said this buyer is a first time buyer with a 15% deposit so we accepted.

The agent then cancelled the Saturday viewings. The buyer then didnt respond to the agent regarding plans to submit her verification information. The agent messaged on Tuesday to say that unless we heard we would go with the other buyer. She messaged saying she would do the verification by end of Tuesday. She didn't. I heard nothing more until the agent messaged me yesterday to say she had done it at 3pm.

I chased up the memorandum of sale today and they said she hadn't provided proof of deposit. I asked if it normally takes this long and they said no.

Im feeling a bit uncertain...wouldn't a first time buyer be more keen? The agent say they are chasing her twice a day. Should we ask to move on from this buyer? I know gathering documents can be overwhelming but its the ignoring the agent thats worrying me. They don't seem concerned.

To be honest, your agent sounds rubbish. Why on earth did they cancel the Sat viewings when you didn’t have an asking price offer and hadn’t done checks on the offer you accepted? That’s sloppy.

I’d put it back on the market (if you’ve taken it off) and keep it on the market until you get an offer you’re happy with from a serious/committed buyer.

I'm really frustrated with them. They have loads of good reviews too

I’m baffled.

Why didn’t you wait longer? You had viewings booked for the next day and presumably would have got more interest in days to come.

I’d go back on the market immediately and wait for interest, viewings and offers.

This is what they advised me to do. I thought it was normal from what they said and verification would be done same or next day.

I really don’t understand why you listened to the agent when they are clearly useless. Why on earth would you take it off the market when you had more viewings booked in, it had only been on the market a few days and the two offers you received weren’t even asking price?! If either of the people offering wanted you to take it off the market immediately, they either need to offer asking price or take the risk of you getting a better offer on the Saturday.

The agent doesn’t sound like they have your best interests at heart. This is basic stuff.

Wow ok

I think it's possible that your buyer is just being very slow

Unfortunately, people find it acceptable to do all kinds of admin things really slow slowly these days

And I think there's an avoidance factor because it's all such a bloody nightmare

I totally understand how you feel about it, but I would have continued viewings while silently hoping they did it quickly.

But honestly, everything being done by app etc can be such a nightmare because it basically never works the first time.

I would have got proof of funds to the EA quicker, but it would've been on paper - is it essential to have it done by some horrible electronic means now?

I really need advice on what to do next not be berated for listening to what i thought was a professional in what is most definitely not basic stuff for me.

Mumsnet can be horrid at times.

Honestly, I think I'd move on from this person and either approach the first person again or start accepting viewings.

They don't sound keen & last thing you need is them pulling out in a month & wasting your time. Especially if you're buying too.

House selling is stressful & FWIW I understand why you had a decent offer & accepted it, and cancelled a load of randoms traipsing through, judging your house.
Yes, perhaps its not the most financially savvy move but viewings are not a pleasant experience.

Sounds like you've got a really desirable property! Good luck.

Thank you.

We do have a house we want to offer on and don't need asking price to do this.

We also have DD and DDog and making sure everything is clean is and de-doged to a good standard takes time (especially if you go by here where people don't even view properties if there is any evidence of DDog).

We just wanted to be moved and agent told us she loved the house, was super keen first time buyer etc.

I realise I may have made a mistake now but I didn't last week.

Can you speak to the agent and ask for the Saturday viewings to be reinstated. He will have to explain that there was a time waster, so the house is unexpectedly back on the market.

If you have more offers, keep the house on the market until you’re confident that the normal procedures are taking place.

You’ll probably have a contract with the agent that precludes you from sacking him at this stage. I hope the contract isn’t a long one, because they don’t seem to be prioritising you as a client.

I think i will contact them tomorrow and ask them to contact the offer and the Saturday viewers.

The contract is 20 weeks arghh. Can we complain about bad advice? Will it make a difference.

Its quite upsetting as we went with a local one with good reviews specifically because we didn't know much about selling and buying. I feel let down and sad.

I’m sorry you feel berated and down, OP.

I think you’ve been badly advised and have been a bit too quick to accept an offer. On the positive side, your house is attracting good early interest - both in viewings and in offers. And this is traditionally a slower time of year for house sales - so that really is in your favour. You don’t want to be on the market too long but equally you don’t want to sell too fast. There could be prospective buyers out there who hadn’t even seen that your house was on the market.

I think you should go back on the market now. That way you could potentially get as good or a better offer from someone who is motivated to move the process on quickly. Or it could give your current buyers the kick up the backside they seem to need to get things moving from their side. If so, then you can decide whether you still want to accept their offer with concrete evidence of firm commitment, or give it a bit more time for a serious buyer to come along.

Good luck - it is a stressful time but you’ll get there! You are in a good position and things will work out.

You have had good interest in a slow market at a slow time of year, very close to asking price and very quickly after launch. You aren’t accustomed to house transactions. (NOT blaming you in the slightest, just stating it.)

Did you get various different valuations before you went with this agent? Is there any chance it is on at too low a price?

Thank you. Im so confused. I read that people do offer under asking in this climate which is why we accepted. 2% seemed hardly anything to quibble over.

I wasnt expecting this slow reaction from them at all and I honestly didn't know if the agent was being reasonable or not in not pushing this harder.

Thank you Global I know what you are saying is true and you are NOT blaming me but the first few replied definitely were.

Not wanting to derail but its my own thread so F it. We got 2 valuations one for 250 to 260 and one for 260 to 270 so we went with 260. Its a detached house in an a area close to schools shops transport so its a good prospect for many.

We are only selling because we lost DFiL and want to move closer to other family now he isnt here so are motivated to sell.

Perhaps you could get back to the EA and express your disappointment/dis-satisfaction with how things have gone. Say you only accepted the early (low) offer as they as said it would be a quick sale process. Get them to get more viewings and let them deal with the 'buyer', I'd want asking price at least, as has already been suggested you've sold easily (the EA has their commission) at a slow time of year.
But the choice is yours it's your property to do with as you wish.

I think you and your agent have had some harsh criticism on here. You were made an offer very close to your asking price, which you accepted, and sounds like you are happy with the price and were happy to accept the offer. As others have said it is a very slow market.

I dont think it is an issue at all that the agent cancelled the other viewings, and I would have expected that this would have been a condition of the offer, that all viewings are ceased?

I am going through a house purchase now and it did take a while to do the ID verification, and it also took a while for me to confim my deposit, as the estate agent wouldn't accept screenshots from an online bank account, I had to provide an actual statement. My savings account only provides statements quarterly, and an electronic statement took three days to be processed. I wasn't expecting this delay.

Maybe your buyer isn't avoiding phone calls, maybe they are at work and unable to take calls.

I hope it all goes well for you, hopefully they will be able to get hold of the buyer and find out what the delay is.

Wishing you lots of luck and smooth sailing with this process!

I’m out the other side now and will put forward this advice:
keep the viewings coming in and the property on the market until the buyer has proved their funds and that they are proceedable.

someone who responds quickly is worth their weight in gold. I ended up dumping a buyer for dragging their feet after many many chances (and being told in words of one syllable from my EA that they needed to get things sorted or they would lose it). I then accepted a slightly lower offer with someone who was very quick with everything, sensible and didn’t mess me around at all. Made things so much better.

don’t take the property off the market until all the booked viewings and offers are in. The property I bought, I offered full price asking the morning after viewing (with proof of funds attached). They said they would get back to me after the weekend viewings as they had several booked in. On the Monday they came back to me as they had several offers on the table and we went to best and final offers the next day.

No beration here to you, but I am giving your estate agents the side eye.

Sounds frustrating for you, and I agree your agent sounds incompetent.

As a buyer, my agent wouldn’t let me put in an offer until AML checks were in, I’d shown proof of deposit and gone through an affordability check with their broker. Only after these steps did they submit my offer. Within a week of offer being accepted, I submitted my papers to the broker, instructed a solicitor, bank sent the valuer and agreed valuation. Agent gave me 72 hours from
acceptance to show financial commitment by putting money on account with the solicitor. Super impressed with the agent, but I’m a very motivated buyer looking to complete ASAP. It is a buyer’s market and so maybe yours is a bit naive and looking at other properties. Put it back on the market and ask the agent to do all checks first.

In my experience a committed buyer will move promptly to get things done. Delay has, in my experience, meant a lack of commitment. I've had instances where the buyer has made more than one offer so wants to align both to then take a view which to go for at the point of exchange, another where the funds were apparently off-shore and never actually materialise. In your situation (which is a situation I have actually been in) I would ask the agent to go back to the other offeror and ascertain how quickly they would progress. If you stick with the current I hope I'm wrong but experience teaches me you will get it over the line. It's a tough process and I would read these early signals.

Thanks all especially for the nicer, more supportive comments. I called them today and spoke to the manager. He said he found out last night that the deposit is overseas so there are further checks to be done. She is British citizen but she wasnt born here and her family are abroad and her deposit is coming from them so this complicates the AML which is now non standard.

He said he thinks they are genuine, they just don't understand the process. They have paid for checks and seem to want the property. He's said he will ask for the info to be provided today and will call me later to see if it has and ask what to do next. The property is back on rightmove so they can still receive calls about it.