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Estate agent

  • 26-02-2021 11:30am
    #1
    Jackomo
    Registered Users Posts: 8 ✭


    Hi, hoping to get advice on what other people would do about the situation we’re in. We’re in the process of buying a house and selling our own. We accepted an offer from a cash buyer last November and have just found out that she’s not a cash buyer at all. She’s been doing everything possible to stall the process. We’re now wondering if she has her own house to sell. The estate agent told us she was a cash buyer and as we’ve been asked by estate agents to provide proof of funds, assumed our estate agent had done his due diligence and requested the same from her. Clearly that’s not the case. We were told in December she wanted a quick sale. Now, 3 months later, nothing is moving forward and the house we are buying is ready to go. I’m due to give birth in ten weeks so really feeling stressed at this stage. Be good to know what others would do in this situation and if anyone has any advice. We’ve contacted the estate agent and he’s ignoring us.


Comments

  • #2
    Dav010
    Registered Users Posts: 13,999 ✭✭✭✭Dav010


    When you say you found out she is not a cash buyer, what did you find out? Has she applied for a mortgage?

    It is possible that she has the cash to buy your house, but does not want her own house lying empty after she moves. Ideally, she would sell her own and move to yours around the same time.

    All you can do really is tell the EA to relay to the buyer that either she gets a move on, or the house goes back up for sale.


  • #3
    Jackomo
    Registered Users Posts: 8 ✭Jackomo


    Dav010 wrote: »
    When you say you found out she is not a cash buyer, what did you find out? Has she applied for a mortgage?

    It is possible that she has the cash to buy your house, but does not want her own house lying empty after she moves. Ideally, she would sell her own and move to yours around the same time.

    All you can do really is tell the EA to relay to the buyer that either she gets a move on, or the house goes back up for sale.

    Hi, thanks for the reply. The estate agent told us in writing last year that she was a cash buyer and wanted a quick sale. Then the solicitor emailed us this week to say she’s buying with a mortgage. So really feels like we’ve been lied to. We’ve threatened to pull out. Just waiting for the solicitor to call with an update.


  • #4
    Gumbo
    Moderators, Society & Culture Moderators Posts: 38,424 Mod ✭✭✭✭Gumbo


    Jackomo wrote: »
    Hi, thanks for the reply. The estate agent told us in writing last year that she was a cash buyer and wanted a quick sale. Then the solicitor emailed us this week to say she’s buying with a mortgage. So really feels like we’ve been lied to. We’ve threatened to pull out. Just waiting for the solicitor to call with an update.

    Buyer could have lied to your EA. Why suspect your EA?
    Would covid have stalled anything?

    I know of 2 houses in my estate that sold in November. I know the buyers and they both are still in the process of trying to get them over the line.


  • #5
    Jackomo
    Registered Users Posts: 8 ✭Jackomo


    Gumbo wrote: »
    Buyer could have lied to your EA. Why suspect your EA?
    Would covid have stalled anything?

    I know of 2 houses in my estate that sold in November. I know the buyers and they both are still in the process of trying to get them over the line.

    Yeah, I’m sure the agent was lied to but I don’t think that excuses the fact that he didn’t ask for proof of funds. Every EA we’ve dealt with in the last 2 years has asked us to provide proof of funds before we could put in a bid.


  • #6
    JeffKenna
    Registered Users Posts: 4,510 ✭✭✭JeffKenna


    Jackomo wrote: »
    Yeah, I’m sure the agent was lied to but I don’t think that excuses the fact that he didn’t ask for proof of funds. Every EA we’ve dealt with in the last 2 years has asked us to provide proof of funds before we could put in a bid.

    The buyer seems to have deliberty lied alright in order to gain an advantage in the bidding process. Was there underbidders the agent could approach?


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  • #7
    Wildly Boaring
    Registered Users Posts: 3,629 ✭✭✭Wildly Boaring


    OP
    This is a process that you will hopefully have to go through once.
    There are quick sales in this country. There are also slow ones.
    Appreciate that you're due in 10 weeks. But that won't close the sale quicker.

    You're going to need to forget about deadlines and resign that it'll get done when it's done. Stress won't sort anything quicker

    You have your heart set on the new house with the new baby. It's a nesting thing sometimes.


  • #8
    Jackomo
    Registered Users Posts: 8 ✭Jackomo


    JeffKenna wrote: »
    The buyer seems to have deliberty lied alright in order to gain an advantage in the bidding process. Was there underbidders the agent could approach?

    There was a couple but I know they were annoyed we didn’t go with them but it’d be worth asking the question, thanks.


  • #9
    Gumbo
    Moderators, Society & Culture Moderators Posts: 38,424 Mod ✭✭✭✭Gumbo


    Jackomo wrote: »
    Yeah, I’m sure the agent was lied to but I don’t think that excuses the fact that he didn’t ask for proof of funds. Every EA we’ve dealt with in the last 2 years has asked us to provide proof of funds before we could put in a bid.

    Asking for proof of funds is not a legal requirement and some say its a breach of privacy although I understand why some EA's ask for it.

    It reminds me of people selling cars and saying in the ad "proof of insurance required before any test drive". It means nothing.


  • #10
    Dav010
    Registered Users Posts: 13,999 ✭✭✭✭Dav010


    Gumbo wrote: »
    Asking for proof of funds is not a legal requirement and some say its a breach of privacy although I understand why some EA's ask for it.

    It reminds me of people selling cars and saying in the ad "proof of insurance required before any test drive". It means nothing.

    How is it a breach of privacy to be asked to confirm you have the funds to buy the house you are bidding on?

    It may not be a legal requirement to ask, but it is not illegal to do so. A house buyer is not “test driving”, they are placing an offer for consideration.

    Can you legally test drive a car without insurance?


  • #11
    Gumbo
    Moderators, Society & Culture Moderators Posts: 38,424 Mod ✭✭✭✭Gumbo


    Dav010 wrote: »
    How is it a breach of privacy to be asked to confirm you have the funds to buy the house you are bidding on?

    I specifically stated, in case you missed it
    some say its a breach of privacy although I understand why some EA's ask for it.

    Dav010 wrote: »
    It may not be a legal requirement to ask, but it is not illegal to do so. A house buyer is not “test driving”, they are placing an offer for consideration.

    Which is exactly what I said. Its not a legal requirement, the OP seems to hone in on the fact their EA wasn't carrying out their duties by asking for it.
    assumed our estate agent had done his due diligence

    Dav010 wrote: »
    Can you legally test drive a car without insurance?

    The seller could have open drive policy, hence the buyer technically not needing insurance in their own name. but that's irrelevant to the point which may have been missed. A seller asking a buyer to provide insurance to drive a car they don't own is silly.


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  • #12
    Wildly Boaring
    Registered Users Posts: 3,629 ✭✭✭Wildly Boaring


    Gumbo wrote: »

    The seller could have open drive policy, hence the buyer technically not needing insurance in their own name. but that's irrelevant to the point which may have been missed. A seller asking a buyer to provide insurance to drive a car they don't own is silly.

    Exactly.
    They have no insurable interest in the car.

    Sorry OP.
    Back on topic.
    It really doesn't matter who said what.

    What stage are they at with purchase?
    Valuation done? Survey done?
    Contacts with them?


  • #13
    Dav010
    Registered Users Posts: 13,999 ✭✭✭✭Dav010


    Wildly Boaring wrote: »
    Exactly.
    They have no insurable interest in the car.

    Unless your policy gives third party cover when driving someone else car with their permission. Without it, you are driving with no insurance, which I'm pretty sure is an offence.

    But anyways, not sure what the analogy has to do with the ops situation, or the legality of asking for proof of funds.


  • #14
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    I would assume that if a bid is accepted
    on a house the sellers solicitor has a right
    to know the buyer has the finance ready
    to buy the house, whether it's approval for a mortgage or else paying in cash
    and your solicitor would ask for a document to prove this.
    If your buyer is getting a mortgage the bank would usually also ask for
    Bank survey.
    Eg they send someone to look around the house,
    This takes 5 minutes approx
    You should ask your solicitor to check
    that the buyer actually has mortgage approval to buy your house

    if you are making a bid on a house you will need to let the agent know your name and provide info re how you will finance the transaction.
    if your bid is accepted by the buyer .there has to be some limit to privacy when you are buying a house from someone.
    And you actually have to sign a contract to buy the house as part of the legal transaction .


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