Cash Buyer.

larry09

A member of my family is looking for a quick sale of their house. The estate agent advised upon selling to an investor, and that they would be able to find an investor to purchase the house with cash, for a quick sale.

An investor has recently been found, and they are interested in purchasing the house. My relative accepted the offer, and it is now in the hands of the solicitors. However, a completely different name has now appeared on the paperwork as to who is actually buying the house, than the original name of the investor than that was given by the estate agent.

Is this normal practise? It is just that my relative has filled in all the paperwork on her side, but yet nothing has been completed and sent to my relatives solicitor from their side. When my relative asked the estate agent what was the hold up, they were told an issue with conveyancing has come up, but it should be sorted soon.

I am wondering now, if the reason for hold up is that a mortage approval is being waited upon, and this is why someone completely different is written down to buy the house? We were told that the original person was a big investor and buys alot of houses for cash.

Can anyone adivse on whether it is normal practise for a different person to have their name down for buying the house when buying a house for cash?

hazyjo

Could he (presuming a 'he') be putting it in a relative's name? Or is he foreign? We had a foreign investor buy our house and the name he was known as was different to that on paper.

Jx

GAH

Is the buyer a cash buyer or Getting a mortgage? as you mention both in your post.

larry09

He is not foreign, and I am pretty sure they are not related.

It is a cash buyer, that is what the estate agent said and it is what they were instructed to look for, that is also why my relative was prepared to accept below market value, as with a cash buyer it is supposed to be a quick process. Although at this moment of writing, it has been over 4 weeks and they are still yet to send any information to my relatives solicitors.

With the different name being used, and the supposed 'hold' up with the convenyancing I am begining to wonder if they are cash buyers.

If they are not cash buyers, and are waiting for a mortgage then my aunty has accepted quite considerably below market value for no reason.

GAH

All dilligent agents should check that a buyer is a 'cash buyer' by asking too see proof of cash when the buyer makes an offer.

I take it your agent hasn't in this instance.

Motivated cash buyers will normally want to complete within 2-4 weeks.

Personally I would be a little wary, and I would be getting on the phone to your agent and your solicitor to find out exactly the situation.

RedwoodBrook

GAH wrote: »

All dilligent agents should check that a buyer is a 'cash buyer' by asking too see proof of cash when the buyer makes an offer.

I take it your agent hasn't in this instance.

Motivated cash buyers will normally want to complete within 2-4 weeks.

Personally I would be a little wary, and I would be getting on the phone to your agent and your solicitor to find out exactly the situation.

As above.

I had to provide a bank statement proving I had the funds in an account before the agent would formally accept my cash offer.