Mortgage probs with Chinese buyer because of HO

MortgageMamma

leftieM wrote:

Sorry I shouldn't have put that slant on the HO wording. Of course they didn't say it like that. They will hardly expedite a procedure because someone decides to put offers on properties that they can't buy.
We are considering putting in a complaint against the adviser. As for the deposit - if this goes on any longer we will have to remarket our property to get more money as, if our sale falls through, we will have to pay more money for another house so a deposit is meaningless.

But the deposit could pay more towards the increase costs of the other house?

UK007BullDog

I might be a bit confused on this.

Is the chain "managed" by the same EA and the same MA? If yes I would not thrust the EA. Also why would the lady whose house you want to buy force you to stay with the Chinese lady if its nothing but trouble? Have you spoken to her personally? Does she really know what is going on or is all the info from the EA? The EA might have already gotten some of the offers you had to other properties and they might have offered elsewhere. So the EA does not want any of his chains or purchases falling through. I never believe a "he said, she said" scenario, its like Chinese Whispers (no pun intended). You need to speak to each party directly yourself to get the truth and full lowdown on the current state of progress.

The MA is prohibited to give any info to anyone. If he is he is breaking the law. If he is not then the EA is talking pure rubbish and is trying to keep the chain together and stay in control of all buyers and sellers.

Without the stamped passport no lender will lend. So until she gets the passport back no progress will be made. She can pay extra for a speedy service? (Not sure). It took one of my clients the other day just 4 weeks to get his passport back.

I understand you took the Chinese lady because she had no chain and was a FTB, but this has now turned into a nightmare for you. Do you know the date your buyer sent in her passport? Take 2 to 3 weeks off due to the Christmas holidays but it should not take longer than 6 weeks. The Chinese lady needs to call the HO and ask nicely to get them to move her case quicker.

leftieM

Okay, I hope this will clarify.
We are the only 'link' in the chain. We have the same EA as our vendor. Our buyer has an MA but no-one else.
We spoke to our vendor yesterday. She can't force us to stay with our buyer but already waited for us to find this buyer after our first buyers pulled out. If this sale falls through she may just remarket (or she seems to be thinking about not selling at all).
As for the MA - I thought EAs can check that someone's offer is kosher by talking to an MA. Are they not at liberty to say anything about someone's position? Is the vendor, in reality, just taking a gamble on the buyer being real?
The buyer told us the same story today that the EA passed on from the MA so the EA hasn't been making things up on that front. There are so many holes in the story (like that a mortgage offer was issued with incorrect figures and then the problem with the passport came to light so another offer wasn't issued.) Our buyer told us the MA was aware of the court case (then just concluded) and said they could get a mortgage with just the letters which is why they say they went looking for houses.

UK007BullDog

Well it seems the MA does not have much experience.

The vendor is also not very helpful now is she. I mean either you want to sell your house or you do not. The comment of hers "I might not want to sell anymore" is just total rubbish. My hackles go up with comments like that. What is she doing? Going through the sales process because she is bored? If I was in your shoes I would have told her where to stick her house... She and the EA know how desperately you want that property so have you all figured out.

Well, you only have 2 choices. Wait and tough it out or start all over again by putting your house on the market also check out a different EA.

Yes, some MA's will tell the EA's some basic info but not the whole story. So the EA can "patch the holes of missing info". But the MA has no legal requirement to tell the EA anything at all. Is the MA associated to the Estate Agency?

leftieM

UK007BullDog wrote:

Is the MA associated to the Estate Agency?

No.
I will dump the EA if we have to try to sell again. I think the girl dealing with us is inexperienced and just desperate to keep everything moving.