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Strange situation - buyer wants to overpay...

13

Comments

  • rpc
    rpc Posts: 2,353 Forumite
    kazwookie wrote: »
    err who hold that amount of money in cash?? :eek::cool:

    and what will you say to the bank if you do go ahead when you come to pay it in! :rotfl:

    Keep well clear of this.

    I expect he means that he is a "cash buyer" i.e. no mortgage and paid in full by bank transfer. Not that he will turn up with a transit full of tenners (used, no sequential serial numbers).
  • brit1234
    brit1234 Posts: 5,385 Forumite
    This is what I think is happening, the purchaser pays £220k, gets £70k back from you. It is registered as a £220k on the land registry. He then wants to buy another property and says I have a £220k property with at least £70k+ equity and buys another property.

    Its the same land registry fraud that builders were doing with gift deposits but on a even bigger scale. I would stay well away.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • maninthestreet
    maninthestreet Posts: 16,127 Forumite
    Part of the Furniture
    Brit1234 is probably right - surely the solictors involved would spot this ruse and refuse to get involved?
    "You were only supposed to blow the bl**dy doors off!!"
  • ilikewatch
    ilikewatch Posts: 1,072 Forumite
    rpc wrote: »
    I expect he means that he is a "cash buyer" i.e. no mortgage and paid in full by bank transfer. Not that he will turn up with a transit full of tenners (used, no sequential serial numbers).

    Yes, he said that he didn't need to borrow money to complete the purchase as he had the funds available, and so could move quickly to make a purchase.
  • ilikewatch
    ilikewatch Posts: 1,072 Forumite
    Well, I've been in touch with the potential buyer, and told him that I'm not prepared to get involved in the scheme he suggested. He seemed very accepting of this but stated that he would still be interested in buying the property via more "normal" methods.
    He's told me that if I go ahead and list with the EA he will make an offer, alternatively he is happy to buy the property directly from me which would save me about 3K in EA fees, and just leave my conveyancing cost which I guess would come to a few hundred quid?
  • unhappy_shopper
    unhappy_shopper Posts: 1,304 Forumite
    If he is so very flush with cash, ask him to buy your property through your EA for £220K. :D
    Mortgage: @ Feb. 2007: £133,200; Apr. 2011: £24,373; May 2011: £175,999; Jun 2013: ~£97K; Mar. 2014 £392,212.73; Dec. 2015: £327,051.77; Mar. 2016: ~£480K; Mar. 2017 £444,445.74
  • shiny76
    shiny76 Posts: 548 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    ilikewatch wrote: »
    he is happy to buy the property directly from me which would save me about 3K in EA fees, and just leave my conveyancing cost which I guess would come to a few hundred quid?
    Sounds like you're sorted then :)
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I think the question is do you trust him, and to what extent?

    If you trust him totally then proceed without the estate agent. [Note that the EA might argue that the buyer knew the house was on the market because they saw the estate agent, so they introduced the buyer and are due their fee anyway.]

    If you trust him partially then proceed with an estate agent. Tell them that you have a buyer and negotiate their fee appropriately. But still worth having an agent on your side to watch him for dodgy dealings.

    If you don't trust him at all then refuse his offers and proceed with estate agent on the open market. [If you think he's going to try to pull something dodgy, don't spend money and waste months on a sale that falls through.]
  • StumpyPumpy
    StumpyPumpy Posts: 1,458 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    I would put it on the EA's books with a price of £200k and let the potential buyer make me an offer. :D
    Come on people, it's not difficult: lose means to be unable to find, loose means not being fixed in place. So if you have a hole in your pocket you might lose your loose change.
  • RAS
    RAS Posts: 36,118 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    OP

    What is the possiblity that:

    1. Buying owning all the houses on the close, the potential purchaser and his brother are able to re-develop the whole site for a gain?

    2. That by owning all the properties they can develop an adjacent piece of land that they own or have a contractual interest in because it allows them to solve access issues?

    I would want some sort of uplift clause in any contract.
    If you've have not made a mistake, you've made nothing
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