are white lies ok?

theGrinch

I did ask for opinions and they have been generously given. we all have something to think about.

Well she insists that she has all the funds to complete a cash purchase, but would rather have a mortgage. It seems to be a white lie. Its immaterial as long as the timescale is agreeable.

She is very worried that the EA seems to place such a premium on a "cash" buyer when it really makes no difference to the timescale in a probate case and where the mortgage is 65% LTV. Her other worry is the EA is just trying to push more money out of her to up her offer.

I remember selling once and I didnt really care whether it was cash or a mortgage, but I did care about the timescale. My EA advised me that the buyer was taking out a mortgage. This later (4 weeks) down the line turned out to be an islamic mortgage and took 3 months to complete. its things like timescale that would annoy me more. I will never ever sell again to a person taking out an islamic mortgage unless I held a holding deposit with a fixed exchange date.

I would not be so annoyed if a mortgage was involved, but I would be more annoyed where a buyer was buying in cash and his solicitor was delaying the process, which I have also encountered. Solicitors are experts in delay if they need to behind a smokescreen of drip, drip questions.


ps white lie
n : an unimportant lie (especially one told to be tactful or
polite)

according to your dictionary :-)

Tiger_greeneyes

I do take your point grinch - I understand everything you say - I'd have been less than thrilled in your situation too - I've never heard of an Islamic mortgage before so I'm going to watch out for one of them in future!

As the EA is placing such a premium on a cash purchase, why doesn't your friend buy in cash (as she has it) and then remortgage at some point in the future when she's ready? It would save any hold-up's (and red faces!). The EA's will find out for sure that she's getting a mortgage - you really don't want them convincing the vendor to back out a bit further down the line because they've had their nose put out of joint...

Agents tend to chase up solicitors once a week or so and they will find out.

However, I don't blame your friend for doing what she feels is best for her and hope it all goes well for her

sheraz2

I love the protective rationalism from the OP. That is not a white lie. That is deception, if your conscious can accept that and you can stoop to that level, then go for it, as i'm sure EA's aren't whiter than white themsevles. They're in high pressured sales jobs at the end of the day.

jamie304

I ended up lying - I told the agent I had cash to pay the asking price, which I did. But then I got into a bidding war with another supposedly cash buyer, and eventually needed a small mortgage, which I didn't mention in case the agent recommended the other buyer in preference to me.

The agent never mentioned anything despite a bit of a delay caused by my mortgage company needing things from the insurance company. I just blamed the insurance company and kept my fingers crossed that my solicitor wouldn't mention anything!

theGrinch

I am sure someone more qualified that I can comment on an islamic mortgage, but I think their bank was HSBC and between exchange and completion the property was "assisgned" to the bank which rented it back to the "buyers". It has something to do with interest/ownership. Im sure I have it wrong, but thats what I was told. Essentially, you have 3 sets of solicitors working on it in a non standard procedure.

This mortgages will be helpful to some buyers, but they really need to be on the same timeframe footing as standard mortgages to make them work.

I accetped the offer in Feb 2006 and completed on 14 July 2006. Actually, it was 5-months which makes me even madder :-) The worse thing was everything seemed normal until about month 2 when I started asking why the delay. Even then the EA, the buyer and myself...just didnt know what the process entailed.

anyway, once again thanks everyone for taking the time to post and giving us all something to think about!

misfire

I dont believe in 'white lies' a lie is a lie - and you dont know what is considered a 'white lie' to you may have a major impact on someone else.
I personally would tell the truth - if you dont it might catch you up down the line i.e when push comes to shove if they have 2 offers on the table and your friend has lied (and been caught out) they may think your friend untrustworthy and more likely to pull out of the sale and therefore go with the other people.

I can understand your friends frustration about having the funds there and mortgage to go no problem but i still wouldnt do it for the reasons above.
I have been lied to on a house sale (lost our dream house and money becasue of it) and it isnt nice and i wouldnt do it to anyone else.