Are cash buyers finances checked if an offer is put in.

the_blacksmith

Hi, Can anyone tell me the process for cash buyers please.
Are finances checked & if so who by & when ?

We sold in January to an apparent cash buyer but the chain is about to fall apart as our buyers seem to be lying about several things, the reasons keep changing from a 'land registry' problem on a previously sold house to Solicitor has only just sent them the contract & they need time to go through it.

Our Vendors have had enough now so if its not sorted next week I think it will be a broken chain.

Estate agent is ringing me tomorrow to go through things, any advice on what I should /shouldn't be doing & what questions I can ask that may give me more idea of whats going on.

Thank you

PasturesNew

I had to take my statements down to the EA and show him I've got enough. I shuffled in with some random scraps of statements and said "Shabby madam's here to prove she's got enough".... I think we were a few £000 short based on what I showed.... but I'd held one back as what I've actually got's none of his business and it's best that he thinks I can only "just" scrape it together.

ethank

A reputable agency does conduct these checks. I would be asking the agent to ring the buyers solicitor for an update. The buyers solicitor would refuse to talk to you citing a conflict of interest but they can speak with your Agent.

Old_Git

when I bought as a cash buyer last year I was never asked to prove anything .

Freecall

I was asked to prove my ability to pay. I produced evidence for my solicitor and the EA took his word for it. I would be reluctant to give bank statements directly to an EA.

CWSmith

As cash buyers a couple of months ago, we had to give proof to our solicitor that we had the money, not the EA.

PasturesNew

Old_Git wrote: »

when I bought as a cash buyer last year I was never asked to prove anything .

Maybe you looked like you could afford it
Some people don't.

AdrianC

A letter from the IFA confirming it wasn't a problem did us just fine.

Old_Git

PasturesNew wrote: »

Maybe you looked like you could afford it
Some people don't.

i was driving around the town on a scooter with L plates hardly a high flyer
:rotfl:

Ivana_Tinkle

I've never been asked for proof of funds, when buying for cash or with a mortgage. I've bought through some truly crappy agents, though.

ViolaLass

We were asked for proof so I showed them a statement with precisely the amount we were offering on it. Interestingly, when we upped our offer, they didn't bother checking again.