Being messed around by supposed cash buyer

jc808

Does the buyer have the cleared funds in full ready to go today?

If not they are not a cash buyer.

Zoology_Dragon

Some estate agents have a funny idea of what defines a "cash" buyer. When we were viewing properties one agent insisted that we were cash buyers because we weren't selling a property in order to buy. Yes we do own a property that we're not selling but we still need a mortgage for the new place - really strange.

dimbo61

Not sure how long you have had the property on the market but the days of quick house sales are OVER>
4 years ago I saw a house on Sunday and offered full price Monday morning.
Had mortgage arranged by tuesday and survey done on thursday ( THAT WEEK)
It still took us another 6/7 weeks before we got the keys.
In todays market ( THINK mortgages and MMR ) you are looking at 3/4 months once offer is made

Brock_and_Roll

Just goes back to Rule 1 of house buying & selling: Always assume everything that an Estate Agent says is a lie unless there is clear documentary evidence to the contrary!

bahamas_1350

Thanks for the replies.

It would appear today that she is infact getting a lifetime mortgage to cover the shortfall and this is going to take another two weeks as she is still filling in paperwork.

She is an older buyer and has 140k in cash.

She has lied to EA and us. EA is saying she was confused!?

Solicitor is now saying it can be done.

We Have no choice but to Waite it out as on the EA advice we have started buying another property and are into costs of over 1k already

We have told EA that we will sue them if she doesn't come up with the money as they in no way should of told us that it was ok to do this.

They have apologised but we are fuming that they let it get this far

Thrugelmir

bahamas_1350 wrote: »

We have told EA that we will sue them if she doesn't come up with the money as they in no way should of told us that it was ok to do this.

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I fail to see what the issue is. You are still marketing the property despite accepting an offer. Throwing boomerangs is never advisable for good reason.

DRP

It just sounds like a communication problem.

Time to chill out - there is a long process ahead of you, and no point in raised blood pressure this early on.

bahamas_1350

Yes blood pressure slightly down today, Just hoping she can get the money.

g6jns_2

bahamas_1350 wrote: »

Thanks for the replies.

It would appear today that she is infact getting a lifetime mortgage to cover the shortfall and this is going to take another two weeks as she is still filling in paperwork.

She is an older buyer and has 140k in cash.

She has lied to EA and us. EA is saying she was confused!?

Solicitor is now saying it can be done.

We Have no choice but to Waite it out as on the EA advice we have started buying another property and are into costs of over 1k already

We have told EA that we will sue them if she doesn't come up with the money as they in no way should of told us that it was ok to do this.

They have apologised but we are fuming that they let it get this far

It is unlikely you have grounds to sue the agent. The woman is not a cash buyer. Tell the agent to continue marketing the property.

moneyistooshorttomention

I disagree with continuing to market a property once a firm offer has been accepted, but that is on the basis that the buyer is an honourable person.

As this buyer has proven not to be honourable, ie they said they are a cash buyer, but turned out not to be and haven't got this Lifetime Mortgage thing they need arranged at the outset, then I think continuing to market it would amount to "giving them some of their own treatment back" and would be acceptable just in this case.

Wondering if Lifetime Mortgages are the same as proper mortgages and that therefore buyers should have the mortgage offer in their hands before starting to look for houses???