Being messed around by supposed cash buyer

pinkshoes

Your buyer is liar!

Did you accept a lower offer based on this being a cash buyer?

I'd be telling the EA to heavily market the property for a new buyer.

DaftyDuck

Second line of the OP.... The agency has and is continuing to market the property. I don't see that the agent has done s thing wrong from the information we have, I just think the OP has (quite understandably ) got over excited at the prospect of having a cash buyer.

Sarahspangles

She's not a Cash Buyer (does not need a mortgage), she's a First Time Buyer (no chain). So in theory she's a better prospect than someone who has a property to sell, but she's not in a position to move as quickly as a cash buyer.

A quick google for buying a house with a lifetime mortgage brings up providers who allow this.

bahamas_1350

pinkshoes wrote: »

Your buyer is liar!

Did you accept a lower offer based on this being a cash buyer?

I'd be telling the EA to heavily market the property for a new buyer.

Nearly she came in with a low offer then came in with more and asked the agent to reiterate to us that she was a cash buyer.:mad:

bahamas_1350

moneyistooshorttomention wrote: »

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???

We had sacked the EA prior to this so were out of contract and between agents when they sent this lady round. we have now told them to stop marketing as if this falls through no way we will be selling with them again anyway.

Seems a very grey area re the mortgage

bahamas_1350

DaftyDuck wrote: »

Second line of the OP.... The agency has and is continuing to market the property. I don't see that the agent has done s thing wrong from the information we have, I just think the OP has (quite understandably ) got over excited at the prospect of having a cash buyer.

We were not fussed if she was a cash buyer or not really. agent said she was and that we could make an offer on our onward purchase.

Agent has let it go on for three weeks! Before finding out she needs a mortgage and couldn't even correctly tell me what it was she was trying to do, the first option was not possible hence us getting cross.

I thought they were supposed to make sure prospective buyers are good for the money after they have had an offer accepted, our onward purchase agents sure badgered us until we did?

moneyistooshorttomention

Yes, EA's are supposed to check the buyers' finances.

When I sold my starter house recently, the EA didn't just find my buyer for me, but checked their finances and told me exactly who their mortgage had been agreed with, how much their deposit would be and where their deposit had come from.

Must admit I was quite surprised they'd been able to wheedle the amount of deposit my buyer had out of them but I'm guessing that my buyer wanted to make the point that, though they weren't a cash buyer, they had a blimmin' big deposit and therefore didn't need that much of a mortgage (ie shouldn't be a problem getting the mortgage they needed).

I was able to check for myself exactly what sort of mortgage deal they had arranged for themselves and it was exactly the same deal I would have arranged if I had been the one in their position.