Cash buyer isn't - EA lied to us!

tea-bag

We are classed as cash buyers because I don't need a mortgage and not in a chain due to my buyers are FTB we are using the equity from our sale.

Pheobedoglet

Yet my eldest daughter got rejected for a flat the other week despite meeting the price the vendor asked for and having her mortgage in principle as a first time buyer all in place, in favour of a cash buyer. She even put a higher offer in, £2k above the other guy but that was rejected too. So it seems they suddenly mean a cash buyer with instantly available funds when it suits them lol!

Thrugelmir

Pheobedoglet wrote: »

It's a good job we're not desperate for the money as the solicitors have advised us that it could be a further 3/4 weeks before we get it now.

What stage is probate at? As that may determine the final outcome.

Tuscan

Pheobedoglet

i think that was more a case of the buyer that didnt need a mortage is a safer bet than a buyer with a mortgage in principle, as a mortage in principle is not the same as a mortage offer in place..

moneyistooshorttomention

LisaLou1982 wrote: »

From my EA days, there were a heck of a lot of buyers out there who said they were cash buyers and they werent. This could be anything from outright lies (they thought by saying they were a cash buyer that it would be more in their favour) to buying a house with no mortgage (but needing to sell their house and therefore cash from sale) or genuinely cash, but then changing their mind. There are few genuinely cash in the bank buyers in the grand scheme of things

Its up to the EA to check whether anyone that says they are a cash buyer are really...ie by demanding proof of the amount of cash they say they have/checking up on their present address (ie to see if its up for sale)/etc.

A genuine cashbuyer would be quite happy after all to provide proof they really were telling the truth, as they would want to differentiate themselves from those that were lying.

Thrugelmir

Pheobedoglet wrote: »

I've no idea, given the evidence we have in black and white, why she can't just admit her mistake and say sorry.

People lie that's a fact of life. The buyer may well have done that to secure the property. Once you were hooked it's too late and a gamble if you wish to relist the property. A buyer that completes is ultimately all that matters.

moneyistooshorttomention

tea-bag wrote: »

We are classed as cash buyers because I don't need a mortgage and not in a chain due to my buyers are FTB we are using the equity from our sale.

That's exactly the position I was in when I sold my last house recently and moved to my current one. I didn't need a mortgage and I was selling to a FTB and using the equity from my sale to fund purchase of this house.

Neither my EA nor myself thought for one minute of calling me a "cash buyer", because we both knew I wasn't. I told my vendor the exact position (ie was a good bit more truthful to him than he was to me then...:cool:). My EA had explained clearly to me at the outset that I couldn't call myself a "cash buyer" and I'd agreed with them and said I hadn't been planning to.

If my EA had lied to me and told me I could wrongly call myself a "cash buyer" I would have sacked them on the spot...as I would have wondered what stunts they might try and pull on me (as well as the vendor of any house I decided to buy).

moneyistooshorttomention

Thrugelmir wrote: »

People lie that's a fact of life. The buyer may well have done that to secure the property. Once you were hooked it's too late and a gamble if you wish to relist the property. A buyer that completes is ultimately all that matters.

that misses the point - which is that OP agreed to sell for a lower price precisely because the buyer lied and said they were a cash buyer when they weren't.

Personally, I'm guessing they also feel a bit sick at having been taken for a mug as well...

getmore4less

Everyone is a cash buyer, no solicitor should accept anything other than cleared funds for the purchase of a property.

Where the cash comes from is something entirely different.

moneyistooshorttomention

:rotfl:playing with words there:rotfl:.

Mygawd no wonder my EA's eyes were boggling when he told me "The buyer who has just put in an offer on your house has £x deposit and this is where they got it from" and we both went "OOOOOOH" (as it was a very large percentage one indeed). I did wonder why he was emphasising this so much...looks like its down to him knowing precisely how many people lie and say they are cash buyers, when they aren't.