Cash buyer isn't - EA lied to us!

bingy_burge

Lots of things can happen here, maybe the buyer said it was a buy to let and they had the cash and didnt need a morgage but have decided to get one.

Lots of poss they don't need to sell its very tricky, when I was an estate agent after an offer was accepted or sometime before the buyers would have to see our mortgage advisor to qualify them financially before anyone start any solicitors balls rolling.

My mum bought an investment property and could gone cash outright but got a small interest only mortagage in the end.

Pheobedoglet

Many thanks for all the replies, we completed on Thursday and get the money in next couple of days. Its taught us a valuable lesson for when we come to buy....lie! Tell them you'rea cash buyer so you secure the sale then by the time they find out that you're not it will be so far down the line they won't want to pull out of the sale!

Pheobedoglet

In fact getting the money has opened up a whole new kettle of fish that I shall have to start another thread about......

kingstreet

Keep it all in this thread, so everyone knows it's a continuation.

JencParker

Similar happened to me. When I discovered that the 'large cash deposit' from the bank of mum and dad was in fact coming from the sale of a property in a large chain, I said the offer was rescinded. It was a completely different offer to the one I accepted and had I known it was part of a chain I would not have accepted it (at least at the price offered). I told the estate agents to put the house back on the market.

Hoploz

Wow Jen that was brave? Did you get another higher offer quickly?

JencParker

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.

Not always - the potential buyers that did that to me didn't end up with my house and quite frankly, although I told the EA they could come back with an offer when they were in a better position to move, I had lost trust in the by then, so wouldn't have accepted an offer.

JencParker

Hoploz wrote: »

Wow Jen that was brave? Did you get another higher offer quickly?

I had the advantage of not having a place lined up and living in an area where houses sell easily so had no worries that I would have got another offer in needed to but, I had three further viewings that week and then decided I would stay put for now so took it off the market.


Oh, and in defence of EAs, in my case I think it was the buyers that were pulling the wool over our eyes, not the EAs.

Pheobedoglet

kingstreet wrote: »

Keep it all in this thread, so everyone knows it's a continuation.

I would, but its to do with inheriting money whilst on benefits that takes me over the 16k threshold so I've put a new thread up in the benefits section of the forums.

uk_american

As a 'true' cash buyer, this sort of thing grates on my nerves.

Although at the same time, the EA never asked to see my bank statements or anything that would back up what I was saying. I wouldn't have been offended if they would have, as we didn't have a prior business relationship, I would have thought that was proper due diligence.

In an opposite twist, the vendors accepted my (slightly) lower offer, but then messed me around for 14 weeks trying to find a place, at which point I backed out. As a cash buyer I was looking for a quick sale so this was not acceptable.

Hope you get it sorted soon OP.