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Cash back from seller/estate agents
Going back to the estate agents/seller they have agreed to drop the price, but due to time constraints they want to keep the price the same, so mortgage offers/solicitors don't need to modify things and then offer the reduced price in the form of cashback on completion.
The offer sounds quite iffy to me and a search of google comes up with a few pages that suggest this would be considered fraudulent, effectively borrowing extra cash from the bank just to get it back as cash.
Has anyone ever had experience of this issue?
Thank you for your comments
Micdon
Comments
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How would you enforce this if they 'forgot' to pay the cashback?
And you realise you'll being paying extra SDLT (based on the higher purchase price)?
Renegotiate the price.0 -
Its fluff (The politer word for something else) Get them to agree on the lower price, or walk.0
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Its fluff (The politer word for something else) Get them to agree on the lower price, or walk.
Much more than fluff, its down right disgraceful behaviour! Just one more reason never to believe a single word an EA utters!
"time constraints" lol, made me laugh - take about 5 minutes to alter the price but take a lot longer to repair your reputation and credit rating if you get done for mortgage fraud (which it would be).0 -
Brock_and_Roll wrote: »Much more than fluff, its down right disgraceful behaviour! Just one more reason never to believe a single word an EA utters!
"time constraints" lol, made me laugh - take about 5 minutes to alter the price but take a lot longer to repair your reputation and credit rating if you get done for mortgage fraud (which it would be).
I'm not sure you'll manage to get a new mortgage offer re-issued showing the revised price in 5 minutes.
However it shouldn't take more than a week and hopefully that shouldn't make a material difference to the vendor in question.0 -
They are suggesting you commit fraud.0
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