Withdrawing 'cash investments'? Buyer stalling?

Thrugelmir

MissusP wrote: »

Buyers know this and when we accepted the offer indicated they would like to complete by June.

Today is only the 7th.

MissusP_2

We suggested exchanging this week with a completion of 1st July and that's when they said they didn't want to commit. I would have hoped nearly 3 weeks would be long enough

Thanks all I'll update when I've called the solicitor!

thesaint

My colleague is a cash buyer on a property he offered on about two weeks ago.
Although, he isn't a cashbuyer, he is applying for a mortgage.

He has no shame in lying to the vendor, and knows that by the time they find out, it will make no sense in pulling out.

If I ever sell to a cash buyer, I will utter the phrase "Show me the money".
Only £20 notes in a briefcase will I constitute as cash.

AdrianC

MissusP wrote: »

I would have hoped nearly 3 weeks would be long enough

There are many investments which can take a month to withdraw money from.

hazyjo

HappyMJ wrote: »

I'd give them a few weeks to exchange after accepting an offer...the OP has been waiting 2 months and still has no date for exchange or completion.

But that's normal. The average purchase (freehold) takes 12 weeks from offer to completion... You would seriously take it off the market, remarket, and start again with a new buyer? You may find several deals fall through costing you far more in the long run... My last purchase was 9 weeks (with only about 3 days inbetween exchange and completion) and that was with me on top of every single detail/query - and the vendor was pretty good too.
Jx

HappyMJ

hazyjo wrote: »

But that's normal. The average purchase (freehold) takes 12 weeks from offer to completion... You would seriously take it off the market, remarket, and start again with a new buyer? You may find several deals fall through costing you far more in the long run... My last purchase was 9 weeks (with only about 3 days inbetween exchange and completion) and that was with me on top of every single detail/query - and the vendor was pretty good too.
Jx

No I'd leave it on the market with a note on any advertising board saying "under offer" until I accept the offer subject to the buyer proving they had the cash or "sold stc" once my solicitor has confirmed the buyer has the cash and can proceed to exchange at which point the property is "sold".

AnotherJoe

What HappyMJ said.

hazyjo

HappyMJ wrote: »

No I'd leave it on the market with a note on any advertising board saying "under offer" until I accept the offer subject to the buyer proving they had the cash or "sold stc" once my solicitor has confirmed the buyer has the cash and can proceed to exchange at which point the property is "sold".

That's fair enough - but I took it to mean you'd still be showing other people round/would accept another offer. Maybe not, maybe it was just the wording...


Jx

aldershot

HappyMJ wrote: »

To exchange contracts the buyer just needs 10% of the purchase price of the property and can exchange contracts. If this buyer really is a cash buyer I'm sure they can get access to 10% quite quickly.

When contracts are exchanged that's when I'll take the property off the market.

Completion can occur when the buyer cashes out the investments of other 90% of the purchase price which can be at any agreed time even months away if the buyer/seller is willing to wait.

I decent solicitor won't let anyone exchange without completion funds being available either in cash (now in the bank, not as "investments") or a written mortgage offer. Exchange is a commitment with a completion date written in. If you can't complete on date, you will be sued for breach of contract.

bris

thesaint wrote: »

My colleague is a cash buyer on a property he offered on about two weeks ago.
Although, he isn't a cashbuyer, he is applying for a mortgage.

He has no shame in lying to the vendor, and knows that by the time they find out, it will make no sense in pulling out.

If I ever sell to a cash buyer, I will utter the phrase "Show me the money".
Only £20 notes in a briefcase will I constitute as cash.

Then their solicitor isn't doing their job properly like the OP's one didn't. The first thing they should do is have proof of funds sent to them to confirm they have the funds available. This is a normal concept with cash buyers so due diligence went out the window here.