Withdrawing 'cash investments'? Buyer stalling?

MissusP_2

OP here with a non update. My solicitor said they don't ask to see proof of money! So I'm still none the wiser. Also left message for EA 3.5 hours ago asking for update from buyer and they still haven't returned my call. So I'm pretty fed up. Another week where nothing has happened

Purchase wise all is going well, absolutely terrified that will fall through though if this buyer doesn't come through. As we're buying a new build they could put it back on the market if we have to start from scratch. I do realise I'm catastrophising but it's so hard to stay positive!

SuzieSue

MissusP wrote: »

OP here with a non update. My solicitor said they don't ask to see proof of money! So I'm still none the wiser. Also left message for EA 3.5 hours ago asking for update from buyer and they still haven't returned my call. So I'm pretty fed up. Another week where nothing has happened

Didn't your EA check if the had the funds?

MissusP_2

That's what I am planning to ask if/when they call me back! F**k it I'll call back again now...

MissusP_2

He hasn't called them yet.:mad::rotfl: so he's going to ring them now and call me back. And he said no they haven't seen proof of cash. Will update after call back!

MissusP_2

Updating again. *pulls hair out*

Right. So the agent said they did see proof of monies when the buyer viewed but they didn't take a copy. He called him and apparently he was vague again, said the investments are in the form of a portfolio and an ISA. His accountant is sorting withdrawing these. Agent asked him outright was he applying for a mortgage and he said no! EA asked if the agency broker could speak to his accountant to clarify money status. Buyer refused. EA stated it's absolutely imperative he gets an answer from accountant about how long the money is going to take. Will speak to him again today and if he doesn't give an answer he is going to insist on agency broker speaking to accountant and proof of funds once again.

Agent reckons he's got it into his head about our new build being ready in September and he's not hurried to withdraw anything despite us saying we're going into rented etc etc. He said something doesn't feel quite right - you think?!

He reckons we may have to offer ultimatum like putting it back on the market or setting exchange deadline. Either would be last resort as that means so many things would be in jeapordy such as reserved new build and husband's job transfer and our rented place. Aaarrggh.

Dan-Dan

Put it back on the market and ensure estate agent informs current buyer that this has been done but happy to sell to him should he get his backside in gear

Buyer sounds flaky to me you need to take back control

Newly_retired

When we last bought, we were cash buyers. EA asked for evidence i.e. photocopies of bank statements. Until our vendor had found a property to buy, which took longer than expected, I had no intention of withdrawing my funds and losing interest.
By the time everyone was ready to exchange, I had already informed them that I would need a gap of four weeks between exchange and completion. Exchange kept getting delayed, about five times in fact, by other people. Total time from offer to completion was 6 months. I did not move my money until it was needed. Yes, some of it was in investments which needed four weeks notice but I built this into my timings.

There was one hiccup when the Fund would not accept my letter requesting withdrawal and insisted on four weeks from receipt of a form instead. Since the additional delay would have put me in breach of contract, I made a complaint and the Fund conceded.( I had previously been told that a letter request was acceptable). Everything worked out by the due date for completion.
So it is perfectly possible that the buyer's circumstances are legitimate.

Newly_retired

I should add that after the initial checks, the EA was not involved in any of the financial side.

MissusP_2

Thank you so much for your input I appreciate it. It sounds like you were very transparent with your vendors. Our frustration is that we've been given no timescales at all - if we were told about timescales he needs that would be fine. We could then let various parties know. We've even offered a long completion date after exchange to be accommodating- and honestly we've been so very accommodating! The last we heard was 2-3 weeks ago when he said he was going to start moving money but doesn't seem like he has.

We've been ready to exchange for weeks, and it's only a chain of us and the buyer. Well, will see what today brings!

AnotherJoe

Post 37. Do it. You can do it today.
All this guff about portfolio* and ISA is just that, guff, your "buyer" could as said raise enough funds for the 10% deposit for exchange if they wanted, I've got a "portfolio" (fancy word for "some shares in some companies*") and that's abroad and could have them by end of next week including selling and transfer.

If they can't do that, well I wouldn't count them as a cash buyer, if they take longer to get their cash than someone else a mortgage, where's the advantage of cash? I think people have lost track of why a cash buyer is meant to be good, speed and certainty, because your "buyer" isn't making any use of that, so the fact they say they are cash is an irrelevance.

They need a rocket up their you know where and your EA could have people viewing your place today and tomorrow.

* portfolio sounds so much more sophisticated though doesn't it but it's just being used to bamboozle you.