Offer on house

eve824

GJB1954 said:

We have just had to put house back on market. Buyer was cash buyer , no mortgage. After 19 days did not supply bank details / proof of funds. When finally contacted by us.They had changed their mind. They would not respond to our EA. So we lost viewers etc as house was listed as under offer . So not on main web listings . 

Your EA should never have marked the house as under offer until they had done their due diligence. We had similar, in that we accepted an offer from a buyer who claimed to have a private buyer on their house, but ours remained on the market. When, 2 weeks later, it transpired that they fabricated their private buyer we already had another (slightly lower) offer to accept from viewings during that time. 

lookstraightahead

allIcouldwishfor said:

I'm intrigued as to why someone can't provide proof of funds until Saturday? My spidey senses are twitching.

Saturday is tomorrow. Maybe they have had to find/borrow extra funds because of paying the asking price.
Op beware of thinking because you have had one offer that everyone will be interested/find the funds etc. We walked away from a property as vendor wouldn't budge on price and accepted someone's better offer, then it all fell through as they couldn't get the mortgage.
Maybe they are just very honest people and trying to squirrel the money together.

lookstraightahead

gagahouse said:

Having recently gone through a similar experience I would recommend waiting for proof of ability to purchase coming through.
I accepted an offer from a proceedable buyer (according to EA) only to find out 3 months later they had attempted to get a mortgage 3 times and failed. The EA knew this but never informed me. End result was failed sale and lost opportunity to have sold the house to a more definite buyer over last summer.
House is back on the market and I have stipulated property will remain on the market after offer is accepted until proof of mortgage offer or proof of funds if cash buyer has been received in writing by me and not the EA this time!

Do you mean the complete mortgage offer or AIP as I wouldn't waste my money as a potential buyer if you mean the former. I don't think an EA is allowed to tell you a potential buyers financial history, and I didn't think a vendor was allowed to see proof of funds (might be wrong on this though).

blue_max_3

lookstraightahead said:

gagahouse said:

Having recently gone through a similar experience I would recommend waiting for proof of ability to purchase coming through.
I accepted an offer from a proceedable buyer (according to EA) only to find out 3 months later they had attempted to get a mortgage 3 times and failed. The EA knew this but never informed me. End result was failed sale and lost opportunity to have sold the house to a more definite buyer over last summer.
House is back on the market and I have stipulated property will remain on the market after offer is accepted until proof of mortgage offer or proof of funds if cash buyer has been received in writing by me and not the EA this time!

Do you mean the complete mortgage offer or AIP as I wouldn't waste my money as a potential buyer if you mean the former. I don't think an EA is allowed to tell you a potential buyers financial history, and I didn't think a vendor was allowed to see proof of funds (might be wrong on this though).

I can imagine the EA having data protection in place, but not the vendor. Would you give personal banking details to someone you didn't know and had no accountability?

lookstraightahead

blue_max_3 said:

lookstraightahead said:

gagahouse said:

Having recently gone through a similar experience I would recommend waiting for proof of ability to purchase coming through.
I accepted an offer from a proceedable buyer (according to EA) only to find out 3 months later they had attempted to get a mortgage 3 times and failed. The EA knew this but never informed me. End result was failed sale and lost opportunity to have sold the house to a more definite buyer over last summer.
House is back on the market and I have stipulated property will remain on the market after offer is accepted until proof of mortgage offer or proof of funds if cash buyer has been received in writing by me and not the EA this time!

Do you mean the complete mortgage offer or AIP as I wouldn't waste my money as a potential buyer if you mean the former. I don't think an EA is allowed to tell you a potential buyers financial history, and I didn't think a vendor was allowed to see proof of funds (might be wrong on this though).

I can imagine the EA having data protection in place, but not the vendor. Would you give personal banking details to someone you didn't know and had no accountability?

No, exactly my point