Does this seem like a buyer who’s not serious?

lanbe

Have you heard of a buyer retracting an accepted offer and then re-offering the same amount (claiming that their old mortgage broker gave them figures which were too high but they’ve found a new one who gave better figures)?

Is it wise to reject an offer from such a buyer? 

MaryNB

At the very least I'd get your EA to vet them as best they can. They can't really do much more than asking for AIP and proof of deposit but if your buyer is a bit iffy on affordability I'd definitely do a proper check. 

AdrianC

If anything, it suggests they're serious.

They offered, realised they couldn't afford the mortgage... so rather than muck you about, retracted.
Then they found a mortgage offer they could afford... and they still want your place.

The wisdom of going with somebody tight on affordability is another question, if there's a risk of a downvaluation.

Do you have other offers on the table?

Redwino222

It seems odd they hadn’t researched what the mortgage would cost before offering.

most people go in after spending time on mortgage calculators, seeing advisors etc.

I agree get your estate agent to check them out.  If they hadn’t got their mortgage affordability sorted, will they freak out when they learn about solicitor fees and house insurance etc etc?

lanbe

They’ve already sent solicitors details to the EA and claim they’re willing to pay their entire 20% deposit straight away by bank transfer in return for acceptance. 

user1977

lanbe said:

They’ve already sent solicitors details to the EA and claim they’re willing to pay their entire 20% deposit straight away 

To whom? Sounds a bit odd, unless they're completely naive about how things work. You can't really have a deposit without some sort of contract detailing what it's for.

lanbe

user1977 said:

lanbe said:

They’ve already sent solicitors details to the EA and claim they’re willing to pay their entire 20% deposit straight away 

To whom? Sounds a bit odd, unless they're completely naive about how things work. You can't really have a deposit without some sort of contract detailing what it's for.

I think they mean a reservation fee or holding deposit. 

user1977

lanbe said:

user1977 said:

lanbe said:

They’ve already sent solicitors details to the EA and claim they’re willing to pay their entire 20% deposit straight away 

To whom? Sounds a bit odd, unless they're completely naive about how things work. You can't really have a deposit without some sort of contract detailing what it's for.

I think they mean a reservation fee or holding deposit. 

My comments still apply! Has the agent (or anybody else) asked them for a deposit? If not then I think just gently tell them that's not what happens.

lanbe

user1977 said:

lanbe said:

user1977 said:

lanbe said:

They’ve already sent solicitors details to the EA and claim they’re willing to pay their entire 20% deposit straight away 

To whom? Sounds a bit odd, unless they're completely naive about how things work. You can't really have a deposit without some sort of contract detailing what it's for.

I think they mean a reservation fee or holding deposit. 

My comments still apply! Has the agent (or anybody else) asked them for a deposit? If not then I think just gently tell them that's not what happens.

And reject their offer? It was a good offer at 96% of the asking price. 

user1977

lanbe said:

user1977 said:

lanbe said:

user1977 said:

lanbe said:

They’ve already sent solicitors details to the EA and claim they’re willing to pay their entire 20% deposit straight away 

To whom? Sounds a bit odd, unless they're completely naive about how things work. You can't really have a deposit without some sort of contract detailing what it's for.

I think they mean a reservation fee or holding deposit. 

My comments still apply! Has the agent (or anybody else) asked them for a deposit? If not then I think just gently tell them that's not what happens.

And reject their offer? It was a good offer at 96% of the asking price. 

No, I didn't say reject their offer.

anonymous112433

They are putting an offer in for a house, it could be the largest purchase they'll ever make. That's why I think people need to show patience and understanding on both sides.