Pretending to not be in a chain

custardly

There is a house for sale that we are interested in and the listing states that they will only accept viewings and offers from people who are able to proceed immediately (no house to sell).

We haven't put our house on the market yet. However, we are going to pretend that we have nothing to sell. 

For proof of funds we have a mortgage agreement in principle and cash in the bank. 

The area we live in is a really hot market and we think we will sell within a week or two. 

We are not interested in the ethical side of things but want to know when we are likely to be found out by the seller and their estate agent? Would it be much later on in the process?

We will of course be upfront with our solicitor.

MoonMonkey1

Bit dodgy that, and what makes you so sure you can sell in a week or two and not have any hiccups or for it to fall through?

Any chance you can buy it without selling your house and then sell yours after it's gone through or is the money from your house essential?

silvercar

Not uncommon to say that you can buy without selling your property and then in a few weeks time "decide" that it would be easier to sell first.

ReadingTim

My vendors' EA checked my proceedability after my offer had been verbally accepted but before the memorandum of sale had been issued, but more zealous ones might check before they even allow you to view the place.  Either way, it's basically one of the first things they check.  

Given you state you're "not interested in the ethical side of things", I won't make any moral judgements concerning your fundamental dishonesty, but would suggest that from a strategic perspective there's a lot of trust and good faith associated with property buying and selling, so starting off the process by lying may not be the best way to proceed.  

Or, if that's a little abstract for you, just have a think about how you'd react if the person who buys your place adopts the same approach as you're taking..... 

MikeJXE

Good luck with that but you will find there are lots of obstacles, estate agent, solicitor, building society. All have to know the money trail. If you can buy without selling then you should be ok, if not then somewhere along the line will be the car crash 

propertyrental

How are you going to show your affordability to the EA? If you say you have nothing to sell that implies your funds are either cash (can you show that?) or mortgage (what size is your MIP?).

And many buyers will be furious when you are found out and will walk away from you. If you've paid out for a survey, legals etc, you'll be out of pocket.

andy444

Why are you sure the vendor would proceed with the sale once they realise that you have deceived them? Many vendors would then pull out of the sale.

youth_leader

Both of my buyers lied that they were proceedable and were found out within weeks of their offers.  It caused me a lot of angst - especially as I found, and lost, my dream home.

user1977

custardly said:

There is a house for sale that we are interested in and the listing states that they will only accept viewings and offers from people who are able to proceed immediately (no house to sell).

We haven't put our house on the market yet. However, we are going to pretend that we have nothing to sell. 

The area we live in is a really hot market and we think we will sell within a week or two. 

So you'll need to find a chain-free buyer who is able to complete quickly? How are you going to do that? Are you going to put in your listing that you will only accepting viewings and offers from people who are able to proceed immediately...?

MalMonroe

custardly said:

There is a house for sale that we are interested in and the listing states that they will only accept viewings and offers from people who are able to proceed immediately (no house to sell).

We haven't put our house on the market yet. However, we are going to pretend that we have nothing to sell. 

For proof of funds we have a mortgage agreement in principle and cash in the bank. 

The area we live in is a really hot market and we think we will sell within a week or two. 

We are not interested in the ethical side of things but want to know when we are likely to be found out by the seller and their estate agent? Would it be much later on in the process?

We will of course be upfront with our solicitor.

Oh, no, that is not a good plan. Especially if you are going to be upfront with your solicitor. Nothing ever comes of lying. Or, as you call it, pretending.

Just be honest. You can always express your interest and say something like if they get no satisfactory offers, would they consider an offer from you. 

This : "For proof of funds we have a mortgage agreement in principle and cash in the bank" - has no context here.

Just do the right thing, you know you want to - and really, you should be interested in the ethical side of things, in life generally. No? 

custardly

ReadingTim said:

My vendors' EA checked my proceedability after my offer had been verbally accepted but before the memorandum of sale had been issued, but more zealous ones might check before they even allow you to view the place.  Either way, it's basically one of the first things they check.  

Given you state you're "not interested in the ethical side of things", I won't make any moral judgements concerning your fundamental dishonesty, but would suggest that from a strategic perspective there's a lot of trust and good faith associated with property buying and selling, so starting off the process by lying may not be the best way to proceed.  

Or, if that's a little abstract for you, just have a think about how you'd react if the person who buys your place adopts the same approach as you're taking..... 

Thanks Tim, on paper (as far as the estate agent would know) we are proceedable as we have AIP and cash. However, the reality is that we need to sell our house for the funds. 

I'm just trying to understand at what point we would be found out. If it was at the start then obviously no point. However, if it was towards the end of the process then I think it is worth doing as seller less likely to pull out.