House sale fell apart

Bolt1234

I agree re those time wasters!  Fancy being miffed regarding proof of funds.  They wont get very far with that sort of attitude.  

And of coruse they would have led you and the rest of the people a merry dance and probably dropped out at the last moment.  It woud be interesting to put a spotlight on those two and ask them exactly what they think they are doing...wouldnt that be good? 
 We could all pile in!!

mi-key

angelasocks said:

Thanks Skiddaw1 (nice profile pic) I foster cats and they are factored into my house buying decision.

Hope you're right and that in time I'll be glad this happened doesn't feel that way at the moment but feeling a lot better anyway.

Sounds like BS from the buyers, I don't think they ever had the money in cash. More likely they were waiting to sell their house or hoping to get a mortgage that hadn't been approved.  Probably someone who has read online that being a cash buyer will get you a better deal or considered before other buyers !

Nobody who is legit would say they would rather just not buy a house than have to show they had the funds. I think you have had a lucky escape 

youth_leader

I'm glad to see cat lovers on here.  My beloved cat Pandora died aged 17 in August - and my dog aged 14 in October.  Mr Ratty arrived about December - with Mrs Ratty.  I've had cats and dogs for forty years and I hadn't appreciated what a good job they'd done keeping my garden (and house) free of unwanted guests.  I've had to have the council in as unfortunately two tunnels under my shed, and I'm now in a very small garden bordered by three neighbours.  

TheJP

angelasocks said:

Thanks youth_leader - shame there isn't some kind of stringent process at the start of the sale.  Stories I read and from friends the house buying selling in England is nothing short of bonkers.

Had to look up Tetrad sofa -  very nice yes I'd be gutted too.

Off topic years ago someone offered me a lovely sofa, so through my old one out.  Then realised the new sofa didn't get through the doors so I was sat on the floor for weeks. 

Cash or mortgage its the same thing. If anything cash buyers (money from the sale and no need for mortgage) are more likely at risk than a mortgage buyer.

Money is money doesn't really matter where it comes from.

anselld

You need to have words with your agent.  Proof of funds should have been verified by the agent before an offer was even put forward / accepted and certainly before memorandum of sale and instruction of Solicitors.

Flugelhorn

I've cash bought the last three properties and know that I am not going to get anywhere if I can't produce a bank statement for the EA as soon as the offer is accepted. Also solicitor needed it v early on in the process - I don't get what your buyers were playing at 

YoungBlueEyes

I don’t get what your EA was playing at. How did it get so far along without proofs of funds being provided. 

I’d be annoyed about the buyers pulling that on you, but I’d be properly annoyed at the EA for their laziness. 

As others have said though, the good weather is round the corner and the market is about to pick up again. Take a breather, then jump back in

Sunsaru

Maybe they had the money but didn't want people to know where it came from coz... erm... 'tings innit??

youth_leader

To be fair my EA was onto my second 'cash' buyer like a rash, but he had a myriad of excuses.  'Just about to board a plane', 'Just having a break from the lecture', he was an expert at ducking and diving.  She told me several times she'd been a sales negotiator for twenty two years and prided herself upon ensuring clients could prove their funds.  She was kind enough to stay behind at work that night to ring me at 7 pm to let me know he'd withdrawn by email at 5.53 pm, she was at the office late to do their stationery order.  When I sell again I'll definitely be older, and I'm definitely wiser.  

ka7e

My Mum put an offer in on a house and thought her buyers were "offering cash, living in rented", only to be told by the seller's EA that he'd been advised they were in a chain. It turned out they had only sold one of the 2 houses needed to fund Mum's property and her EA knew this but didn't bother to tell her as exchange was "imminent". Their buyer pulled out at the last minute and the chain we didn't even know existed, collapsed.

She had a previous buyer who had full structural survey and was really pressing for early exchange who then went off and offered on another property. The first she knew of it was when the EA they had offered through sent her a cheeky letter saying "We hear your sale has fallen through, so maybe you'd like us to re-market your property". The buyers only formally withdrew their offer when challenged by Mum's EA.

The 3rd lot of buyers were truly cash buyers and after 11 months of stress, she completed in January.