House buying frustrations

Bigphil1474

EA's will pass offers on to sellers before proof of funds. Whilst the offer is being considered the property may become 'under offer'. If the offer is accepted and when the EA get satisfactory proof of funds, the property will removed from the market as sold STC. Nobody should accept an offer if the buyer isn't proceedable. 

OP, I suspect with the pick up in the market over the last couple of weeks, they are probably holding out for more. You are effectively a first time buyer not a cash buyer.

Your only option seems to be making them a final offer, take it or leave it. If they leave it, then it's gone for now. We offered on a house a few weeks ago that had been on the market for 7 months. We offered about 5% below the marketed price which even their EA said was a good offer. The sellers rejected it, and a week later sold for their asking price. 

Scotbot

grumbler said:

MobileSaver said:

grumbler said:

bluelad1927 said:

How will your mortgage be astronomical if you are now "effectively a cash buyer?"

The OP obviously meant 'no-chain', i.e. deposit+mortgage without selling anything.

Obviously "cash buyer" and "no-chain" are two very different things; if the OP has falsely told the EA/vendor that they're a cash buyer then it's no surprise they are not taking their offer as seriously as the OP might like...

AFAIK, EA's duty is to get 'proof of funds' from a buyer before passing any offer to a seller.

There is no requirement to get proof of funds before passing on an offer and most purchasers won't declare their hand until the offer is accepted.  The memorandum of sale won't be issued until proof of funds is provided and a good agent won't mark the property as SSTC  until the memorandum is issued 

I am viewing at the moment and whilst I am SSTC  no one has asked for proof, the market isn't that hot

grumbler

Well, possibly the situation changed recently, but a year ago people buying a house with a mortgage couldn't even book a viewing without showing the mortgage AIP first. 

Millsandovis

I think it just depends on how good the EA is. I’m about to list (but in a quick selling area) and the EAs have told me I can pass over their details to any EAs of houses I’m interested in to let them know I’m serious and the house is selling. 

Viewed a few properties in a less hot area over Xmas and they seem desperate for viewings where houses have been on the market since last summer. They arranged viewings (with the vendor) even though I told them I was in no position to offer yet. 

Fast forward to now and I’ve seen a house I really like but the EA won’t arrange a viewing without me being further along in the process. Totally understandable and I would want my EA to be like this. Hopefully I shouldn’t have to as it should be a 10 day marketing campaign with an open house at the end but if it comes to that stage I’d hope the EA would be suitably sifting through people enquiring. 

annetheman

grumbler said:

Well, possibly the situation changed recently, but a year ago people buying a house with a mortgage couldn't even book a viewing without showing the mortgage AIP first. 

I think we might be in desperate times territory? My seller accepted my offer when I didn't have a buyer and wasn't on the open market yet. 6 months on the market with offers that went nowhere in inner London, of all places.

This might be changing, though. I hope. Lol.

OP, I think there may have been a miscommunication - even your original post, your position is confusing, as you say you're 'effectively a cash buyer' which threw me off as well when you also then talked about mortgage. You are chain-free as you will no longer have a property to sell, but you will need a mortgage, meaning you are not a cash buyer - I think that's right?

Could you perhaps go to the EA and clarify in a discussion (not by email) what your position is - maybe say you weren't sure if perhaps you didn't explain clearly and thought it might be good to check if there had been a misunderstanding - and ask again once you have clarified your position where you stand on the offer you made that was accepted prior?