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    • E13Oxide
    • By E13Oxide 16th Jul 17, 12:42 AM
    • 9Posts
    • 1Thanks
    Too good to be true?
    • #1
    • 16th Jul 17, 12:42 AM
    Too good to be true? 16th Jul 17 at 12:42 AM

    We put our house on the market about a month ago and have had a mediocre amount of success when it comes to viewings. Long story short we had a last minute viewing come in, and the estate agents weren't available to show them around, so we agreed to show them around ourselves.

    Come time for the viewing, I took the couple around the house and they seemed nice enough, took about 10 minutes to show them around and answer the usual questions. Finished up by showing them the garden at which point I offered them the chance to have a look around without me so they could chat about it and have a good look.

    This is where it gets a bit weird, the bloke immediately says "No that's ok, I'm just going to call the estate agents tomorrow and put an offer in" As great as that sounded at the time, they really had only had a quick look around so this took me a bit by surprise.

    So fast forward to today and true to his word, they made an offer...for the full asking price. The estate agent went on to tell us that this couple had made an offer on a house before, and when asked for the AIP had produced something that didn't seem entirely legitimate, at which point when asked if the estate agent could speak to their solicitor, the couple said no and withdrew their offer.

    So I suppose my question is, what can a buyer do in this situation to get a better understanding as to the seriousness of the offer and the buyers ability to come up with the funds. Needless to say I would be over the moon if this went through, but it all seems a bit too good to be true. Our estate agents have said that they will be contacting the solicitors on Monday to get some more information and let us know, but is there anything else we should do before accepting the offer? I am just concerned about accepting the offer, only for the sale to fall through later on.

    Any advice would be appreciated.
Page 1
    • eddddy
    • By eddddy 16th Jul 17, 1:10 AM
    • 6,318 Posts
    • 6,177 Thanks
    • #2
    • 16th Jul 17, 1:10 AM
    • #2
    • 16th Jul 17, 1:10 AM
    If you have doubts about these buyers, you can try accepting their offer on the condition that the property stays on the market until the mortgage valuation is done.

    The idea being that if a valuer turns up, the buyer will have paid mortgage application fees, valuation fees etc, so is probably serious about buying.

    But that might seriously annoy some buyers. Either because they think you are trying to get a higher offer, or because you are essentially saying that you don't trust them.
    • Writhe
    • By Writhe 16th Jul 17, 7:32 AM
    • 1 Posts
    • 0 Thanks
    • #3
    • 16th Jul 17, 7:32 AM
    • #3
    • 16th Jul 17, 7:32 AM
    yes sounds too good to be true
    • ACG
    • By ACG 16th Jul 17, 9:24 AM
    • 16,831 Posts
    • 8,781 Thanks
    • #4
    • 16th Jul 17, 9:24 AM
    • #4
    • 16th Jul 17, 9:24 AM
    As a buyer, I would not do that. What happens if you get another offer inbetween me getting an application in and valuation carried out?

    Also, many lenders offer free valuations at the minute.

    What does the agent mean by the AIP not being legit? I write my clients a letter (rather than doing an AIP). Not all agents accept this letter, but I stand by that letter far more than I would a Halifax AIP for example.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • teddysmum
    • By teddysmum 16th Jul 17, 1:19 PM
    • 9,037 Posts
    • 5,387 Thanks
    • #5
    • 16th Jul 17, 1:19 PM
    • #5
    • 16th Jul 17, 1:19 PM
    My sister marketed her bungalow for just a week and had a full asking price offer. However (when I last spoke to her), the lady had not yet obtained a mortgage offer, so it could fall through.
    • AlexMac
    • By AlexMac 16th Jul 17, 4:42 PM
    • 2,032 Posts
    • 1,786 Thanks
    • #6
    • 16th Jul 17, 4:42 PM
    • #6
    • 16th Jul 17, 4:42 PM
    It's not really worth over-thinking this?

    I assume you have chosen a solicitor to act for you (which you can do without parting with cash) and advised the Estate Agent, so that when the prospective buyer advises the EA of theirs, the EA can issue the memorandum of sale (to you, the buyer and both solicitor). This, in my experience, acts as the trigger for the solicitors to start talking to each other. At that stage either of the solicitors might ask their clients for a couple of hundred quid to cover their initial work.

    This business of EAs "vetting" the financial viability of buyers (AIP, evidence of deposit, evidence of having and accepted offer on whatever they are selling...) seems relatively new; say the past 5-10 years. No-one even asked about my finances or prospects on my prior half dozen or more purchases over the past 40 odd years. Cynically, I always assumed it was a ploy to get buyers to use their tied brokers or financial advisors, but last time I bought, I played ball to keep the EA onside, even though I had no intention of using them.

    Some buyers resent what they see as meddling by the EA or their Financial Advisor, so it might be innocent resistance by an old-fashioned buyer. Wait and see; if they are OK, and they do provide solicitor contacts to the EA, they might take it as a mark of poor faith on your part to badger them for proofs, or to refuse to take it off the market.

    They'll have to put up a couple of hundred quid to their solicitor and lender, so you'll know soon enough if they are serious...

    And although I trust the particular individual EA who has bought and sold for us for the past 25 years locally, I wouldn't generally take as gospel whatever they say as far as I could throw them!
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