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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

to dump our current buyer for a cash buyer?

22 replies

lecce · 28/07/2012 20:30

She made an offer two weeks ago - we had lowered the price £10 000 after previous sale fell through because we wanted to keep the house we had offered on. Buyer made an offer the next day - agent said she was thrilled as had been devastated to miss out when it sold before.

We were thrilled, obvioulsy. About a week later we were approached by our neighbour who said he has a friend interested in our house - a cash buyer. We said it was sold. We did think how great a cash buyer would be and also had a quick look at our EA contract to see whether we could get away with not paying agent fees in these circumstances but we never really considered doing anything about it.

Then, a week after that - on Thursday, we had a call from our agent saying that our buyer would have to drop out as she was unable to get a mortgage. We wondered why it had taken her two weeks to find this out and felt sorry for her but also pissed off that our house was sitting off the market while she either did nothing or was having problems she withheld from us. Needless to say, it puts our purchase in jepardy.

Dh went straight around to tell our neighbour and his friend rang and arranged a viewing for last night. Then, yesterday morning we had a call from our agent saying that the mortgage broker linked to the EA believed he would be able to get our buyer a mortgage - she had not seen him before, apparantly she was reluctant to see anyone else as her brother-in-law is a mortgage broker Hmm. She has agreed to see their broker but was off to Center Parcs yesterday so no apt made yet. We are pissed off that she has prioritised loyalty to her bil and a weekend away over getting this sorted. It may not be that important to her (though she seemed to adore the house when she viewed and there is very little competition around and both times we have 'sold' it to the first viewers) but it is to us - we have children to consider and I want to sort out schools and nurseries for September - all that is limbo atm.

So cash buyer came round last night and adored it. One of their parents is buying it with a view to them buying from them later. Parents have arranged a viewing for Monday. If it turns out that our original buyer is good to go again and if these people want it, how UR would we be to go with the cash buyers for more money and the security that comes from knowing that they will not have to go through the hassle of applying for a mortagae?

OP posts:
valiumredhead · 28/07/2012 20:32

I would always go with a cash buyer.

Noqontrol · 28/07/2012 20:33

Well shes already pulled out once so sounds like you're good to go with the cashbuyer. As long as they are genuine ?

gordyslovesheep · 28/07/2012 20:34

YANBU - I would say IF she had all her ducks in a row and was proceeding then you would be BUT she is titting around

however check out the CB thoroughly before accepting their offer ... My EA pressured me to accept a well below AP offer because they where 'cash buyers with no chain' ...they weren't and it too 6mths for the sale to go through

FredFredGeorge · 28/07/2012 20:34

Unquestionably go with the cash buyer - the other one dropped out so regardless.

Moominsarescary · 28/07/2012 20:34

I'd go cash buyer

lunchbox · 28/07/2012 20:34

I would go with the cash buyer, the other buyer has messed you about, they won't like it, but really should have got mortgage sorted before now.

Bobyan · 28/07/2012 20:35

Tell her you don't like Center Parcs and the deal is off, cheeky cow!

Doilooklikeagoldmedallist · 28/07/2012 20:37

Cash buyer .

iloveberries · 28/07/2012 20:38

I would say yabu but she is dicking you around. She has effectively pulled out already so go with the cash buyer. As you say, you need to think of your own family

olimpia · 28/07/2012 20:39

Not at all unreasonable. It's a commercial transaction. You owe her nothing. You WNBU even if she hadn't pulled out before

JumpingThroughHoops · 28/07/2012 20:42

Check the EA small print - if you hadn't removed it from the market, you might find you are liable for fees anyway.

discrete · 28/07/2012 20:42

Actually, as of right now you don't have an offer. EA may 'think' they can get her a mortgage, but that is not to say that they can or that it will be a mortgage offer that is acceptable to her.

I would keep going with both of them until one of them actually makes you a genuine, proceedable offer.

inabeautifulplace · 28/07/2012 20:43

Getting a mortgage isn't an instant process so I can understand why there might be some delays, but it does sound like she's not the type to hurry which wouldn't suit you. I think you should have said that you had a cash buyer the last time you spoke to the agent. I'd also take a long look at your agent contract, I think you might struggle to avoid paying fees.

diddl · 28/07/2012 20:43

Well I don´t think that you can blame the woman for going away, but if the parents like the house, then I would think the cash offer would be put in before the other woman has a chance to look into a mortgage again.

TheUnsinkableTitanic · 28/07/2012 20:45

cash buyer every time when she is messing you around

i love mn when everyone agrees on AIBU, but guess someone will be along in a mo to disagree :)

Viviennemary · 28/07/2012 20:49

I'd go with the cash buyer in this instance. The other woman has done a bit of messing about and dithering. I don't think you can avoid paying the estate agent's fees though.

Original poster
lecce · 28/07/2012 20:55

Thank you all - what a relief, I thought we were maybe about to do something reprehensible. We have been hurt in the house-buying/selling process and really didn't want to treat someone else as we have been treated. I'm glad others think she has been dithering - wasn't really sure if IWBU there.

We will certainly have to pay agent's fees - parents were not happy to call us direct and arranged their viewing through the agent anyway! Their son called us to apologise - he was mortified but I guess they are buying him a house so he can't argue with them too much! It is a little irratating but we guessed agent would have contested anyway and this is stressful enough without having to go through that.

Of course, this may all be academic as neither of them may want it next week...

OP posts:
Teeb · 28/07/2012 20:58

I would go for whichever is the best offer at this point.

One thing I would say is to ensure that they are in fact cash buyers. To me, a cash buyer is someone who can print out a copy of their bank balance with a hefty number at the end of it. I've heard of so many cases of 'cash buyers' delaying while they are getting a mortgage.

ZillionChocolate · 28/07/2012 21:10

On the title of the thread I would have said YABU. Having read the details, YANBU. Your initial buyer has dumped herself.

I think Teeb has a point about making sure the new ones can go ahead. I think you need to tread carefully though and be realistic. As a word of warning, my parents cancelled a viewing on a house because the buyer wanted to see a bank balance first. They did have enough cash, but cancelled because they were offended at being treated rudely. Perhaps set a timescale now to prevent delay?

CommaChameleon · 28/07/2012 21:25

Have you accepted an offer from the cash buyer yet?

What did you say to the agent when they rang and said they wanted to book her in to their mortgage consultant?

Did you tell them then about the cash buyer?

Not that I think YABU to go with the cash buyer under these circumstances. She has officially withdrawn her offer so the house is back on the market. You have found someone else, but only after she informed the agents she couldn't buy the house after all.

It doesn't matter now if she won the lottery last night and wants to buy it, if you have accepted the offer from the cash buyer then you should honour that one.

If the cash buyer has not yet made an offer you would be within your rights to tell the agent that the house went back on the market when she withdrew her offer and that if she still wants the house after all she needs to get herself into their mortgage consultant before the cash buyer does make an offer on it.

And then accept whichever offer is the best for you, which not necessarily the one for the most money. Which buyer do you feel would be the most committed and likely to run to your timescale?

But she may not get a mortgage even with the agency's consultant. They could have been clutching at straws a little in an effort to save the sale or they may have access to a better deal (as a large company) than the BIL did as a (perhaps) small scale independent broker.

CommaChameleon · 28/07/2012 21:28

And yes, Teeb is right.

The agent or your solicitor can qualify if they are in fact cash buyers or not and need to get proof.

Some people don't understand the terms of buying a house and often confuse having nothing to sell with being a first time buyer for example. It might not seem like an important difference but it can be where mortgages are concerned.

PropertyNightmare · 28/07/2012 22:19

Cash buyer without a doubt. The other person already proved herself to be a blows hot then cold, chump.

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