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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To put the property back on the market?

53 replies

Lobster2018 · 04/11/2021 07:13

We sold a property to a cash buyer 2 months ago and we've just been told this buyer won't start searches until his money has been cleared by the solicitors. He appears to be having trouble showing where the money has come from.

We have had an offer accepted on a house we want to buy with the hope of being in before February as we have a baby due. I don't want us to lose this house waiting around for our buyer to prove his funds especially when he's already had a fair amount of time to do so.

DP wants to give the buyer more time...I want to put the property back on the market and feel like we're being messed around.

Who is being reasonable here ?

OP posts:
Moonshine11 · 04/11/2021 07:16

Give him a deadline to provide proof of funds and say it's going back on the market if not.

WisestIsShe · 04/11/2021 07:16

YANBU. When DM was a cash buyer she was expected to show proof of funds within 48h of her offer being accepted.

pussycatlickinglollyices · 04/11/2021 07:17

Put it back on the market.

Original poster
Lobster2018 · 04/11/2021 07:22

@WisestIsShe

YANBU. When DM was a cash buyer she was expected to show proof of funds within 48h of her offer being accepted.
Sorry I should have explained clearer, he has proven he has the funds but it's separated between quite a few bank accounts (all in his name) but he's needing to account for where it's come from, I assume for fraud/money laundering purposes and that's what he can't seem to provide.
OP posts:
Mumdiva99 · 04/11/2021 07:23

You are not being unreasonable. Give him until Monday morning or it goes back on the market. --- he can still try to prove his funds after that time.....but at least you are being proactive about looking for a new buyer in case he can't.

MrsGeralt · 04/11/2021 07:24

Id give him till the end of tomorrow and put it back on the market next week. Don't lose out on a house you like because he can't get his shit together.

DoYouRememberTheInnMiranda · 04/11/2021 07:24

This is what I'm quite worried about - I have quite a bit of money spread between accounts and it's all from savings with a bit of inheritance and some gift from parents put in. I don't really know how to prove it though.

IveGotASongThatllGetOnYNerves · 04/11/2021 07:25

I wouldn't wait.

Palavah · 04/11/2021 07:25

Yanbu. Agree 2 months is a long time for him to prove source of wealth and if he refuses to start searches by Monday then yes put back on the market.

CaroleFuckingBaskin · 04/11/2021 07:25

Monday or house goes back on the market. If he wants it he will pull his finger out.

Too many time wasters on the property market at the moment.

DreamerSeven · 04/11/2021 07:26

I’d put it back on the market if not resolved by the end of tomorrow. The benefit of a cash buyer is less bureaucracy which he’s not providing.

IveGotASongThatllGetOnYNerves · 04/11/2021 07:27

@DoYouRememberTheInnMiranda

This is what I'm quite worried about - I have quite a bit of money spread between accounts and it's all from savings with a bit of inheritance and some gift from parents put in. I don't really know how to prove it though.
Savings through your bank accounts, they'll show wages, transfers etc? You saved some of your money. Inheritance -va copy of the will? Gifts from parents - a letter from them confirming the gift ?
Smidge001 · 04/11/2021 07:30

We were cash buyers and all we had to do was state where we got our money from. We didn't have to prove it at all. We literally just stated it was from 'a mixture of savings from employed earnings, proceeds from sale of a property and inheritance'.
I don't know how you could possibly prove where it came from, it accumulated over 20 years of life!

FreedomFaith · 04/11/2021 07:32

@DoYouRememberTheInnMiranda

This is what I'm quite worried about - I have quite a bit of money spread between accounts and it's all from savings with a bit of inheritance and some gift from parents put in. I don't really know how to prove it though.
Bank statements surely that will show who the money came from. You can then show you are related to said people.

I would put it back on the market. If he can't prove it easily, it sounds a bit dodgy.

Longdistance · 04/11/2021 07:35

Yanbu. Sounds dodgy if he can’t show where the money came from ie cash.
Put it back in the market.

EdgeOfTheSky · 04/11/2021 07:36

Talk to your EA.
A deadline is reasonable, but no point if you won’t find it easy to find another buyer. Especially a chain free one. Or is your house a possibility for a FTB?

But giving him a deadline is reasonable.

Chemenger · 04/11/2021 07:39

We’ve recently bought with cash from a variety of sources, including overseas earnings and had to jump through many hoops, showing evidence of every significant income and movement of money between accounts, before it was approved by our solicitor. We had to produce evidence of the money existing before we offered, I think, but not the sources. However, it was all done within a week of constant back and forth. Our solicitor seemed to be able to devote a fair bit of time to it and knew what she was doing, which really helped. We were also working to a tight timescale of 6 weeks between offer and completion (Scotland) so she had to keep things moving.

TangoWhiskyAlphaTango · 04/11/2021 07:44

Absolutely agree with others. I sold to cash buyers a few years back, they provided proof of funds same day they put the offer in. He is dicking you around if after 2 months he still hasnt provided proof. I am surprised the EA advised you to accept his offer without solid proof.

pussycatlickinglollyices · 04/11/2021 07:49

He's had 2 months already and refuses to start his searches!
Get it back on the market today.
You could be lucky and get some viewings booked in for weekend.

If you give him until Monday/next wk, you've lost this weekend.

LivingLaVidaBabyShower · 04/11/2021 07:52

Get it back on the market.
I initially lost out on a property i was interested in to "cash buyers" only it was all dodgy and they had no paper trail.
It went back on 4 months! after initially being on and i got it in the (with mortgage application i completed in 2 months!!) but such a waste of time for everyone.

You have a baby coming and a deadline don't fart about.

SirYawnsAlot · 04/11/2021 08:07

When we sold our grandparents house we agreed on a reduced offer because the Estate Agent told us it was a cash offer and the sale would be quick. 2 months later and still chasing, the EA said there was a delay because they were still trying to sort their mortgage out. Either the EA or had lied to get a quick sale or buyer to get a reduction, or both.
It should take a couple of days to prove finances and a couple of weeks to transfer funds.

Derbee · 04/11/2021 08:37

I’d put it back in the market. 2 months is plenty of time

billy1966 · 04/11/2021 09:23

2 months?

Back on the market.

I would be furious at his time wasting.
He could well try and sting you for a reduction.

Watchingyou2sleezes · 04/11/2021 09:30

You. It's time for your buyer to shit or get off the pot. A cash buyer with legit funds shouldn't have any difficulty providing the provenance of their money.

ChicCroissant · 04/11/2021 09:31

@Smidge001

We were cash buyers and all we had to do was state where we got our money from. We didn't have to prove it at all. We literally just stated it was from 'a mixture of savings from employed earnings, proceeds from sale of a property and inheritance'. I don't know how you could possibly prove where it came from, it accumulated over 20 years of life!
We've provided copies of wills, policy documents for endowment policies and ISAs - that kind of thing. Regular savings that go out of your bank account to a savings account will show up on the bank statements so that bit was easy. I was amazed at the amount of paperwork we had to provide the last time we bought property, and it's not just for cash buyers - you have to provide all this for the deposit as well.

OP, it usually takes around 3 months for a property sale to complete (from accepting the offer) so if you do want to be in by February you are running out of time - if you do want to put it back on the market I'd get it back on ASAP.