My feed
Premium

Please
or
to access all these features

Join our Property forum for renovation, DIY, and house selling advice.

Property/DIY

My buyers have lied!!!

20 replies

Sunshinemummy · 10/08/2007 12:37

DP and I are in the process of selling our flat to a couple. We knocked quite a bit off asking price as bathroom needs doing and couple were in a no chain situation. The management agency for the flat have been awful and really held things up and we've had the buyer on the phone constantly chasing us. Got all that sorted out and wanted to complete today but it turns out that despite what they told us, and despite all the chasing of us, they are not in a position to move. They actually have an associated sale that is not going to be completed in time for them to complete today. We found this out earlier in the week and were furious, but decided we would continue providing we exchanged today. Turns out they are now not in a position to exchange either as their deposit is tied up with the sale, which can't exchange as their buyers mortgage offer has expired. DP doesn't know about this yet but I am so cross.

OP posts:
crokky · 10/08/2007 12:39

I can only offer you sympathy!

Unfortunately, there are quite a lot of liars like this around. We sold our house over 3 months ago, still not completed due to liars like this.

Sunshinemummy · 10/08/2007 12:45

DP is now home. He is so cross.

OP posts:
Pruners · 10/08/2007 12:46

Message withdrawn

zippitippitoes · 10/08/2007 12:47

isn't this exactly why you pay an estate agent?

and a solicitor to get copies of mortgage offers etc

WanderingTrolley · 10/08/2007 12:48

Agree with Pruners.

Flat back on the market pdq.

And you want more money from people who tit you about. The asking price included the bathroom as it is, rather than the Dynasty-esque glamour spa it could be, presumably?

LIZS · 10/08/2007 12:49

. It should n't take long to get a new offer though as long as they use same lender. Probably not worth the hassle of remarketing the flat in the meantime.

gringottsgoblin · 10/08/2007 12:49

i would threaten with putting it back on market. our vendors lied and the threat to pull out was enough to get contracts exchanged

LIZS · 10/08/2007 12:53

If they've got money ready to redo the bathroom they've got money to put down a deposit instead for now if they are that confident of ther sale going through (not that their solicitor would agree to that). The solicitor at bottom of chain should have known when the offer would expire and anticipated it ,others won't have seen that documentation.

crokky · 10/08/2007 13:19

Sunshinemummy - do you have a purchase tied into this chain? If not, I'd get it back on the market. (As long as it didn't take too long to sell 1st time round). You might be able to sell your flat to a higher quality buyer like a buy to let investor. WanderingTrolley is right - the asking price already took into consideration the fact that the bathroom needs doing.

Sunshinemummy · 10/08/2007 13:23

Well we've threatened it. Dp has told Estate Agent (bizarrely I feel a bit sorry for him stuck in the middle of this) thatwe want 10% in our account by end day or we're pulling out. No chain our end as we have already bought and moved into our place. Only trouble is we're coming to the end of our savings to pay the two mortgages so we'd need to have some serious chats with bank to put it back on market. Is EA supposed to check they're in the position they say they are? Am also astonished that they chased and hassled us re. management company's sellers pack knowing that they weren't in a position to complete.

OP posts:
legalalien · 10/08/2007 13:26

Has anyone tried finding out whether your buyer would be able to pay / prepared to accept from their purchaser, a deposit amount of 10% with only 5% actually payable today? Your purchaser must have some cash that they were planning to add to the purchase that they were getting from their sale. Their purchaser presumably has at least some cash.

legalalien · 10/08/2007 13:27

that's "planning to add to the deposit...."

I know little about conveyancing practice in the UK, but that's how the problem was solved on our chain, thanks to some sensible discussions among the lawyers involved.

LIZS · 10/08/2007 13:27

Our EA did run viability checks on our cash purchasers and same was done to us , before any offer was formally put forward and accepted. We had to choose between the cash buyers, who initially offered less, and the other family, not yet under offer themselevs but offered us higher. When the former matched it and their status checked out it was a no-brainer.

WanderingTrolley · 10/08/2007 13:30

I wouldn't threaten, I would do.

Don't negotiate further. Cut and run now.

You are selling your home, not old clothes on ebay. Too much to risk.

Sunshinemummy · 10/08/2007 14:23

DP has given them an hour, then I guess we need to decide what to do. I cannot believe people are so unscrupulous.

OP posts:
LoveAngel · 12/08/2007 21:42

Put your flat back on the market in the morning. Its too risky to hang around waiting on people who dont tell you the truth.

Fimbo · 14/08/2007 14:49

Any updates Sunshinemummy?

elliott · 14/08/2007 14:55

We had to show we were in a position to proceed (mortgage offer plus statement showing funds) to vendors EA before they would accept our offer. Sounds like your EA has been a bit slack in not checking it out. Once bitten and all that - I'd cut and run if I were you. And change your EA.

LucyJones · 22/09/2007 12:46

what happened with this?
hope it is all sorted xxx

LittleMinx · 22/09/2007 18:34

Your EA should certainly have checked all this out.......

I really feel for you as we see a lot of people in your position unfortunately. They remarket their property with us because their agent didnt make the necessary checks.

We check all potential purchasers position. if they say they have nothing to sell,they have to produce a mortgage certificate to prove they can purchase the property. the mortgage company check if they already have a mortgage on a property. If they are in a chain, we check the chain details.

Personally if its fallen through i wouldnt market it again with your current agent as they have not done the work they should have done

Good luck and i hope it all works out for you

Please create an account

To comment on this thread you need to create a Mumsnet account.