Vetting a potential buyer - help!

[naiveseller101]

I made the mistake with my original buyer of being naive, knowing nothing about house selling and using purplebricks - I didn't ask the buyer any questions and now they've had to pull out so many months into the sale due to things I would have foreseen had I asked questions! Urgh!

Now after going back on the market I've had a new offer! But I obviously need to vet them properly. They are a mainly cash buyer (require a small mortgage) chain free and full time employed.

My last buyers said they were chain free but this wasn't true. Just lies after lies....

What questions should I be asking and what proof should I ask for before accepting the offer?

I also want to put to them that at the offer they've made I want to complete within 3 weeks, they've made a low offer and I've discussed with them that I need it to happen very fast already. Is this fair?

TIA!!

The searches in Dorset are taking 9 weeks so I’m not sure where you are but 3 weeks is totally unrealistic. No matter how big or small the mortgage, it’ll need to be processed and that depends on the lender how long that takes. Have you moved house before? I’ve moved into 1 no chain house and 1 chain of 2 and one took 12 weeks and the other 9.

@m0therofdragons searches in my area are coming back within days currently and hoping that as the mortgage will be so small it will take a week max, my large mortgage offer took a week during the November lockdown so I reckon it's a very realistic target.

I would suggest you get a proper estate agent as it sounds like you need a lot of guidance. 3 weeks is completely unrealistic.

Don’t you have a solicitor?

@Bluntness100 yes I do have a solicitor

I’ve literally never known a 3 week sale. I’m 38 so I’ve moved and known people who have moved. Also buyers lie! Tonight a friend messaged frustrated that the house she’d sold to a couple with no chain so she could move into her boyfriend’s home has still not completed 3 months on because her buyers suddenly decided to sell the home they originally said they didn’t plan to sell. Other friend moved in week before Christmas from parent’s house to empty home. That took from September! Maybe yours will be better and unlike any other sale. Good luck.

I'd ask for proof of deposit.

I agree that 3 weeks is unrealistic. The EE I spoke with today said he's got transactions still going through where the offer was put in in June. Apparently things are progressing much slower due to covid.

@justabigdisco I don't think it is completely unrealistic, I was ready to exchange on my onward purchase within that time frame. Contracts and all required docs on my house are ready to go (obvs need name changing) as we were at the point of exchange with previous buyer so queries etc can be answered straight away. I know nothing is guaranteed but it's what id want to aim for.

It's annoying though, and I don't know why 3 weeks isn't doable. It's like solicitors drag it out to infuriate everyone and justify what they charge, or something. When you buy at auction you have to complete within 28 days, so it's obviously possible...do they just choose not to?

[quote naiveseller101]@m0therofdragons searches in my area are coming back within days currently and hoping that as the mortgage will be so small it will take a week max, my large mortgage offer took a week during the November lockdown so I reckon it's a very realistic target. [/quote]
You’re being unrealistic. The size of a mortgage has no impact on the length of time it will take to process. To sell your house in 3 weeks is virtually impossible. Average time is 12 weeks where there are no delays.
Also, vetting prospective buyers? You can ask if they’ve got a mortgage in principle, but you cant insist they show you any proof.

Everyone: 3 weeks is unrealistic
Op: no it’s not

So why ask? I mean, you’ll be setting a record but why not, go for it

3 weeks is unrealistic, I completed in 8 weeks that was quick.

I bought the house I'd rented directly from my landlord. It still took 3 months to complete. My sister is currently buying and there is apparently a massive backlog of mortgage applications.

@m0therofdragons it wasn't even my main question just a side thought but thanks for your helpful advice!

You’re bonkers if you think you can exchange/complete within 3 weeks! An AIP and proof of funds for the rest of the money is about all you can get. This is why you should use a proper estate agent.

Not a chance in hell of a 3 week completion. A decent agent will vet your buyers. They will ask for proof of funds, a mortgage in principle, memorandum of sale, do a chain check etc. They dont want it falling through either. They should get all that before putting the property under offer. No buyer would give that to you as a vendor.

[quote naiveseller101]@m0therofdragons searches in my area are coming back within days currently and hoping that as the mortgage will be so small it will take a week max, my large mortgage offer took a week during the November lockdown so I reckon it's a very realistic target. [/quote]
It couldn't be less realistic if you tried!

Talk to your conveyancer about what is realistic.

You let the estate agent ask the questions, that's what you're paying them for.

My property has taken 5 months to exchange and the buyers are cash buyers. Its taken this long due to both parties solicitors being completely snowed under.

3 weeks is very optimistic IMO

@CaughtInTheCovid did originally use a high street agent and they were horrendously awful. Purple bricks suits me and I do have a real life agent with them, who I will speak to on Monday regarding vetting. Just thought I'd ask on here seeing as it's the weekend! I always read of auction houses/new build companies putting similar deadlines on so it was just something I thought I could say, obviously I'm not going to back out if it doesn't stick to that - I just want to put some pressure on somehow. When I bought the house it went from offer to completion near enough in that time! I am aware covid is causing delays.

We sold in July. Exchanging Tuesday and completing Friday.

@BayandBlonde fair enough - hope the end is in sight for you soon!

First of all, you don't vet the buyers, what an odd concept - an agent and your solicitor will ask questions.
Secondly, it's irrelevant that searches are coming back quickly, your mortgage will currently likely take several weeks, solicitors are busy, searches may return some issues, surveys take time, you need to analyse it all, agree exchange and completion dates...you're completely unrealistic tbh. You need to be speaking to your agent and solicitor first.

New builds normally say 6weeks - and generally that’s seen as unrealistic.

Do you realise auctions and new builds work completely differently to other property transactions?

DP has just exchanged, and getting a survey booked alone took more than 3 weeks. Mortgage took about 4.

I suspect any buyer being faced with that as a request will suspect you are trying to rush it to avoid them finding out about something (especially as your previous buyer pulled out).