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!!

I'd absolutely pull out if I had an unreasonable seller like this.

If they need a mortgage it is highly unlikely that they will agree to lend on the property without a valuation. There is a waiting list for surveyors at the moment.

Bloomin eck the 3 week thing was a side thought. I won't even mention it! I just thought seeing as already at the point of exchange with previous it could be v straightforward. I am desperately scared I'll lose my onward purchase. I just want to make sure the right questions are asked and go in with as much knowledge as I can! Sorry! 😬😬

My parents had an offer accepted on Friday, they’ve paid for the homebuyers survey today that will take place week beginning 18th January because they’re booked next week. Then they’ll need to write the report and send it to my parents. Hopefully that will be within 3 weeks. They’re cash buyers and expect it to take longer than 3 weeks.

@Nomorepies great point!

The vetting part of your question is weirder than the 3 week thing. A normal person is not going to say “hi person I’m buying a house from, here is my financial evidence I can afford your home.”

If it’s only three weeks just proceed. Your solicitor can ask for proof of funds,

Vetting them!? What do you even mean by that??

I’ve just bought a house and they asked me questions like how much deposit I have and do we have an agreement in principle - i just said yes I have AIP - there isn’t any proof I had to send them or anything they have to just trust that what you say is true tbh!! And 3 weeks is ridiculous-

I had my mortgage approved for a different house a few months back - that purchase fell through - I had to resubmit all my payslips and bank statements etc again and it all had to go back to the underwriter and took 2 weeks to be approved - then it took 2 more weeks to have the survey done - then that took 10 days to come back! 😂

@m0therofdragons I've been asked for financial proof on every offer I've made during my house search - how on Earth is that weird? I've even been asked for my buyers deposit amount before

We have bought and sold a lot of houses. We have never vetted a buyer. This is what you're paying your EA to do.

Your buyers won't provide you with any personal or financial information directly, they will only disclose what's necessary to their lawyer and to their agent, which will then be disclosed to your lawyer and agent. That will be AIP, update re mortgage offer when received and their position within a chain/no chain, plus the usual enquiries. No idea what vetting you're talking about, sorry.

Well clearly you provide AIP as a buyer, but your seller doesn't get to see it

You've been asked about your buyers' deposit amount? By whom? Do you mean your own deposit amount?

@Heyahun

Vetting them!? What do you even mean by that??

I’ve just bought a house and they asked me questions like how much deposit I have and do we have an agreement in principle - i just said yes I have AIP - there isn’t any proof I had to send them or anything they have to just trust that what you say is true tbh!! And 3 weeks is ridiculous-

I had my mortgage approved for a different house a few months back - that purchase fell through - I had to resubmit all my payslips and bank statements etc again and it all had to go back to the underwriter and took 2 weeks to be approved - then it took 2 more weeks to have the survey done - then that took 10 days to come back! 😂

Well, to be fair, the kind of vetting OP is hoping for - proof of deposit, mortgage AIP - is perfectly standard, and most Agents should ask for it. It's bonkers to enter into the process of sale if you have no proof that the buyer isn't a complete fantasist ;-) I would expect an Agent to ask for those things.

It's think it's harder for a personal vendor to though, as those are personal financial details, but I don't think it's unreasonable. Proof of no chain is much harder of course.

Before my offer was accepted the EA had called my solicitor and the EA selling my house, in order to establish ‘proceedability’. It is part of the due diligence an EA is there to carry out.

@PurplePansy05 a house I made an offer on previously, the agent who was also the owner of the house, asked me what the buyer of the house I'm selling was putting down as their mortgage deposit.

By vetting I just mean the questions an agent would normally ask

@PatriciaHolm thank you! A logical response to my thread question 🙌🏻

This all sounds a bit odd. Surely your agent and solicitor ask these questions even via purple bricks?

We bought our house chain free (we were living at parents and the house was probate) and it still took three months not in covid to get done so three weeks sounds insane.

But you said you have a real life agent and you'll be speaking to them on Monday? They'll know all about AIP, proof of deposit etc. as it's completely standard. What other advice re "vetting" do you expect?

Pre covid we managed seven weeks from offer to completion including arranging a mortgage, it could have gone as quick as five weeks but we slowed things down slightly.

If they need a mortgage three weeks seems highly unlikely, unless they have the ability to raise it by remortgaging something they already own which may be quicker.

@PurplePansy05 I don't think the right questions were asked with my previous buyer and I don't want to be in a situation with a new buyer who is also a complete fantasist. So I just wanted to know what would normally be asked, so I can ensure my agent is asking the right things before I speak to them about the offer on Monday. Pretty straight forward!

@naiveseller101 we purchased a property, from offer acceptance to exchange, it took 3 weeks 🤷‍♀️
We were FTB, chain free and cash buyers, and had a fan solicitor, so not unheard of.

Fab not fan 😂

We purchased cash, no mortgage and with no chain either side and it still took 7 weeks.

We were also asked by the agent for bank statements showing we had the cash ready to go, I'd think that would be pretty standard.

You ask for a 10% deposit to be paid within a certain number of days to secure the sale.