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Original poster

Vetting a potential buyer - help!

123 replies

naiveseller101 · 09/01/2021 21:20

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!!

OP posts:
PurplePansy05 · 09/01/2021 22:35

hoa.org.uk/advice/guides-for-homeowners/i-am-buying/do-estate-agents-need-proof-of-funds/

This website in general is pretty useful.

VanGoghsDog · 09/01/2021 22:48

[quote naiveseller101]@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 [/quote]
Yes, by the solicitor, not by the seller!

Original poster
naiveseller101 · 09/01/2021 22:51

@VanGoghsDog no - by the estate agent.

OP posts:
VanGoghsDog · 09/01/2021 22:59

But not by the seller!

I had to give some documents to the estate agent, I'd have been pretty miffed if the seller had seen them.
If no EA I wouldn't be giving my personal financial documents to a random person.

m0therofdragons · 09/01/2021 23:06

Our EA wanted us to prove affordability by using their mortgage advisor but that was a sales pitch. We showed our mortgage offer in principle once but not the last time at that was to the solicitor as a first step.

Smidge001 · 09/01/2021 23:06

Another one saying 3 weeks is totally unrealistic.
We had our offer accepted on 29th June, mortgage valuation was done on 4th August (after a couple of weeks delay re covid), mortgage offer came through about a week later. We completed on 4th sept. Total of 9+1/2 weeks. We didn't have anything to sell, but as noted, were delayed by about 2wks from a mortgage backlog.

Moondust001 · 09/01/2021 23:10

To be honest, the minute you start making any demands of me is the minute I buy from somebody else. I do not account to you for anything, and I am not about to give you proof of anything. I will speak to my solicitor about the sale. You want to sell, that's your problem. You want me to account for myself to you, then you can get stuffed.

pinklillie · 09/01/2021 23:13

@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!!

Are you using your own solicitor or one nominated or suggested by Purple Bricks?

We sold our house in July and we are still waiting to complete. We aren't part of a chain and we have actually been moved out of the house for the last two months. Purple Bricks have been brilliant however the solicitors have been appalling. It's the service from the solicitors that has held our completion up. Just to prewarn you that's all. We originally hoped to complete by the end of August!

tinkerbell2021 · 09/01/2021 23:14

I sold my house in July to a cash buyer. There are 3 houses in the chain. I exchanged yesterday and complete on Tuesday. It took 28 weeks!

Original poster
naiveseller101 · 09/01/2021 23:16

@pinklillie aw no I'm not using their nominated one - was told by many people to not go anywhere near them! Sorry it's been so held up for you. 😟

OP posts:
Original poster
naiveseller101 · 09/01/2021 23:17

@tinkerbell2021 oh wow! What made it drag out that long if you don't mind me asking?

OP posts:
Original poster
naiveseller101 · 09/01/2021 23:17

@tinkerbell2021 must be such an amazing feeling to finally be at completion!

OP posts:
didireallysaythat · 09/01/2021 23:17

If you're asking MN what questions your estate agent should be asking your buyer, you probably want to find an estate agent you believe knows how to do their job, or your might as well do this as a private sale. I also believe that if you want this done quickly you should stipulate you don't want your buyer to use the solicitor Purple Bricks offers as they are, on average, the very definition of absolute rubbish.

Original poster
naiveseller101 · 09/01/2021 23:20

@didireallysaythat I don't trust estate agents at all from personal experience, but at the same time I can't get on rightmove without one so I think it's only fair I ensure they ask the right things! Yep I know - stay well away from PB solicitors

OP posts:
Heyahun · 09/01/2021 23:30

There’s absolutely no way I would be sharing my financial situation/bank statements with the estate agent - that’s definitely not the done thing! I did cc in my mortgage broker to my email chain with agent who said they were in process of getting the mortgage - and any other financial stuff was shared via solicitors!

pinklillie · 09/01/2021 23:45

[quote naiveseller101]@pinklillie aw no I'm not using their nominated one - was told by many people to not go anywhere near them! Sorry it's been so held up for you. 😟[/quote]
Glad to hear it! Good luck with the rest of your sale

Original poster
naiveseller101 · 09/01/2021 23:50

@pinklillie thank you, good luck to you too hope you get there soon! It's a horrible process. Can't wait for that receiving the keys moment 🤩

OP posts:
dizzyupthegirl86 · 10/01/2021 09:17

I bought a place through purple bricks (side note, offered in June, completed in November) and when I made my offer on their website, it was accepted ‘subject to their verification process’. Purple bricks called me the next day and asked to see my AIP and proof of deposit. Until I sent those over, the sellers were still able to accept other offers.
I didn’t send any financial info to the sellers directly, it was all to purple bricks - I think purple bricks confuses things because you can speak to seller/buyer directly, whereas normally it all goes through estate agents and solicitors. You shouldn’t need to vet anybody, that’s what you’re paying PB for.

Palavah · 10/01/2021 09:35

@PurplePansy05

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.
Vetting buyers isn't an odd concept - it's something that estate agents normally do. But OP is using purple bricks who won't do the vetting so OP is trying to.

OP i agree 3 weeks is unrealistic. Lower mortgage value/LTV doesn't mean it can go quicker, though it may help it not to go slower.

You need to check what an estate agent would ask for. I imagine minimim would be proof of deposit and copy of the mortgage AIP, plus chasing up when application made, survey booked etc.

Palavah · 10/01/2021 09:36

Ah x-posted. Good news that PB will do this!

Baxdream · 10/01/2021 09:46

Firstly, 3 weeks is totally unrealistic. It's never happened and I've bought and sold a few properties.
Secondly, solicitors are drowning at the moment so everything is taking longer. Our solicitor was exceptional but it still took about 18 weeks.

As a buyer of a PB property, your real agent will disappear as soon as they have your buyers id and proof of funds. You then get transferred to the the online post sales team who are beyond awful. They delayed our sale significantly.
You will not be shown the proof of funds. In the nicest way, it's not for you to see. As you've instructed PB, you have to rely them being honest with you, which they have an inability to do.

pilates · 10/01/2021 09:51

Totally normal for the agents to check confirmation of funding for your buyer. If there were no agents involved, I would want to check it myself. Agree you need to get the idea of 3 weeks out of your head.

Conveyancing Solicitors are on their knees atm, recovering from the Christmas rush, COVID restrictions, staff off sick and isolating and finally the stamp duty deadline at the end of March.

ThePricklySheep · 10/01/2021 09:51

What did purplebricks miss with this one?

It’s them that should be checking procedability. They need to check they have an offer on their house before you accept their offer and then they need proof of finances. I think that’s all?
If they didn’t do that this time then they’ve not done their job.

tinkerbell2021 · 10/01/2021 09:52

[quote naiveseller101]@tinkerbell2021 oh wow! What made it drag out that long if you don't mind me asking? [/quote]
My buyer said she was a cash buyer but she didn't actually have the cash yet. She was waiting for her exdh to sell their family home so he could give her the cash she was due from their divorce. She also then decided to get a small mortgage to add a porch on when she moved in.

Mumtothelittlefella · 10/01/2021 10:01

Good advice on here re: vetting.

Just to add my experience on timings. We managed to complete on a sale/purchase (it was a house ‘swap’ with mortgages) within 5 weeks in 2019. The solicitor was amazing and the sellers/purchasers were really motivated to move as fast as us. We hit a few snags but the solicitor was utterly fantastic.

We’re buying (chain free) now and the same solicitor has estimated 12 weeks 😫 so in normal circumstances I think 3 weeks could be doable with no issues but currently all bets are off. Good luck

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