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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:

Baxdream · 10/01/2021 10:47

Sorry memorandum of sale. At no point did they ask for an AIP

thisismetrying · 10/01/2021 10:48

[quote naiveseller101]@ThePricklySheep according to everyone else on this thread it's completely ludicrous for the EA to ask for proof of funds! [/quote]
It's completely ridiculous for you to be asking about proof of funds when you have an agent to do that for you.

I wouldn't give you the information as the buyer.

In the OP you said you needing to vet them. You have caused the 'confusion' because of your unrealistic expectations.

I hope it gets sorted soon.

Sethy38 · 10/01/2021 10:51

Just seen you user name

You nailed it with that one!

thisismetrying · 10/01/2021 10:52

[quote naiveseller101]@EuroTrashed for the millionth time the 3 weeks thing was a side thought. I had my mortgage offer on new place within a week including full survey - during last lockdown so can see it's doable just obviously depends on lender etc. I'm not holding anyone to that. I literally just want to make sure my agent and solicitor asks the correct questions, as I feel I've been a pushover during the process with first buyer that's all. Case closed. [/quote]
That's an offer, that's the easy bit. All the necessary searches are not done at that point. It's getting from offer to completion that takes all the work and delays.
I was an underwriter so I know what I'm talking about.

netstaller · 10/01/2021 13:08

Get an agent or you will likely be messed around again, the money you've saved has been cancelled by being messed around d

thriftyhen · 10/01/2021 14:08

OP Is the time pressure for completion because you are one in from the end in an upward chain and might lose your onward purchase?

livingabetterlife · 10/01/2021 14:45

We were 100% cash buyers, no chain, survey already done before the offer (Scotland) and we did it in 4 1/2 weeks because that was a condition of our purchasing it we wanted it for Xmas. If we'd really jumped up and down we might have done it in under 4. We found that the main delay seemed to be that solicitors are up to their eyeballs in work. We sold a house earlier in the year and the buyer waited over 3 weeks to get a mortgage valuation and then 2 weeks to get a definite mortgage offer in writing and my friend is buying a house now and is also waiting 3 weeks to get a mortgage valuation.
You might be interested to know that the vendors solicitor never asked for proof of our funds when our offer was accepted only our solicitor just before the Scottish equivalent of exchange of contracts (no deposit is required on exchange in Scotland).

livingabetterlife · 10/01/2021 14:57

OP moving house is really stressful, a few years ago I sold two houses and bought another one at the same time I nearly had a nervous breakdown and I'm made of pretty strong stuff! Both buyers for the houses we were selling mucked me around and one just vanished into thin air the day before exchange. The house we sold this year was the same the buyer was a total PITA as was his solicitor one of both were cheerfully lying through their teeth even on the day we completed the sale nearly fell through.
The problem we all have is that its such an important and expensive purchase and we are usually so emotionally invested not just in the house we are buying but in the one we are selling too. The constant uncertainty about whether or not the sale will go through is enough to drive even the sanest person round the bend. I personally think EA are total crooks don't help the situation as they also lie through their teeth and only tell what they think you want to hear making the situation even more stressful.
OP if you can chill out a bit j(Im not saying its easy) just let the process run its course, what will be will be, I don't think you can speed it up that much everyone wants to move now and you'll never really 100% know if your buyer is genuine until you actually complete.

mountains76 · 10/01/2021 15:19

OP to answer your actual question, our EA got each potential buyer (best and final offers) to write about there current position and proof of funds etc. So we ended up with about 4 life stories and financial info such as LTV on mortgage (the higher the better) and most even put where the money was coming from. The more info you have the better when choosing a buyer, as it's not just about the headline amount they're offering.

Daphnise · 10/01/2021 16:14

As has been said, I just can't see three weeks happening.

Nonetheless I think it's fine to find out about a buyer. But you can't "vet" a buyer, it's more getting a feel for their honesty, the reasonableness of answers they give (it's just simple to disregard "Cash Buyers"- they rarely are). So ask questions and assess their answers.

BTW if anyone says they can can exchange in three weeks make sure you don't believe them!

livingabetterlife · 10/01/2021 18:46

"it's just simple to disregard "Cash Buyers"- they rarely are"
Interesting, one of the houses I sold a few years ago I was told by the EA they were great buyers because they were cash buyers three months their mortgage advisor told me the delay was because they were getting a "small" mortgage and the bank had "misplaced" the paper work!
We genuinely were cash buyers perhaps we were a rarity.

VanGoghsDog · 10/01/2021 19:43

I was a genuine cash buyer. EA kept trying to get me to talk to their mortgage advisor because they didn't believe I was a cash buyer, they wouldn't accept my financial documents and kept asking for my mortgage offer, and consequently refused to put my offer forward.

I made an official complaint which went to their internal audit team. They upheld my complaint and paid me compensation. I made them make the cheque out to the CAB so other people treated poorly by estate agents could get help.

VanGoghsDog · 10/01/2021 19:46

such as LTV on mortgage (the higher the better)

Surely the lower, the better?

And you need to know where the money is coming from because the mortgage co and solicitors will need to know as they have a duty to prevent money laundering, so if you have any concerns it's best to know as soon as possible. Also, any "gifts" can cause delays while the bank looks into their origin.

user1471538283 · 11/01/2021 18:22

My buyer was supposed to be quick at y weeks. It took 18 weeks but that was because his solicitor was lazy and rubbish. I doubt anyone could do it in 3 weeks.

Moversnotshakers · 11/01/2021 18:55

I agree you should get proof of funds as our estate agent didnt bother asking. Took his word he was a first time buyer. Then when due to exchange it turned out he is waiting on a sale of his partners flat and although they offered early August we still haven't exchanged!! Wish I told them to get lost when this all came out but it was four months down the line. Now mid Jan and still being held hostage by their solicitors!!!

FreshFreesias · 11/01/2021 21:06

Don’t use Purple Bricks if you want a quick anything.

Sethy38 · 12/01/2021 06:02

@VanGoghsDog

This is all very peculiar

mrsbrightside1308 · 12/01/2021 06:21

I bought my house in October with no mortgage it took 4 weeks to all go through.3 weeks is unrealistic.

MrsJamin · 12/01/2021 06:38

Moral of the story is, don't use purple bricks if you want your house sale to go through. Local EAs would have done the vetting for you.

BlackKittyKat · 12/01/2021 06:38

I hope you've already got the answers you need but I would've asking the following:

proof of funds
proof of mortgage agreement in principle
proof of employment (check they are not self employed or been furloughed as this can delay mortgage approval)
if there's no chain, are they renting? Check their expectations regarding completion. They may have a rental notice period and not what to complete until after that period.

HTH

Good luck!

Baxdream · 12/01/2021 08:48

@BlackKittyKat so put yourself in the buyers shoes for a second. Would you show the vendor all those things containing your personal data? I wouldn't!
I'd show an estate agent but not a vendor!

BlackKittyKat · 12/01/2021 08:52

@baxdream - she's got an estate agent. She's got an agent through Purple Bricks who can facilitate the questions. Her buyer doesn't have to show her directly.

Baxdream · 12/01/2021 09:02

Purple bricks are useless though. They don't care if her sale goes through as they've got her money already. Trust me, I've had the misfortune of buying a purple bricks property.
They will not put the effort in to check as it just doesn't matter.

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