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Original poster

Would you relist?

104 replies

Tablechairtable7 · 08/07/2021 10:21

We listed our London property 3 months ago, and got offers over asking price. We went with one buyer who said they’d proceed quickly, and was the middle price and not the highest.

Three months down the line, they still don’t have their finance sorted. They respond quickly to questions, but they’ve had trouble getting a mortgage and still don’t have it in place.

Our solicitor says she hasn’t heard from their solicitor at all.

Now our EA is telling us our property is worth more than they’re paying, and that if we want to relist, she’s confident she can get a buyer quickly.

I don’t want to be unfair to these buyers, but we were supposed to have moved on June 30 (that didn’t happen) and now the July date we’ve given them probably won’t happen either.

I know a new buyer would take longer, but I feel a little bit like we’ve been strung along by people who can’t really afford our property anyway…

Should I relist? (If we do, the EA isn’t planning on re-marketing, she is going to go to her list of people and do off-market viewings.)

OP posts:
TheDogsMother · 08/07/2021 16:15

@Allthehotchocolate

Yep 100% agree with everyone else.

Tell your buyers you will happily still sell to them once they've got everything in order but you are going to relist and if someone else comes along in the meantime you will consider.

What are your plans for moving on? How has the delay affected you?

100% this. The haven't been entirely open with you and I'd be worried about the solicitor not doing any work, that sounds unusual.
TangoWhiskyAlphaTango · 08/07/2021 18:45

Yes I had this 4 months into it the bastards pulled out. They'd strung me along then had the nerve to ask if I'd drop the price by about 30k so they could afford the mortgage. I had a gut feeling they were time wasters and should've trusted my instinct!

Original poster
Tablechairtable7 · 08/07/2021 20:15

The buyers keep telling us how committed they are to the sale, I think they desperately want it, but perhaps can’t quite afford it?

I have sympathy for them, I really do, but I need to move on with my life, literally!! (It didn’t help that I bumped into someone today who listed several weeks after me, and they’ve completed and moved already - and they got £75k over asking price Shock)

They buyers are also giving us a small extra amount off the purchase price in cash, as they can’t get a mortgage for that bit. That seemed a bit unusual to me, I don’t know?

I have instructed the agent to go ahead for next weekend (a week on Saturday). We’ll tell the buyers next week what you all advised. Thank you! This thread has been so helpful so far!

OP posts:
SporranRummager · 08/07/2021 23:24

They buyers are also giving us a small extra amount off the purchase price in cash, as they can’t get a mortgage for that bit
Do you mean they are paying more than the agreed purchase price? Or they are giving you some of the purchase price in cash?
Either way none of that makes any sense!

LopsidedWombat · 09/07/2021 02:08

We had an offer accepted on a property 10 weeks ago, our mortgage offer also only had two weeks left on it so we knew we would need to reapply and made the offer being open about this but also believed this would all be done quickly. That first mortgage offer took 10 days from application to offer in November last year so we had no reason to believe that this one would take much longer. Well our mortgage broker has been extremely busy due to the stamp duty situation and unlike last year when we would hear from him within 24 hours of making an enquiry/request, this time it has taken a week each time to hear back about things. As a result, it took six weeks to actually get our application done and are still waiting to hear from the lender, currently in week four.

Long-winded way of saying that they genuinely might be waiting as people unable to make stamp duty have not been priority - they may have thought things wouldn't take long but then have. I'd be quite concerned about not hearing from their solicitor though? We had the same thing with ours and swapped, very glad we did too as the new one has been brilliant. In your position, I would be very tempted to sell to one of the people on your EAs list if things aren't adding up, especially if you can get a considerable amount more for it.

MaggieFS · 09/07/2021 08:00

Surely the cash element is just their deposit? (And if not, why not, and how can a mortgage company be ok with that?).

Original poster
Tablechairtable7 · 09/07/2021 08:16

@SporranRummager

They buyers are also giving us a small extra amount off the purchase price in cash, as they can’t get a mortgage for that bit Do you mean they are paying more than the agreed purchase price? Or they are giving you some of the purchase price in cash? Either way none of that makes any sense!
The property went to over asking price bids, and they want to pay us the over asking price bid as cash, separately.

Let’s say the property was listed at £600k (it wasn’t, but just because the buyers would definitely recognise themselves on here if I put the actual price! Although maybe that’s not a bad thing? I don’t know!) and the property went for offers over and they bid £615k. They want to put the property through at £600k, and give us £15k separately in cash.

Is this normal?

As I’m typing it all out, I’m starting to see that maybe it’s not looking good and that we really should go ahead and get different buyers!

(I should also add that we’d be using a different estate agent this time. This new EA is one who knows the area very well and, in fact, originally sold us this property.)

OP posts:
frazzledasarock · 09/07/2021 08:23

So the price of the house sale would show up as £600k when actually they paid more.

This is really dodgy and a way to pay less stamp duty.
Is the estate agent aware? Will they be getting a cut of the actual price you are getting for the house or just the official £600k?

What if they refuse to pay the extra cash to you?

Original poster
Tablechairtable7 · 09/07/2021 08:27

@frazzledasarock

So the price of the house sale would show up as £600k when actually they paid more.

This is really dodgy and a way to pay less stamp duty.
Is the estate agent aware? Will they be getting a cut of the actual price you are getting for the house or just the official £600k?

What if they refuse to pay the extra cash to you?

Oh that’s interesting - so it’s a stamp duty thing? It made no real sense to me.

The agent we used was a one fee agent, so it makes no difference to them.

The one we’re about to use takes a %.

OP posts:
Original poster
Tablechairtable7 · 09/07/2021 08:28

(And the fee was so low that we can afford to lose it and try again.)

OP posts:
AGreatUsername · 09/07/2021 08:34

Is your solicitor and their solicitor aware of the cash element? That’s definitely not normal and I’m 99% sure the mortgage would not be given if they knew. This is all sounding like people who simply cannot afford the house, I’d pull out immediately and relist. You do not want to be getting into the cash under the table game.

DoctorStrangeness · 09/07/2021 08:37

No, that's not normal to give part in cash and I can't believe the EA has entertained this. They sound awful.

Re-list immediately. The 'buyers' you currently have cannot afford your property. Don't let them waste any more of your time!

Original poster
Tablechairtable7 · 09/07/2021 08:39

@AGreatUsername

Is your solicitor and their solicitor aware of the cash element? That’s definitely not normal and I’m 99% sure the mortgage would not be given if they knew. This is all sounding like people who simply cannot afford the house, I’d pull out immediately and relist. You do not want to be getting into the cash under the table game.
I don’t think our solicitor is aware, but I will speak to her today. She’s been fantastic and really responsive.

Okay this thread is making me think that perhaps I should pull out completely, rather than give them a chance to speed the sale up!

I’ve always got the sense that they can’t really afford it.

OP posts:
Original poster
Tablechairtable7 · 09/07/2021 08:40

@DoctorStrangeness

No, that's not normal to give part in cash and I can't believe the EA has entertained this. They sound awful.

Re-list immediately. The 'buyers' you currently have cannot afford your property. Don't let them waste any more of your time!

Ok thank you! I think I needed to hear that. I am going to withdraw.

They were really nice people, I do feel bad for them. But when I write it all down, it does all sound dodgy!

OP posts:
WendyJames35 · 09/07/2021 08:44

We've just had a situation where we were days away from completion and it emerged that our buyer didn't have funds in place.
So horribly disappointing, and awful to let down the rest of the chain who were all ready to go.
We let the sale limp along as we just wanted to sell and move to our next house! Obviously now we wish we had trusted our instincts and relisted when the buyer was vague and slow to respond to communications.
Such a poor system that lets you get so far into it, but it can all collapse at the last minute.

Challengerice · 09/07/2021 08:46

You want to trust the EA that cocked up in the first place by not ensuring the buyers were actually proceedable not advising you if the importance of this and what to ask for by way of proof?

Original poster
Tablechairtable7 · 09/07/2021 08:48

That sounds rubbish, wendy. Yes my instincts have been off for a while with my buyers.

So the cash under the table thing is dodgy? I have never heard of it before, and it seemed off to me. Do you think it’s because they were trying to avoid stamp duty on it? I can’t understand why they wouldn’t just add it to their deposit. It’s all odd.

OP posts:
Challengerice · 09/07/2021 08:51

How did they communicate what they want to do re paying £15k cash
Through their solicitors and yours?

Challengerice · 09/07/2021 08:52

@Tablechairtable7

That sounds rubbish, wendy. Yes my instincts have been off for a while with my buyers.

So the cash under the table thing is dodgy? I have never heard of it before, and it seemed off to me. Do you think it’s because they were trying to avoid stamp duty on it? I can’t understand why they wouldn’t just add it to their deposit. It’s all odd.

Why the check haven’t you sought your solicitors thoughts on this??!
Original poster
Tablechairtable7 · 09/07/2021 08:54

@Challengerice

You want to trust the EA that cocked up in the first place by not ensuring the buyers were actually proceedable not advising you if the importance of this and what to ask for by way of proof?
We used a one-fee online agent originally because it was such an easy market to sell in. I think my husband and I were the naive ones!

But we’d be using the more expensive, takes a % of sale price EA this time around - we know this agent because they sold the property to us.

We’ve been talking to this EA for a while because the buyers (although seemingly very nice people) have been waiting for “one last thing” for about a month now.

Agent thinks she can have a launch day just using her list, without having to officially remarket it. Apparently there are a lot of buyers but not many properties in our area at the moment.

OP posts:
Flowers500 · 09/07/2021 08:55

What. The. Hell.

They want to commit mortgage fraud?!? And tax fraud?!? In the off chance they’d actually send you this cash, which if added to their deposit would actually up their ability to borrow.

They don’t have finance, they’re probably lying to you about the situation, they’re trying to get you involved in illegal activity.

You should not even be talking to these people!!! Your solicitor will be FURIOUS about this, they have to go through rigorous anti money laundering work for the sale and you’re planning to take illegal cash payments on the side?! Also presumably defrauding the estate agents of commission?!?

Bloody hell I would play this carefully, I’d be worried about losing my lawyers and estate agents rather than your useless buyer!

Original poster
Tablechairtable7 · 09/07/2021 08:56

Why the check haven’t you sought your solicitors thoughts on this??!

Honestly, I feel like a bit of an idiot now I’m seeing it all written down!

OP posts:
Challengerice · 09/07/2021 08:57

So this EA is a new one? Presumably you approached them first to say you were interested in relisting then?

Challengerice · 09/07/2021 08:58

@Tablechairtable7

Why the check haven’t you sought your solicitors thoughts on this??!

Honestly, I feel like a bit of an idiot now I’m seeing it all written down!

But how did they communicate the offer to you? Directly?
Flowers500 · 09/07/2021 08:59

Sorry but you need to drop these “buyers” immediately and get yourself actual estate agents and solcitors that are happy to hold your hand. At this point you need serious support and guidance before you end up being investigated. They’re never going to buy the house, thank god for that at least!!!