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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:
Original poster
Tablechairtable7 · 09/07/2021 08:59

@Flowers500

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!

Oh Christ!!!!

I am not worried about original EA, as like I said they lose nothing.

But I really do feel stupid!

Our solicitor has the sale price as “£615k” (the offer we took), not £600k, plus cash on the side. The cash on the side thing is a new thing they proposed more recently that we were Hmm about.

I’m glad I started this thread and will be sacking the buyers off today!

OP posts:
Original poster
Tablechairtable7 · 09/07/2021 09:00

@Flowers500

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!!!
Oh honestly I feel like an idiot.

Thank god for mumsnet!!!!

OP posts:
Original poster
Tablechairtable7 · 09/07/2021 09:02

@Challengerice

So this EA is a new one? Presumably you approached them first to say you were interested in relisting then?
Yes, the EA is the one we used to buy this property so we know them and have been nervous about this sale for a while so have been talking to them about relisting with them.

We used an online agent who did nothing, originally.

OP posts:
Flowers500 · 09/07/2021 09:02

Can’t even tell you how relieved I am that you are taking the right route on this now. There is something hella dodgy with these people. The bigger the deposit the better the mortgage, the only reason to hide deposit funds is because you can’t prove source, most likely due to them being seriously bloody dodgy and unable to pass money laundering checks.

Challengerice · 09/07/2021 09:04

So the offer for £15k cash all went through solicitors?

What is our solicitors view on it?

It will be entirely legal if their solicitor has formally put it to your solicitor

Original poster
Tablechairtable7 · 09/07/2021 09:04

But how did they communicate the offer to you? Directly?

Through the online estate agency form online. But communication between us has been direct since then. I’ve tried to redirect it through both our solicitors, but our solicitors say theirs doesn’t communicate with them.

OP posts:
Flowers500 · 09/07/2021 09:06

@Challengerice

So the offer for £15k cash all went through solicitors?

What is our solicitors view on it?

It will be entirely legal if their solicitor has formally put it to your solicitor

“Cash on the side” is NOT a thing. They’re not stupid, they haven’t told the lawyers! If the lawyers knew about it they would probably lose their ability to practice. It’s multiple different types of fraud, in violation of money laundering, etc.
MarianneUnfaithful · 09/07/2021 09:09

Re-sell with the new agent immediately.

Sorry, but you made a false economy with the first EA. The value of an EA is not marketing the property. (In an easy sellers market) but seeing the sale through. A good agent would have done detailed due diligence in assessing their proceed-ability and flushed out their soon-to-expire AIP and dodgy cash deal. They would have monitored, chased up and managed the info around the progress of the sale. EAs do more of this ‘sheep-digging’ than solicitors as it is in their interests if they are on a payment on completion deal.

Re-list right now, and I hope you get a new offer that in some way compensated from your messed up
Summer.

Good luck!

Challengerice · 09/07/2021 09:23

Op

Talk. To. Your. Solicitor.

MaggieFS · 09/07/2021 09:30

Definitely talk to your solicitor. Whether it's to do with the mortgage, EA, stamp duty or God knows what, it is not normal. And it's on top of (or the reason for) this dragging out.

And next time tell your EA you want or EDD able buyers!

(But do let us know if they try and explain this batshit idea)

LopsidedWombat · 09/07/2021 09:31

Blimey, I thought the cash you were talking about referred to the deposit. I retract my attempt to offer a possible explanation for their holdup!

overthethamesfromyou · 09/07/2021 09:34

And £15k going through the banking system from one unrelated party to another for 'nothing' will raise eyebrows!

Flowers500 · 09/07/2021 09:36

@overthethamesfromyou

And £15k going through the banking system from one unrelated party to another for 'nothing' will raise eyebrows!
If they ever even saw the money! Although not getting the money would probably be better than having it without a paper trail. If you tried to use that towards buying another house your solicitor would probably drop you as a client and report you.
Original poster
Tablechairtable7 · 09/07/2021 09:59

An update: my husband has just emailed the buyers to tell them we’ve withdrawn our acceptance of their offer and detailed why. And I have just emailed our solicitor and told her the same (including telling her about the buyer’s request to give us some of the money separately).

The EA is going to start marketing the property next week.

If the buyers reply, I will update you and let you know what they say!

Thank you all for your advice - this thread has been incredibly helpful!

I feel quite naive and a bit stupid, but also relieved to not have those buyers anymore!

OP posts:
Flowers500 · 09/07/2021 12:06

Whew!! Hope it goes well, sounds like you’ll have no difficulty getting new buyers. Lean on your estate agents throughout, they are there to make your life easy. And don’t be too nice, remember it’s a business transaction!

catfeets · 09/07/2021 12:23

I'd relist. I made the mistake of waiting for my buyer and it took 6mths. So I took 10% under asking price in the middle of a property boom as I was worried I'd lose my sale. Complete mistake. I should have just listed it with another estate agent (mine were crap).

MaggieFS · 09/07/2021 12:29

A good move. Hope you get some new and decent buyers quickly.

BernadetteRostankowskiWolowitz · 09/07/2021 12:31

Did the EA give you the buyers email address?

Challengerice · 09/07/2021 15:45

I don’t think our solicitor is aware, but I will speak to her today. She’s been fantastic and really responsive.

It’s simple really.

Did you tell her? Or not?

FoolsAssassin · 09/07/2021 15:58

Good luck with it all. We accepted an offer Monday of last week subject to agent getting confirmation of the chain. She left messages with their agent, no reply, first few days we thought it was just everyone flat out with stamp duty deadline. By Friday agent was saying she wanted to continue marketing it.

Monday it came to light they were having trouble porting their small mortgage allegedly. Agent got them an appointment with a mortgage advisor on Wednesday, deliberately didn’t chase them as she wanted to see if they came back to her unprompted, so far they haven’t .He is a solicitor so I assumed it would all be fine at the start but have lost faith in them now and we have a couple of viewings this weekend booked now.

Definitely think you have done the right thing, good luck.

MaggieFS · 09/07/2021 16:04

@Challengerice

*I don’t think our solicitor is aware, but I will speak to her today. She’s been fantastic and really responsive. *

It’s simple really.

Did you tell her? Or not?

Yes, it is simple to RTFT Grin

"And I have just emailed our solicitor and told her the same (including telling her about the buyer’s request to give us some of the money separately)."

Challengerice · 09/07/2021 16:05

Yes. But initially she did not know!!

My point is it really doesn’t sound like the OP has been on top of it with her solicitor at all

Original poster
Tablechairtable7 · 09/07/2021 16:05

@Challengerice

*I don’t think our solicitor is aware, but I will speak to her today. She’s been fantastic and really responsive. *

It’s simple really.

Did you tell her? Or not?

I didn’t. Wasn’t sure if my husband ever had. Their solicitor has had no contact with her, so I knew they hadn’t.

But she is now aware, although she didn’t say anything about it when she replied to today’s email. Just a “thank you for letting me know, good luck with finding a new buyer”.

OP posts:
Challengerice · 09/07/2021 16:06

The op had not passed on this information until a mumsnet thread told her to… today!

Challengerice · 09/07/2021 16:08

The vendor contacted you directly
Suggesting an important change in the financial agreement that may or may not be dishonest in intention

Most people would immediately pass on to their solicitor

For your next sale OP, I suggest you involve your solicitor

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