Advice please! Estate Agents/Mumsnetters who have sold

[Mintygreenleaf]

Hi Wise Mumsnetters

What’s your wise advice for accepting offers?

After being given the run around by our previous “cash buyer” who turned out to be anything but and going back on the market this week an offer of a little (£1,000) above asking price was made this afternoon.

The estate agent have said the buyer thinks they will be interest (there are two other second viewings booked this week with one planning on making an offer EA says) and would like it taken off the market but given the previous experience would it be wise to ask for some commitment first?

Thinking mortgage offer or searches paid or instructing solicitors.

Conscious 2nd viewings don’t mean offers and worried about annoying the potential buyer at the same time it’s only been on a week! Grateful for advice please?!

@WokingOrNot I’ sorry to hear you’ve been burnt too, it’s not a nice experience. It was the feeling of being strung along I didn’t like (along with the time wasted)

I think you’ve hit the nail on the head there! I’ve been puzzling the right answer and hadn’t realised all along until you posted that actually there are no guarantees and no one right answer.

I had a call back about their position from the EA’s colleague - the negotiator being out all afternoon and am waiting on confirmation of their funds. I asked the EA to follow up straight away on today’s viewings and was told both considering an offer (!) but nothing materialised today.

Nervy FTB 2nd viewing tomorrow, At this rate I’m tempted to accept the offer just to get it over with!

It is stressful. Good luck! I hope everything will work out this time.

If you've been messed around before and you do get a no chain person again. I'd perhaps make it clear what timeline you expect things to do be done to. e.g. mortgage offer by X date
Mortgage valuation/survey by X date
Searches ordered by X date

I'd probably be a bit generous on time to show you're not a dragon but it will at least set expectations and make dragging of feet much more evident.

Just as an example, we had our offer accepted on Monday, and our lender booked our valuation this morning. That's Halifax, who are being very speedy at the moment apparently. The agent has all our AML information, our solicitor's details and has spoken to our selling agent. The people buying our house had their survey done less than three weeks from making their offer. Messing about for weeks/months is not necessary and must be deeply aggravating.

Thanks @PhilInt that’s a good point, I’ll be following up a lot sooner too! The offer so far is apparently chain free and if proof of funds comes through then it’s a deal! (Although apparently proof of funds were seen previously so not sure how that works!)

The other potential (cash) isn’t planning on going over asking apparently and after my previous experience I’m not seeing cash as an advantage! I know I shouldn’t tar others with the same brush!

No news from the FTB though conscious their 2nd view was only this afternoon and am expecting more questions after the last lot!

That’s really helpful @Doubleraspberry thankyou. It shows what can be done. Might steal those timelines as examples! I hope yours runs smoothly it seems very speedy progress!

Yes I think we were too naive at first in hindsight, all the talk was there and just a few breadcrumbs of progress, anyway it’s all “blood under the bridge” as Emma Thompson said! Waiting on confirmation of this one now…

I have no doubt it will all go tits up very shortly! But agents not kicking buyers who take months to make the first step are not doing their job.

Thanks @Doubleraspberry still waiting getting on for 48 hours and it seems ages! I guess better to wait it out now and see how keen they are and provide proof of deposit. No news from the FTB’s 2nd view if it was me I’d be ringing but to be fair that was only yesterday and least there’s interest!

Fingers crossed for your move you sound lovely buyers to have.

The last time we purchased we were cash buyers. We had dealt with a top agent for two previous sales. The vendors agent asked some serious questions about our finances, checked the sale prices of our previous two properties and spike with agent who had previously acted for us. We both corresponded with the agent using our work emails that triangulated we did what we said we did. We notified the agent of our solicitors details straight away and I imagine the vendors sections spoke to them as a matter of due diligence.

We had a full structural survey done within a week. No bank valuations involved.

We had the keys within 8 weeks. The only hold up was caused by having to track down a tree preservation order just before exchange.

Previous sales and purchases which have involved chains went seamlessly.

In my opinion, people get the service they pay for and using very low percentage estate agents and cheap call centre conveyancing does not extrapolate into a great deal of due diligence or client management. I appreciate that's an unpopular view but UK Estate agency is a bit like pile it high and sell it cheap with hope that volume outweighs quality.

Thanks @MercuryOnTheRise thats useful timelines. It’s a local well respected agent I’m using and a local solicitor

@Doubleraspberry @MercuryOnTheRise @Netaporter @PhilInt @Suggestives sorry back again for more advice if possible please?

I’ve chased up the email I sent to the EA and they have replied to say all qualifying details have been received and they have seen full cash funds but they’d like a mortgage so are currently sorting. That sounds good doesn’t it?

It’s not off the market yet until they send a memorandum of sale which will be today. They are just taking a list of viewers, no news on the FTB second viewing yesterday. Anything you feel I should ask? Thank you again!

Hi @Mintygreenleaf is this the cash buyer? They’re not cash buyers if they now need a mortgage though and they don’t seem to have anything agreed in principle? As the old saying goes, a bird in the hand is worth two in the bush…they are clearly not going to weigh out for solicitors or surveyors until they have their MIP. So… I would not be taking the property off market for these guys at all.

I really, really do not understand what your EA is trying to do here except try and leg you up into something not in your best interest. I’d seriously consider changing agents. If you do, you’ll need a full list of all viewers from them to avoid paying fees to two agencies because I’d bet my hat that your EA will try and claim that any buyers was theirs first.

Thank you @Netaporter OK yes still keep it on then till we get mortgage in principal I presume. It is still on just they’re not taking viewings just holding names.

It’s not the cash one (that one said he was interested but wouldn’t bid above asking) it’s the one that came with the large deposit and mortgage. After being burnt by alleged cash before not seeing that as an advantage really (bit unfair tarring with the same brush I suppose) but these potential buyers did offer a tad - £1k over asking so hoping they’re keen.

Yes depending on how this pans out over the next few days could be an idea.

I wouldn’t take it off the market for someone without a MIP. You might miss buyers. Tell the EA until the MIP is agreed you will be taking other viewings.

oh, and remind him it is your house 😂

Thank you for all your advice on this ongoing sale! Managed to speak to the negotiator before they closed an apparently their full cash funds means they could buy outright if they don’t get a mortgage for some reason so it’s wait and see time now I guess

But MIP is something they can sort in 15 minutes online. So if it takes longer maybe they're already applying for mortgage on your property? I'd clarify with the EA.

apparently their full cash funds means they could buy outright if they don’t get a mortgage for some reason
I call BS. They want you to commit (take house off market) but aren't sorted themselves (maybe cash, maybe mortgage)?

It is still on just they’re not taking viewings just holding names.
Have I read this right - that your EA is not arranging viewings for your house? Whyever not?

Are cash buyers ever cash buyers?

Thanks @WokingOrNotwhen I spoke to the EA yesterday apparently she works with a mortgage advisor I’ll check.

I need to give solicitors details for the memorandum of sale. Do you happen to know if it’s quicker (or cheaper!) to use the same solicitor as for the previous buyer at all? Or @Doubleraspberry if I remember your DH was in a similar position previously? Am thinking he’d have done the work already which another solicitor may need to repeat. Don’t worry if not!

@PhilInt @WokingOrNot @Netaporter Thank you, the EA said the tad - £1k over asking was to take it of the market! I suppose £1k isn’t much but I’m not sure I’m good holding my nerve in case they took it off the table when it comes to houses!

Conscious it’s in their interest to tie a sale up rather than get the best price though hopefully they also in their interest that it’s proceedable.

@bollygu i’m seriously beginning to wonder if cash is ever cash!

To be fair this buyer as opposed to the last said it would be hefty deposit plus mortgage when they made their offer though. I’m thinking (hoping?) that proof of the cash is a positive as a fall back

@Mintygreenleaf then they are not cash buyers but they could be and I suspect if the mortgage assessment downvalues the property you will see very little cash.

@bollygu. Yes they are. We have purchased the last four properties we have bought as cash buyers. It is a strong position to be in. However, the agents have all expressed some surprise and required confirmation. At the top end of the market I am aware of people taking £1m plus mortgages and using the cash they could have paid with the play the investment markets.

I was being facetious, we lost out on 2 houses that went to cash buyers who apparently had shown proof but then it transpired that they needed mortgages or funds were reliant on the sale of something as we were offered the houses again.

and when we sold in the last a few cash buyers needed mortgages 🙄

Ah ok @bollygu it makes me wonder what is the point of the proof the EA rely on!