# Lying House Buyers



## Andyman (May 6, 2002)

<rant>
Just had the most stressful 3 days of my life after the â€˜cashâ€™ buyer whoâ€™s purchasing my flat turned out not to be a cash buyer at all and in fact doesnâ€™t have a mortgage either. Iâ€™d like to know how someone can get away with only revealing this on the day of contract exchange. Bastards!! Iâ€™ve had to arrange a big fuck-off bridging loan because of you and its me thatâ€™s going to be out off pocket. Doodah!!
</rant>


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## chip (Dec 24, 2002)

Ouch!

Question to any Estate Agents in the forum: do they verify funding are in place (copy of bank statment?) before proceeding with any accepted offer from cash buyer?

When I bought my property, I had to provide a letter of confirmation from my lender to prove I was a serious buyer.


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## r1 (Oct 31, 2002)

Thats the difference between decent estate agents and cnuts I think. I know of some who insist on verfication of funding b4 putting the offer forward and plenty of others who don't.....


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## IanWest (May 7, 2002)

R1- you want to stop holidng back and say what you really feel ;D

As a part time agent myself, yes we do try and ascertain that people are in the position that they say they are particularly with cash buyers. All this crap about having a financial check can piss off some buyers because it is normally just a chance for the financial adviser to offer you a product that they will earn on.
And bearing in mind that a mortgage company can withdraw an offer even after exchange means that it is not generally worth anything anyway.


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## IanWest (May 7, 2002)

Andy,
bin the bridging loan and tell your lender that you are going to rent it out. Move the mortgage to a standard buy to let which will be cheaper. I can provide you with a tenancy agreement if you need one. Then when a buyer comes along, you can sell as normal.


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## pas_55 (May 9, 2002)

> As a part time agent myself


Get behind me SATAN!!!!!!!


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## IanWest (May 7, 2002)

Good job I'm a property consultant then. Could be worse, I could be in IT I s'pose ;D


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## Guest (May 2, 2003)

I can sympathise as I'm in the same boat. Agreed a sale to a "cash buyer" at begining of February. Found out a few weeks' ago that he was actually getting a mortgage on his business which can take some time. The aim is to rent out my property which I was doing anyway!!!!! Given him until next Friday for signing and if not done going to readvertise for a higher price. Blame the estate agents for not checking!!!!!!!!!!!!!!!!!!!! and myself for not asking for the proof - they all make you vomit & if it's readvertised will want the proof next time they are ready to proceed. I wouldn't mine but it's holding up my TT purchase.


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## Andyman (May 6, 2002)

> bin the bridging loan and tell your lender that you are going to rent it out.


I managed to negotiate the bridging load from my mortgage company at their standard variable rate so it isn't quite as harsh as one from a bridging loan company. This will leave me in the position where the mortgage on my new property is greater than it ought to be but I own 100% of my old flat. When I sort out a buyer it should be a straight forward sale and I can pay the money directly back into my mortgage without a redemption fee.

Thats basically the same as your suggestion isn't it?

Next time Iâ€™ll certainly check the credentials of potential buyers a lot closer. I took the estate agents word on it but I assumed his solicitor would check that he actually had the cash for it. One of the first things mine asked was how I was going to fund the purchase and it seems incredible to me that you can let it get that far without providing any proof.


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## TTotal (Aug 12, 2002)

Mmm , solicitors..  sorry to hear all this mate.


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## saint (Dec 6, 2002)

Hrm - estate agents - wankers - I wonder who is pushing the housing boom??? Granted low interest rates intice people to go for bigger mortgages.....but in the end .....who are the pople who get the best part of a deal in selling a house??

Any agent in here on commission?


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## vlastan (May 6, 2002)

> Hrm - estate agents - wankers - I wonder who is pushing the housing boom??? Granted low interest rates intice people to go for bigger mortgages.....but in the end .....who are the pople who get the best part of a deal in selling a house??
> 
> Any agent in here on commission?


Estate agents are trying to make money and commission of course. They don't care how much your loan and the repayments is going to be.

But the biggest problem is that people are getting silly and they are trying to buy things that they cannot afford.

So it is not the fault of the estate agents that people have no financial awareness and get into financial trouble.

Credit card lending went to a new record this month...are you going to blame the cc companies now for this?


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## IanWest (May 7, 2002)

Yawn, yawn. Licence to print money etc

How about the fact that the Uk business is the lowest rate in the world. Elsewhere, commission rates of 4-6% are the norm.

You amaze me with crap like this, how much does an advert cost in the National Press, how much do we lose when deals such as Andy's abort. Yes, if you do a good job, you earn good money but if my clients are happy so am I. Â If we clear Â£1500 on a deal we have done well.

Yes there are wankers but not all of us are. You are saying more about yourself if you think that you or anyone else can be enticed into spending your money by an Estate Agent. Do me a favour.


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## Dubcat (Jun 10, 2002)

Andy - sorry to hear about your woes mate  Half the problem is that people have no scruples or self respect or respect for anyone else any more. That twat who is 'buying' your house should be blacklisted from buying houses  Hope it gets sorted soon.

IanW - I have to agree. In fact in my flat buying experience, it was the solicitor who was the biggest arsed face twat in the whole process.. hmm I feel another flame coming on  I fly in to a rage whenever I hear his name.

phoTToniq.


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## David_A (May 7, 2002)

Yeah going through the selling and buying bit at the mo - had a cuple of estate agent valuations one saif 165K the other 180K - thats 15K difference - hance need more valuations - arse

For fucks sake tell me how much my house is worth so I can move.

Anybody live round farnbourgh/camberly/frimley? - .Dansky?

Dave


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## vlastan (May 6, 2002)

Just found this article on BBC online.

Apparently, estate agent complains haver reached record levels this year.

Have a look at the article!

IanW...you have a lot to explain!! ;D

http://news.bbc.co.uk/1/hi/business/2992585.stm


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## kce821tt (May 17, 2002)

Ave London house price now approx Â£1/4 million so I'd have thought that estate agents would be happy earning Â£5k per deal. Obviously the market is slowing down and they are getting worried. In two years IDS will be PM, so interest rates will be back up to 15%,
cheers,
K
hate Labour, hate Conservative, LibDems crap, Green -radical dood, not racist so no BNP - I'll send little K along to vote 'cause TBH I can't be bothered.


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## chip (Dec 24, 2002)

> feel ;D
> 
> As a part time agent myself, yes we do try and ascertain that people are in the position that they say they are particularly with cash buyers..


that's the problem with this market, it's lacks proper compliance and regulations. Basically, any twat can set up an Estate Agent office without any relevant qualifications. I work in the financial markets, and one of the main principle is "know your clients". Professional and financial checks are done before we commit to do ANY business with them. Furthermore, even if the client are minted, checks are made to validate where the cash comes from.

BTW IanW, hope u ain't offended by what I wrote as it wasn't directed at you.


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## garyc (May 7, 2002)

> Yeah going through the selling and buying bit at the mo - had a cuple of estate agent valuations one saif 165K the other 180K - thats 15K difference - hance need more valuations - arse
> 
> For fucks sake tell me how much my house is worth so I can move.
> 
> ...


My sister just moved from Odiham to Finchhampton(?) Can find out what agents they used.


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