We have had people with offers in principle based upon what they have told the bank!
Guess what they have grossly exagerated their income therefore get turned down for the mortgage once they apply!
Most people don't lie but many do

A couple of years ago, my Mum was trying to sell her house. She had a couple of viewers offering her 10k less than the asking price "for cash"! The first serious offer she had, she accepted. And waited, and waited....

Four weeks later, the EA called the 'buyer' who said they had found another house three weeks ago which they were proceeding with, and no, it had never occurred to them to let us know. I don't know who was more irritating, the 'buyer' or the EA for waiting for so long. We had naively thought that it was all going ahead - lesson learned!!!

When she did get another offer and the sale got further down the line, my Mum heard on the neighbourhood grapevine that the fact the sign still said "For sale" after so many months meant that our house must be awful inside, so my Mum had to beg the EA to put "sold" on it 'early' just to shut the neighbours up!

Here's another one we lost a buyer today because the wife decided she did n't like the house after she viewed it for the first time a week after the husband had secured the sale
Why do people do that!

quote:

Originally posted by immy21:
We have had people with offers in principle based upon what they have told the bank!
Guess what they have grossly exagerated their income therefore get turned down for the mortgage once they apply!
Most people don't lie but many do

Ah, thanks for not disappointing me immy . I'm sure you're right. Don't understand why they lie to the mortgage provider - what's the point

Wasn't there a big hoo ha a year or two ago about people lying to get celf cert mortgages and succeeding? That could be why I guess....maybe people don't realise lenders have toughened up on it.

My first SSTC fell through after 2 months when it finally came to light the buyer had lied about being permanently employed on the mortgage app. As if the bank wasn't going to check!

Not much consolation for you Sweet40, but as Velvet says people have always done this, whether the market is bouyant or subdued, and there's no explaining it really. We had a thread earlier about what price of house you would go and view in terms of 'how far over your actual budget' and some of the replies were incredible. The problem then is that they end up falling for a house that they simply can't afford once they discover it's not going to sell at that 'cheeky offer' they had in mind so in order to ward off competition buyers will make whatever offer is acceptable only to discover that their lender just won't wear it. Very daft, and very distressing for all parties. You will get an offer that sticks from someone who has actually got their head screwed on and you will be able to realise your dream of that I have no doubt.

We had the same thing. First buyer went six weeks then just walked away. EA didn't tell us for a week. First we knew of it was when the contract came back unsigned. Second set of buyers dragged it out three months before finally admitting they couldn't raise the deposit. Their solicitor is now chasing them for costs. I doubt they will see a penny of it.

We're on out third buyers now. Not ftb's this time though. They are buy to let and have another property in the same street. Hopefuly this one will make it.

So...why doesn't the law get changed in this backward country? Surely it's as plain as the nose on your face that the current system is a fiasco? Something tells me there's a lot of vested insterests in keeping things as ineficient and antiquated as possible?

quote:

Originally posted by Simulcra:
It seems I have not explained myself.

The situation of offers being put in before checking you having the finances was caused by the market activity of the last few years.
People were buying houses without even seeing them!!! People felt that they should offer first to get the lead on that property, and because of our system, if they changed their mind they can.

I am not saying that this is RIGHT!

I am saying it is a consequence of the market conditions. The last few years people put in offers that were accepted and then told 'no' because someone came up with a better offer 'under offer'. Is this right. NO!!!

All's that is happening now is just the reverse.

Putting in offers and then saying 'sod it' there is one down the road thats better, and its cheaper. It's a buyers market.

I am not saying its right, Im not saying its fair. I'm just saying that its the way things are. Sad I know!

I'm in agreement with this. In the current market a lot of chains are falling through: partly because a buyer realised they can get a better deal down the road and also because of the massive stamp duty. For example, when I buy a house again the stamp duty alone will be over £25k. So it's not surprising that people have second thoughts after putting an offer in. To get people to part with the huge sums involved nowadays needs people to be sure it's the right place. It's simply to expensive a mistake now to sell up and move on quickly. Likewise I'm not saying it's right but just that it appears to be happening.

However I have been on the receiving end of being gazumped several times in the past. So it's just the same thing but the other way round.

quote:

Originally posted by Portent:

quote:

Originally posted by Simulcra:
It seems I have not explained myself.

The situation of offers being put in before checking you having the finances was caused by the market activity of the last few years.
People were buying houses without even seeing them!!! People felt that they should offer first to get the lead on that property, and because of our system, if they changed their mind they can.

I am not saying that this is RIGHT!

I am saying it is a consequence of the market conditions. The last few years people put in offers that were accepted and then told 'no' because someone came up with a better offer 'under offer'. Is this right. NO!!!

All's that is happening now is just the reverse.

Putting in offers and then saying 'sod it' there is one down the road thats better, and its cheaper. It's a buyers market.

I am not saying its right, Im not saying its fair. I'm just saying that its the way things are. Sad I know!

I'm in agreement with this. In the current market a lot of chains are falling through: partly because a buyer realised they can get a better deal down the road and also because of the massive stamp duty. For example, when I buy a house again the stamp duty alone will be over £25k. So it's not surprising that people have second thoughts after putting an offer in. To get people to part with the huge sums involved nowadays needs people to be sure it's the right place. It's simply to expensive a mistake now to sell up and move on quickly. Likewise I'm not saying it's right but just that it appears to be happening.

However I have been on the receiving end of being gazumped several times in the past. So it's just the same thing but the other way round.

Agree, and what I was trying to articulate earlier....though badly.

Christ!!!

I was just doing an "OH SHUT UP!!" thread on the Big Brother Forum and I magically arrived here.

I don't know how but I just popped up here.

Hello?

Yo!

Alright.

So you guys talk about houses then?

What a nightmare for you. I hope you get a Completed Buyer soon.

If it's any consolation then those buyers who have had to pull out due to failing to sell their own place are probably similarly gutted... especially those who were measuring up and discussing where to put all their stuff... nope... still feeling miserable? ... fair enough... buying and selling is one of the most stressful things you will ever do... I hope it is over for you soon.

Ary.

One option could be advertising that an offer of asking price will receive 5 percent deposit paid by yourself

Ary and mike, I think you are responding to a post left in August last year.

quote:

Originally posted by pont:
Ary and mike, I think you are responding to a post left in August last year.

woops

I blame the constant force-feed of property pron on the TV. If we (the buyers)are constantly being told that we have to ACT NOW or else we might MISS THE BOAT! because property prices are SPIRALLING! then of course people are going to offer first and think later.

The other thing is - and I dont know how much your ask is but averge prices are now around the £200k mark- a house is an enourmous purchase. It may just be that your buyers get cold feet at the thought of being in debt to the tune of a fith of a million quid.

quote:

Originally posted by bob of the bobblyooklies:
The other thing is - and I dont know how much your ask is but averge prices are now around the £200k mark- a house is an enourmous purchase. It may just be that your buyers get cold feet at the thought of being in debt to the tune of a fith of a million quid.

Remember that, although the media and many FTB's seem to think differently nowadays, the "average" house is the second or third rung up the ladder.

The purchasers will probably have built up a combination of equity and years of mortgage repayments in the property they have sold. So their mortgage debt will be much lower.

Hang in there sweet40, we had 4 sales full through and eventualy sold to our 5th buyer last august. It took just over a year from first putting our house on the market to moving. I thought it would never happen it is so frustrating to have sales fall through and mostly for silly reasons.
Have faith it will happen, most houses sell eventually.

quote:

Originally posted by vbland:

quote:

Originally posted by bob of the bobblyooklies:
The other thing is - and I dont know how much your ask is but averge prices are now around the £200k mark- a house is an enourmous purchase. It may just be that your buyers get cold feet at the thought of being in debt to the tune of a fith of a million quid.

Remember that, although the media and many FTB's seem to think differently nowadays, the "average" house is the second or third rung up the ladder.

The purchasers will probably have built up a combination of equity and years of mortgage repayments in the property they have sold. So their mortgage debt will be much lower.

Yes, but at the end of the day is the product worth the price?

I have viewed at least a dozen homes in fits and starts over the last few years. Each time I have ducked back out of the market (never made an offer) because what is on sale was simply not worth the price when you think about what else you could do with such a vast wad of cash.

I know this is a bit different but the reason why so many FTBs want something more than a studio next door to a crack den is the fact that the FTB is now being asked to shell out a comparatively vast amount of money.

Also, with the recent mad inflation in house prices, the size of the loan is still going to be huge. For example, even if I have doubled my deposit from say- 10k to 20k over the last few years, and if average prices have also doubled from 100k to 200k then the size of the loan will have increased from 90k to 180k. D'ye'see?

i can totally sympathise, my sale eventually went thru with the 3rdbuyer. the first was a buy to letter who was, what i can see in hindsight, scrabbling around for a mortgage. he didn't officially back out, the estate agent just got fed up and stopped ringing him. the 2nd pulled out on the day of exchange saying she got 'cold feet'after trying to knock the price down at the last minute. i wrote a previous post about her a couple of months back but it got wiped, i think the swearing and references to physical violence if i were ever to see her were too much

i think people think that it is ok to behave in such an atrocious manner coz the law supports it, doesn't make it morally right though. when i was looking to buy i looked after i had honestly sorted out my finances and didn't look at anywhere above my price range, there's not many cheeky offers that get accepted these days and i knew if i found something i really loved i'd pay the going rate for it

quote:

Originally posted by soopermum1:

i think people think that it is ok to behave in such an atrocious manner coz the law supports it, doesn't make it morally right though.

The same could be said of sellers who Gazump. At least the buyer in this case hasnt lost a large sum of money. Gazumping is even more despicable and entirely down to the greed of sellers.

quote:

Originally posted by Mike99:

quote:

Originally posted by pont:
Ary and mike, I think you are responding to a post left in August last year.

woops

it seems no matter how old or outdated a thread is, if its a sore subject with many...it will still create discussion

quote:

Originally posted by Mike99:

it seems no matter how old or outdated a thread is, if its a sore subject with many...it will still create discussion

True.
But where is the topic starter (Sweet40)?
Hopefully managed to sell and joined her brother, as I think her intentions were.