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Back to back selling?

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  • Back to back selling?

    Can someone please shed some clear light on this method of buying/selling of houses?
    I have had my house on the market since last sept, my estate agent, whom was doing very little was given a push by myself to get some viewings for my house, as within teh first four months i had had nil. Now, my estate agent did this , remarkably the day after me pushing them i get a viewer, anyway, these guys who are viewing tell me they are also cash buyers, great i thought, he liked my house, wanted to put an offer in, as he intented to rent it out straight away, telling me a three/four week turm round on completion, anyway, this was in january, i am still waiting, theybe done a survey, well a minor one, they had my house valued, they offered me a very very low price, i accepted it as i am desperate through personal circumstances to sell it, and i am still waiting.
    My estate agent has been abit shifty, i have got to now feel no trust there at al, as they took my house off the internet and rightmove immediately as i accepted this low offer and hasn't been seen since online, which is ok if the sale was proceeding fast, but it isn't, teh 3/4 weeks are now into months, i have had no for sale sign up since the 'cashbuyers' took it down for me and said they would return it to my estate agent, which they didn't, so basically my house was lifted off the market asap and held strictly for these apparent cash buyers.
    Yesterday i finally got a few answers from my solicitor, whom has been chasing the buyers solicitors liek mad for some info, she says that these 'cash buyers' of mine are doing a back to back sale and they have arranged to sell my house on as soon as poss, and they won't ever own my house, merely be the middle men, so i am now waiting for the mortgage to be approved not for my buyers, but for theirs, on my house!
    In the mean time my house i have put an offer on for myself and my kids is a repossession and they want their dosh for this houses asap, and i want to give it to them before i lose this house to another higher bidder.

    Is this back to back selling usual?
    am i being done?
    why would my estate agent take my house off the market for so long - i realise they do this when valuations are being undertaken, but this has been more than 4weeks now?
    Is it normal to have no sign up, i did have one, it was taken by the 'cashbuyers'?
    I feel my estate agent is getting something out of this?

    Any help please - this is really worrying me, as i could lose my future buy house because of time taken on selling mine, and i feel i am being shafted somehow. My ex partner isn't any help, he doesn't want to know, just wants his money out of the house, so i am left to sort this mess on my own.

    Any help would great

  • #2
    Cash buyers normally complete within a couple of weeks - because they are cash buyers, they don't need to jump through the mortgage approvals process.

    Certainly it sounds like your estate agent is letting you down so may be worth ensuring that contract is cancelled.

    In the meantime, if you are still desperate to sell, one of the more reputable cash buyers is MPG Investments:
    Sell your home TODAY: The UK’s guaranteed home selling solution

    They claim up to a 7 day turn around, and I've worked with them before and know they are reputable. Certainly shouldn't keep you waiting for months.

    Hope that helps.


    • #3
      I would tell them that they have 7 days to put the deposit down and to complete within 14 days (or whatever you want for the timeframe). If they miss the deadlines, you put the house back up and keep the deposit. (you have to tell them that if they fail to complete you will be keeping the deposit).
      Community spirited? http://www.AshfieldFOCUS.com


      • #4
        Thanks for your replies.

        I have now found out a little more into my house sale, as it appears 'things' are coming to light, eventually...
        My 'cash buyers' are apparently buying my house, as a business, there are 3 guys working as a company and trading as such and buying my house, which is fine, but, one of the three apparently is buying my house off their own company, and it now appears my estate agent knows about it, as he's been in touch with my buyers quite often.
        I have set a dead line, basically they have until this afternoon(friday) to contact their solicitor to contact my solicitor and arrange an exchange of contracts date for before 30th April, or I am pulling the plug altogether.

        I have also prior to this new info yesterday, listed my house up for property auction for the 13th may 09....

        My solicitor has said that she wants me to decide who I am going with - the estate agent and these 'yea cash buyers' or the auction - Can I not leave my buyers where they are and proceed towards auction, and if these buyers of mine haven't completed by end of april then pull out, or can I only arrange sale with one?

        I have managed to negotiate a no sale no fee in writing with the auction, so i have nothing to lose, as n insert fee and if it doesn't sell at the right price I won't owe them anything.

        Very bad time this at present, and the house sale has literally got me down badly, but i absolutely refuse to be beaten or get depressed, I have however been and am rather angry re my agents as they have not worked for me as a client, and I am well aware of this. If I do pull out on these buyers and drop the agent, which is looking favourite at the moment, I will not owe them any fee as so much time as elasped, just owe them a 'rather well worded letter of cancelation'.

        My question is though - regarding the auction and estate agent - Can I not proceed with these buyers up till 30th april, and still have my house listed in auction ready incase they dont do the deal, or do i have to choose one method of sale only?

        Might sound like I have been niave here, but I haven't, I sussed within weeks that something wasn't quite right, but between myself and my solicitor it has taken till this week fully get the story, I am always on the ball, just sometimes takes a frustrating amount of time to prove theories.

        Thanks again for the replies.



        • #5
          I can't see why you don't have both... Tell them that the house is going up for auction and they have to complete before the auction else they lose it. A deposit is NOT enough to secure it at this late stage (though a deposit will secure the purchase rights up until the day of the auction)

          My house was up for auction and we bought it with (literally) minutes to spare before the auction deadline. (Auction was 3pm, deadline for purchase prior to auction was 12pm (lunchtime), money transferred at 11:58am)

          That'd be what I do anyway.
          Community spirited? http://www.AshfieldFOCUS.com


          • #6
            Yeah, I would do both put the pressure on them as they have you. Give them the auction day as a deadline.
            Portugal Property for Sale


            • #7
              I mentioned in one of the threads that I once sold a property to them, which was in a poor state of repair (with me and my kids living in it, while my parents - who owned the place - fought it out in the divorce courts).

              There are a lot of cowboys and opportunists out there in the SARB market at present, where issues such as basic professionalism are anything but mandatory.

              Therefore, if I'm going to recommend anyone, it's going to be one of the established companies with a decent track record.

              My own experience with MPG was good, but if I wasn't going with them I would certainly consider National Home Buyers or A Quick Sale. Most everyone else seems to be on the bandwagon, or else just selling leads.