Private Sale

[monty45]

I took my property off the market in January and have now been lucky enough to find a private buyer. However, he telephoned tonight to say that the finance company believe that he and I are trying to go behind the back of the estate agent. Does anyone know if this is normal for finance companies or is something going on here?

[Kaz]

I think a little more information would be helpful:

How did you manage to find the private buyer?
What was their reason for telling you what the finance company said?
How did the finance company know about the EA
Why don't they just go to another lender?
Etc. etc.

[googler]

I took my property off the market in January and have now been lucky enough to find a private buyer. However, he telephoned tonight to say that the finance company believe that he and I are trying to go behind the back of the estate agent.

Finance co as in Mortgage Lender? Why do they care? Even if they do care, are they refusing to lend to the buyer, are they placing some kind of condition on his mortgage, such that he sends the EA a Christmas Card every year? More detail!

And why's he telling you? What do they/he expect you to do?

Does anyone know if this is normal for finance companies or is something going on here?

Sounds real bizarre to me. If your buyer, by some freak chance, has arranged his mortgage through the EA's mortgage broker, then I could see the mortgage broker trying to stay sweet with the EA and kicking up a fuss, but I don't see that the mortgage lender would give a toss.....

[monty45]

I took the property off the market and did some decorating, then contacted a couple of EA's with a view to selling, then out of the blue, a friend told me that an investor friend of her's may be interested. He came round, had a look and said that he wanted it and would have no trouble raising the finance. A week later, after I had arranged to buy another property, he rang and told me that the finance company needed to know the name of the previous EA????

[monty45]

This property was almost sold a few months back and the buyer pulled out. Could the new buyer be trying to find more info by contacting the old EA?

[Kaz]

Why did your previous buyer pull out? Was it anything to do with a survey? If so, maybe your friend told her investor friend and he's trying to find out what was wrong without having to pay for his own survey!

It sounds a bit suss to me.

[monty45]

Could be; the previous buyer pulled out because they got fed-up waiting for legal issues to be sorted with the place that I was buying, which was a real bummer, as we were ready to exchange on my place.

[Kaz]

Well, I don't know then. Maybe you should post your question on the Mortgages section and see what response you get from mortgage advisers who should know how likely it is that a lender would ask for that information.

Alternatively and, if it were me, I'd be tempted to tell your potential buyer that, as far as you're concerned, it's got nothing whatsoever to do with the old EA and politely suggest that they find another lender! If they refuse, maybe you should find another buyer!

Providing your contract with the EA was terminated correctly in January, the only way it could involve them is if they introduced your potential buyer to you, no matter how long ago.

[monty45]

Well, I would not want to lose my buyer, as it's taken me two years to find him! My old EA was very dodgy, so I am a bit worried, but I'll just see what transpires.

[chris-sussex]

'a dodgy EA' I havent heard that before...!!!