Can Auctioneers say cash sale when it's a mortgage

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Lizzy123

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If an auctioneer says purchaser is a cash client but they lied as they never got proof of funds now constant delays in closing with mortgage.
Closing date set twice.
Another fund delay.
Contracts signed.
Have I any rights against lying auctioneer?
 
My understanding of "cash buyer" is that the purchaser doesn't have to sell a property in order to buy, not that they are literally a buyer with cash in the bank. It means that the seller isn't going to be part of a chain.

I may be incorrect, but that's how I always read it.
 
My understanding of the term ‘cash buyer’ is no mortgage and not reliant on the sale of another property, so literally ‘cash in the bank’.
 
Tough one.

What would you expect the estate agent to do? Ask for a copy of the bank statement?

A cash buyer is the equivalent of a mortgage-approved client.
 
Gordon Gekko said:
My understanding of the term ‘cash buyer’ is no mortgage and not reliant on the sale of another property, so literally ‘cash in the bank’.
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That is what I thought too. Then to discover that they are half credit union mortgage and apparently half cash. The worst of all this buying selling is the amount of lies being told.
Can't stand it.
 
I've heard of two others who have had delayed closings when a credit union is involved. Seems because mortgages are new to credit unions and some may not have the expertise, they are being extra cautious.

Your solicitor can issue a completion notice if necessary. Usually it's a last resort
 
I would take 'cash buyer' to mean no mortgage, funds available from somewhere. Even mortgage approved could lead to delays with drawdown. Cash buyer would be the best obviously, mortgage approved next best and in a chain dependent on selling the worst situation for any vendor looking for quick easy sale.
 
Dr Strangelove said:
My credit union told me that full board approval is needed for every mortgage, and that it meets once a month.
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As this seems to be attracting some interest….my credit union told me every mortgage is a big deal in the context of a small balance sheet.

The message was “don’t be in a hurry” if you are looking to draw down.
 
I dont think there are many circumstances where auctioneer would deliberately mislead you. Sounds like a bit lazy not to make sure you understand the terminology. Also auctioneer could be misled at other end
 
Auctioneers (and buyers tbf) are always at that. Not in a chain and no mortgage either is the truest definition of cash buyer but for some reason nobody sticks to that.
 
We were cash buyers in our recent purchase, and the auctioneer had us provide proof of funds before we went sale agreed. First time we'd heard of this, but now in hindsight it was obviously the correct thing to do. We'll want the same when we sell.
 
Lizzy123 said:
She didn't ask for proof of funds
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In many cases they're not reliable. I remember an estate agent venting a few years back about the number of recent sales that fell through after potential purchasers had furnished proof of funds only to find that funds weren't available. Bank statements and mortgage offers are easily manipulated and solicitors will often take the word of their clients that sufficient funds are available.
 
if contracts are signed as you say revert to solicitor. What’s in the contract re missing closing date?
What’s in the T &C’s with estate agent? See if any redress or look for discount on fees.
 
I assume cash buyer means they do not have to sell. We put a house up for sale and the auctioneer said the person was a cash buyer. We accepted their offer over a couple who had a mortgage.
Our solicitor sent the contracts and there was no sign from the buyer. Our solicitor contacted the buyers solicitor and they did not reply. A month went buy and we asked the auctioneer what was going on only to find our buyer was selling their house and their buyer hand not signed contracts and disappeared. Their house fell through. We were asked to wait! We wanted a cash buyer thinking it would be quicker. You cannot trust auctioneers. The buyer would not sign the contract until they sold. You guested it 4/5 months wasted. Back up for sale again. Ended up a relation bought it and we still had to pay the auctioneers fees!
 
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