Nov 09,2013
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By: 'Daniel Rippon'
Nov 09,2013
2 people found
this helpful
Hello there, after a 3 month slog in the current property market, Demi from Peter James showed me a house which she had just gotten the keys to. Was great property, except Demi failed to warn me that her client (the vendor) didn\'t actually own it yet. It was still subject to contract. She and Gary (branch sales manger) knew this but it wasn\'t until a few weeks after my offer was accepted that they told me. The vendor proposed to complete on his purchase and would then in turn sell to me on the same day. This called a sub-sale or back to back sale. Being a first time buyer I didn\'t realise that banks don\'t usually lend on a sub-sale. After a couple of weeks investigating with the bank turns out they won\'t lend on a sub-sale. 5 weeks lost in a market where properties went up 50k between September and October.,.. All of which could have been avoided if upon inspection Demi told me the vendor doesn\'t own it yet and it would need to be a cash sale. These jokers need regulation. Any old idiot with no ethical standards can be an agent, and they are. Avoid Peter James.
What agent could do to change your mind?
Be honest.
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Peter James

256 New Cross Road New Cross, London
Greater London
SE14 5PL

020 8463 1550

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