‘Non-proceedable’ buyers creating a false market?Make Text Bigger
Here we go again! We are in lockdown and so many potential buyers will be furloughed or worse and buying chains will collapse when the mortgage offers are withdrawn.
We have been trying to buy since early October, we have cash and make realistic offers based on ROI characteristics, only to be outbid by potential owner-occupiers. These buyers then are unable to proceed as their mortgage offers are rescinded or others in the chain have their mortgage offers rescinded.
The proposed vendor then sits and waits for another unrealistically high offer from another non-proceedable buyer and life goes on. We see stories of large numbers of mortgages being approved, but are they all being drawn down?
Are we alone in this?
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