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Reserved new house but can't sell our existing house
clairefinchy
Posts: 1 Newbie
We signed missives for a new house at the end of March '08 with Tulloch Homes. We were told by the sales girl that the house would be completed by the end of August '08 but as we were a bit concerned about selling she said they would give us till September to move in.
We still haven't managed to sell our house even after reducing the price by 10K. We are getting quite worried now as what Tulloch Homes are going to do to us as we had previously asked to be released from the missives with no luck. We had spoken to Tulloch Homes and they said that we only have up to end of August to sell. We told them the sales girl said we would get up to September but the office said that was not right and the sales girl shouldn't of said that to us.
With the current state of affairs of the housing market in Aberdeenshire we thought the housing companies would be a bit more leniant towards clients that can't sell their houses.
Would it be a good idea to go to the local papers or would this just get us in more trouble.
I called them today to see if they would let us pay a lump sum of money to let us out of the contract but we have yet to hear from them.
Any ideas??
We still haven't managed to sell our house even after reducing the price by 10K. We are getting quite worried now as what Tulloch Homes are going to do to us as we had previously asked to be released from the missives with no luck. We had spoken to Tulloch Homes and they said that we only have up to end of August to sell. We told them the sales girl said we would get up to September but the office said that was not right and the sales girl shouldn't of said that to us.
With the current state of affairs of the housing market in Aberdeenshire we thought the housing companies would be a bit more leniant towards clients that can't sell their houses.
Would it be a good idea to go to the local papers or would this just get us in more trouble.
I called them today to see if they would let us pay a lump sum of money to let us out of the contract but we have yet to hear from them.
Any ideas??
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Comments
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My experience of dealing with Tulloch over the years as a subcontractor was that they were complete @rses.
Sorry.0 -
Look back through archive - lots of similar threads recently of people trying to get out of places they've bought off plan. Might find some help there.0
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I'm not sure how going to the papers would help, as you did sign the missives and thus took the risk that you needed to sell your house.
How much is your house that you're trying to sell, as £10k isn't much of a reduction unless it's only "worth" around £80k if you NEED to sell. I'd try reducing it much further.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
£10k off a house you're desperate to shift won't be enough for buyers to see it as a bargain. And they're all after a bargain, or at least one that's competitively priced.
Have you looked objectively at your competition to see what prices theirs are at? While you reduced by £10k, maybe they all reduced by £20k.0 -
clairefinchy wrote: »We signed missives for a new house at the end of March '08 with Tulloch Homes. We were told by the sales girl that the house would be completed by the end of August '08 but as we were a bit concerned about selling she said they would give us till September to move in.
We still haven't managed to sell our house even after reducing the price by 10K. We are getting quite worried now as what Tulloch Homes are going to do to us as we had previously asked to be released from the missives with no luck. We had spoken to Tulloch Homes and they said that we only have up to end of August to sell. We told them the sales girl said we would get up to September but the office said that was not right and the sales girl shouldn't of said that to us.
With the current state of affairs of the housing market in Aberdeenshire we thought the housing companies would be a bit more leniant towards clients that can't sell their houses.
Would it be a good idea to go to the local papers or would this just get us in more trouble.
I called them today to see if they would let us pay a lump sum of money to let us out of the contract but we have yet to hear from them.
Any ideas??
There were loads of people in same boat about a month ago
http://forums.moneysavingexpert.com/showthread.html?t=1022053&highlight=catastrophic+missives
Catastrophic Missive Fees was my favorite caption.... people keep telling us the scottish system where the contract is binding is better...0 -
I agree that you may have to reduce your house further. I live in Clackmannanshire and very little is selling here. £10K discounts are frequent. I just tried to view a house that I watched the price dropping on and it has finally sold at a fixed of £129.000 with stamp duty paid. I didn't see the start prices but similar properties were o/o £169,000 in the summer, so at least £180,000.
How much will it cost you to get out of the contract? Is renting out your home an option (especially if you are close to Aberdeen)?0 -
If you have to reduce your price why not ask Tulloch homes to reduce their price. You could then reduce yours further if necessary, In the current climate surely the house you are buying has also lost value. I know somebody who done this & the housebuilder reduced by 15k on a 125k new build.
Moneysaver0 -
HOW much is your house for sale then knock 15 to 20 % off and you stand a slight chance of selling otherwise you are in it deep..It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
clairefinchy wrote: »With the current state of affairs of the housing market in Aberdeenshire we thought the housing companies would be a bit more leniant towards clients that can't sell their houses.
I'm not trying to be mean here, but why would you think that? Housing companies are businesses not social charities. They couldn't care less how easy or difficult it is for you to buy the house, they just want to to pay them the money you've agreed to pay them. In fact with the housing market as it is, they will be all the more anxious to have you complete asap as if you don't buy they are likely to have reduce the price to tempt a new buyer.
Your best bet is to try to negotiate a lower price from them, so you can reduce your own house further, but they would not be under any obligation to do so.0 -
I'm in the same boat as yourself as quoted by barnaby-bear. I think publicity might be the best way to go, its all over the news everyday how much the house builders are struggling, there does'nt seem to be any mention of people like us who are facing these problems. Keep us posted if you have any news, one guy pointed out that the last thing house builders need on top of the problems they have at the moment is more bad press by suing people.0
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