Main site > MoneySavingExpert.com Forums > Essential Money > House Buying, Renting & Selling > Dispute over house sale. Bid after deadline. (Page 1)

IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
Dispute over house sale. Bid after deadline.
Closed Thread
Views: 844
Thread Tools Search this Thread Display Modes
# 1
Nine_Lives
Old 18-03-2012, 10:52 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Sep 2009
Location: The UK.
Posts: 3,000
Default Dispute over house sale. Bid after deadline.

Just a story i was given & it made me curious enough to enquire about the legal side of it...

Basically a workmate of the gf's was interested in a house through farrel & heyworth. There was a deadline on this house bidding according to this website. Deadline comes & goes & gf's workmate is the highest bidder.

Then farrel & heyworth say that someone has come in with a higher bid ... outside of the bidding frame (i.e. the house is no longer my gf's workmates).

This workmate is getting her solicitors onto the job. I just wondered whether they (F&H) could do this, or not? Seems a bit naughty to me. A tactic to get them to up the price perhaps?

Not a house owner myself so haven't even dabbled in the game to know what goes on.

Nine_Lives is offline
Report Post
# 2
chewmylegoff
Old 18-03-2012, 10:59 PM
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: Aug 2008
Posts: 10,244
Default

Asking for sealed bids by a certain deadline by the sounds of it. If so then there's no contractual obligation for them to sell to the highest bidder, and if someone comes along and offers more before contracts are exchanged then the seller is perfectly entitled to sell to that person as well. No point instructing a solicitor in these circumstances, will just cost a load of money and achieve nothing.
chewmylegoff is offline
Report Post
# 3
Nine_Lives
Old 18-03-2012, 11:14 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Sep 2009
Location: The UK.
Posts: 3,000
Default

Interesting.

I just compared it to something on the lines of eBay (slightly different i know). Your auction ends, your bidder pays, yet you say hang on a minute, mike down the road just offered me 1p more than you, so there's your money back. It doesn't work like that.

But as i said, i've not dipped into the house buying game before so don't know how it works.

Nine_Lives is offline
Report Post
# 4
steve1980
Old 18-03-2012, 11:21 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Sep 2010
Location: Essex
Posts: 2,255
Send a message via Skype™ to steve1980
Default

You really can't compare Ebay to house buying.
Estate Agent, Web Designer & All Round Geek!
steve1980 is offline
Report Post
# 5
chewmylegoff
Old 18-03-2012, 11:55 PM
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: Aug 2008
Posts: 10,244
Default

Quote:
Originally Posted by K_P83 View Post
Interesting.

I just compared it to something on the lines of eBay (slightly different i know). Your auction ends, your bidder pays, yet you say hang on a minute, mike down the road just offered me 1p more than you, so there's your money back. It doesn't work like that.

But as i said, i've not dipped into the house buying game before so don't know how it works.
Well that's what it would be like if the bidder was buying the house on eBay or at a property auction. When buying "normally" it is not like that.

Your gf's colleague had not paid anything and had no contractual agreement to acquire the house. She could have walked away at any time up until contracts were exchanged, as could (and did) the seller.
chewmylegoff is offline
Report Post
# 6
kingstreet
Old 19-03-2012, 7:10 AM
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: Feb 2011
Location: Stafford
Posts: 23,453
Default

Was the property a repossession or an executor sale?

It certainly sounds like it and in this case, the mortgagee in possession or executor is tasked with obtaining the highest possible price.

In the case of a repossession, at the agreement of a sale, the agent places a public notice in the local paper detailing the agreed purchase price and inviting higher offers at any time upto exchange of contracts.

As has been mentioned, before exchange of contracts, no purchase is secure and it is easy for either the vendor, or the purchaser, to pull out.
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
kingstreet is offline
Report Post
# 7
ognum
Old 19-03-2012, 8:29 AM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: May 2009
Posts: 3,109
Default

Sadly they did not have a contract

With the last home we bought which is in an area where homes are sort after and at that time were subject to gazumping the sellers agent insisted on a legal exclusivity contract which was in place 24 hours after the offer was accepted.

This prevented the seller from showing the house to anyone and us locked into a contract (subject to survey). By the end of the month we exchanged contracts.

If either party had really wanted I am sure there would have been a way out, it cost about £400 in legal fees but it did bring some stability to the purchase. Of course you do have to be sure you have the funds for the purchase.
ognum is offline
Report Post
Closed Thread

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT. The time now is 5:35 PM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 29 October 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

TuneChecker Top Albums

  • TAYLOR SWIFT1989 (DELUXE)
  • VARIOUS ARTISTSBBC RADIO 1'S LIVE LOUNGE 2014
  • ED SHEERANX (DELUXE EDITION)

MSE's Twitter Feed

profile
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.