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GDB2222
Posts: 26,933 Forumite
I just saw this on the Allsops auction site:
So, is the buyer who failed to complete entitled to the uplift in value (less costs)? If it had sold for less than he had bid in July, he would have been liable for the loss. So, why not the profit as well?
PS: I really should read the auction contract first, before posting this.
Lot 123B a freehold 3 bedroom house in Smyrks Road, Walworth SE27, sold on behalf of Family Mosaic Housing Association for £162,000 in July and the buyer failed to complete. Reoffered in September, it sold for £215,500.
So, is the buyer who failed to complete entitled to the uplift in value (less costs)? If it had sold for less than he had bid in July, he would have been liable for the loss. So, why not the profit as well?
PS: I really should read the auction contract first, before posting this.
No reliance should be placed on the above! Absolutely none, do you hear?
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Comments
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I can't see how - the failed buyer didn't own the property.
Surely failed bidders are only liable for the seller's costs/losses - not the full value of the property
Warning ..... I'm a peri-menopausal axe-wielding maniac
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Failed bidders are liable for the loss, so if it had sold for £100k, the loss would have been £62k plus expenses.No reliance should be placed on the above! Absolutely none, do you hear?0
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