Buyers pulled out!

4Chickens

Now you know why I should stop reading these posts. Jesus, I am supposed to be exchanging contracts today/tomorrow. We did more packing at the weekend. OMG. I am phoning my solicitor now to see if they are going to start the exchange process today. I am poopin me drawers:eek:

Turin_Turambar

penguine wrote: »

I think the system already makes it financially unattractive for a buyer to pull out of a sale -- we lost £600 we'd paid on our homebuyers' survey plus search fees -- could have easily lost more if we hadn't gone with a no sale, no fee firm of conveyancers.

We were definitely victims of our own inexperience and learned what to look out for next time. But I think any more binding system would have to be set up very carefully to ensure that it's not first time buyers who would end up losing out most, as they're the most likely to be pressurised into making a quick and misinformed offer.

As a ftb could you tell me what to look for, what experience have you gain?
Pm me if you want to.

Thanks

Pssst

Another symptom of the totally messed up housing industry in this country and yet no one seems to have a will to sort it. Maybe its becuase too many people have a vested interest in making money out of the confusion and disarray?

bazz

Hya. I really sympathise with you. Its happened to me twice, the last time being last week. I`m so fed up. I feel like taking it off the market, but cant afford to. Because of these time wasters, I`ve lost money on surveys on other houses, and will now lose the house I`ve been trying to buy.
Mine pulled out because of personal reasons, and illness. I suppose cant be helped, but its so maddening, so back to square one!
Havent got money to keep paying for surveys, had a limited budget. Also when your hip pack runs out, do you have to renew it?
Hope someone is having better luck than me.x x

PasturesNew

Tiger_greeneyes wrote: »

I would love to see the Scottish system introduced into England, although the 'offers over' part is not something I'd ever like to have to go through again.

As I see it the Scottish system is no different. People view, they offer, offer accepted ... then everybody runs off to do the paperwork before they sign up on a "can't change your mind" basis, same as our exchange.

Is it really any different?

People still pull out in the Scottish system.

Tiger_greeneyes

PasturesNew wrote: »

As I see it the Scottish system is no different. People view, they offer, offer accepted ... then everybody runs off to do the paperwork before they sign up on a "can't change your mind" basis, same as our exchange.

Is it really any different?

People still pull out in the Scottish system.

Yes it is different. In fact, it couldn't be more different. It's far more efficient and much less painless. It weeds out the timewasters and saves headaches, heartaches and an awful lot of money, on the whole.

Have you actually experienced the Scottish system? The "can't change your mind" people are the ones who the serious buyers/purchasers need to be protected from. If you think you're going to change your mind then why are you bothering to enter the transaction?

I've had many abortive attempts at both buying and selling in England and it's cost me a small fortune every time. Granted, it costs you money to register interest/put in an offer but in the grand scheme of things it's much cheaper than finding out you have found a timewasting vendor or purchaser.

Also, how many people have had vendors or purchasers decide on a last minute price haggle? I've had that three times and it's hellish. If a compromise can't be reached then you have to start all over again. That means more time and yet another lot of conveyancing costs (and in some cases another few months of rent payments) because there's nothing to hold either the vendor or purchaser to their word in the English system, not until exchange of contracts.

I think it makes far more sense to exchange contracts early in the process rather than weeks down the line when people have spent time and money only to find they've entered into a deal with a complete timewaster.

Ulfar

I am afraid this situation is why you never ever agree to exchange and completion on the same day.

I had a buyer want to do this and my estate agent try to convince me it wasn't a problem, they also let slip that the buyer wouldn't be putting down a deposit and they thought this was ok too.

I was quite firm and set them straight that they were working for me and I had always been up front with the fact that I was moving into rented I wanted 4 weeks between exchange and completion. I also insisted on a 10% deposit.

I had serious concerns they were going to gazunder, they would have got a shock as I would have told them too stick it.

PasturesNew

Tiger_greeneyes wrote: »

Have you actually experienced the Scottish system?

No - and I've never seen anybody explain it, but I HAVE seen a lot of people here who have had people pull out, or who want to pull out in Scotland.

No idea how it works, at all.

zappahey

PasturesNew wrote: »

As I see it the Scottish system is no different. People view, they offer, offer accepted ... then everybody runs off to do the paperwork before they sign up on a "can't change your mind" basis, same as our exchange.

Is it really any different?

People still pull out in the Scottish system.

It's been a few years since I lived in Scotland, and I believe that things have changed a bit, but the principle is still that the offer is placed through your solicitor and is only made when satisfied that everything is as it should be. "Exchange" is generally much, much earlier in the process.

Tiger_greeneyes

PasturesNew wrote: »

No - and I've never seen anybody explain it, but I HAVE seen a lot of people here who have had people pull out, or who want to pull out in Scotland.

No idea how it works, at all.

OIC, just wondered because you said "As I see it the Scottish system is no different." I assumed from that that you knew how it worked. Basically speaking, it stops the majority of people being messed about unnecessarily. Some transactions just cannot be saved (ie my husband was made redundant a day or so before we exchanged contracts so the mortgage lender withdrew the funds and we had to pull out) but it stops people from trying to change purchase prices etc.