Decided not to sell

Jewel_2

Long story cut short. Had an offer which we accepted, of £300,000 (and I think we signed a form, although don't think sent back to solicitor).

Full structural survey the revealed 'minor' problems, did a comparison against a load of silly things (even the buyer agrees), and knocked the value down to £270,000. We didn't accept, and then buyer offered us £290,000 (so still £10,000 below what we agreed). We said no (irrespective of anything, we cannot afford to move if less than £300,000) Buyer came back for another viewing today to reconsider, so awaiting their comments.

The thing is, because of all of this, we have now reconsidered. We have weighed things up and decided that it is probably best not to move - we've had enough.

The solicitor has obviously done some bits and pieces (solicitor we had via estate agents), and the estate agents obviously did some work (although they promised to do a report back to valuers as estate agents think it is worth £300,00, trying to get them to reconsider the valuation,and I don't think they have done this).

Do we owe anyone any money if we pull out?

chickmug

Solicitor - unless a 'No Sale No Fee' deal you will owe them. Even with a 'No Sale No Fee' deal it may only be if the other party pulls out.

EA - If you take off market you need to read the terms very very carefully as some do have withdrawel fees, or some have commission expectations if they get a 'sale agreed' and you pull out. On this latter point of 'sale agreed' it it usually only once a sale had been agreed by you and the papework has been issued by the agent.

Jewel_2

Oh, better read the small print. On the latter point about sale agreed, it was agreed before the structural survey (although I don't think anything was signed, so I think only verbally), so would the Estate Agents have even drawn up the relevant paperwork yet, do you think?

At the moment they haven't come back to us offering the agreed price again, so would it be best to pull out now or are we too late?

Cookhamite

I think you should keep your nerve and hold out for £300k. The buyer obviously likes it (as they keep coming back) which is a good sign.
If they offer the full amount previously agreed would you still not want to go through with it?

chickmug

When you agree to sell, at whatever price, the EA should send letters to you, the other party and both solicitors. Included with the letter should be a Memorandum of Sale - a document that has conatact details for all parties, the price agreed and such.

The EA will deal with your 'agreeing to sell' verbally and there is no need for them to get anything signed, from you, in confirmation of this figure/deal.

Many EA's I know would not charge anything but some a nominal charge to relect their costs BUT some will try it on?

Jewel_2

No :o:eek: we want to stay.

Our financial circumstances are about to change and it would now be silly to sell, we think.

(sorry, that was in answer to #4)

Jewel_2

chickmug wrote: »

When you agree to sell, at whatever price, the EA should send letters to you, the other party and both solicitors. Included with the letter should be a Memorandum of Sale - a document that has conatact details for all parties, the price agreed and such.

The EA will deal with your 'agreeing to sell' verbally and there is no need for them to get anything signed, from you, in confirmation of this figure/deal.

Many EA's I know would not charge anything but some a nominal charge to relect their costs BUT some will try it on?

Yes, we did get a memorandum of sale, and this was before the structural survey, when everything started changing. The estate agent was meant to submit a report to the valuer trying to get it revalued, but I don't think he did this.

chickmug

Jewel wrote: »

Yes, we did get a memorandum of sale, and this was before the structural survey, when everything started changing. The estate agent was meant to submit a report to the valuer trying to get it revalued, but I don't think he did this.

Go and get a cuppa and read the contract otherwise you may lose sleep??? And I will keep my fingers crossed for you. It is a National EA? Do they seem OK people?

The issue of the paperwork was always the critcial point when agents were trying to justify certain charges under their terms.

lellow_lorry

jewel, your solicitors fees should be no more than £300 at the moment. As for the agents fees, the fact that they came back with offers of £270k/£290k is not what initially agreed, so effectively the EA cannot pursue his commision as as it stands. I bet the EA willl push and may try to get recompense but the fact it was a break in the initial condition of sale by changing the offer makes it easier for you to withdraw. Check your contract first...let your solicitor see it and explain your position they will be able to advise....might cost you £50 more on solicitor fees but better than possibly a 6 grand commision...good luck

Jewel_2

chickmug wrote: »

Go and get a cuppa and read the contract otherwise you may lose sleep??? And I will keep my fingers crossed for you. It is a National EA? Do they seem OK people?

The issue of the paperwork was always the critcial point when agents were trying to justify certain charges under their terms.

OK, thank you. It is a national chain and I know them very well and they are nice people and OMG I will be the talk of the village!

chickmug

Jewel wrote: »

OK, thank you. It is a national chain and I know them very well and they are nice people and OMG I will be the talk of the village!

What is the agreed figure on the memo of sale? And is it subject to anything on your side or the other side?

Oh and what waas the asking price that you had the offer of £300,000?