Pulling out of house purchases at the last minute

tek-monkey

Are you willing to pay more? If not, just walk away. If they come back, they were trying to blag you. If they don't, the house was never going to be yours so forget about it.

If you are willing to pay more, what did the valuation say?

ernie-money

MissMotivation wrote: »

So they haven't changed their minds? They've had a higher offer?

No, they haven't had a higher offer, as I said they've changed their minds.
Gazumping USUALLY happens so that the vendor can accept a higher offer, but the important part is pulling out of a sale at the last minute.

ernie-money

tek-monkey wrote: »

Are you willing to pay more? If not, just walk away. If they come back, they were trying to blag you. If they don't, the house was never going to be yours so forget about it.

If you are willing to pay more, what did the valuation say?

We would definitely have been prepared to pay more, especially at this late stage, but according to the estate agent there was no point in even trying to increase the offer. Apparently they had decided to build a garage and then put it back on the market, so as to get more money for it.

ernie-money

housesitter wrote: »

I'm all for the idea of some body holding a deposit in escrow and the person who pulls out after making a formal offer / accepting it loses their deposit to the other party.

Granted there are times where it is not black and white and offers tend to be subject to survey, however pulling out becasue of a higher offer you should be made to pay the costs of a person who you were quite happy to do business with up until that point.
Greed should have a price tag.

That was exactly what I was trying to get at in the first place! Shouldn't they change the law and put something like that in place..? I know that it's "equal", and that both buyer and vendor has the right to pull out until exchange of contracts, but I just think it's wrong that you can end up spending litterally thousands of pounds and get nothing for it! Why is Scotland so different to the rest of the UK...?

bmunky7

ernie-money wrote: »

Why is Scotland so different to the rest of the UK...?

We Scots are more canny!;)

justjohn

the scottish are not daft enuff too pay over the odds for a house lol

Doozergirl

The Scottish end up having to pay for surveys before they even get an offer accepted. It's hardly perfect. How many surveys do you pay for before you get the house you want?

I don't see how the law can be changed to make it fairer. Hopefully HIPs have prevented some timewasters from coming on to the market as the cost deters them but ultimately you cannot create a binding contract between two people before the buyer can establish that the property is 'secure'. They will have incurred fees as well so withdrawing is not a decision people take lightly. It doesn't make them nice people, that's for sure but I don't see what the solution is. We all pay for our surveys before offering and then potentially lose out on the property to someone else?

If your vendors come on here I shall tell them that building a garage will probably only add about as much value as it costs to build. That's true. Pretty pointless exercise.

ernie-money

Wish I lived in Scotland lol! (Be a long commute to work every day tho!)

ernie-money

Doozergirl wrote: »

The Scottish end up having to pay for surveys before they even get an offer accepted. It's hardly perfect. How many surveys do you pay for before you get the house you want?

I don't see how the law can be changed to make it fairer. Hopefully HIPs have prevented some timewasters from coming on to the market as the cost deters them but ultimately you cannot create a binding contract between two people before the buyer can establish that the property is 'secure'. They will have incurred fees as well so withdrawing is not a decision people take lightly. It doesn't make them nice people, that's for sure but I don't see what the solution is. We all pay for our surveys before offering and then potentially lose out on the property to someone else?

If your vendors come on here I shall tell them that building a garage will probably only add about as much value as it costs to build. That's true. Pretty pointless exercise.

True words, and put that way, maybe there is no way around it, but like I said in the first place, I just wanted to vent my frustration...
I've calmed down a bit now, but I'm still incredibly annoyed about having lost all that money for nothing...

Doozergirl

ernie-money wrote: »

True words, and put that way, maybe there is no way around it, but like I said in the first place, I just wanted to vent my frustration...
I've calmed down a bit now, but I'm still incredibly annoyed about having lost all that money for nothing...

I sympathise. I wish that we could all be treated in the way that we treat others. It's completely unfair that genuine people lose out to people who are really quite ruthless or at the least, thoughtless. People should come with their own ebay style feedback ratings tattoed on, then you can decide whether to take the risk on them or not!

You have to believe in karma, I guess.