Pulling out of house purchases at the last minute

Willsnarf1983

bmunky7 wrote: »

We Scots are more [STRIKE]canny[/STRIKE]tight!;)

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Will

dopester

edgex wrote: »

i bet their estate agent isnt too happy about it either, their commission has just disappeared

Not necessarily. The vendors may be able to shaft the buyer at the last moment and get away with it (let's hope their area crashes hard during the next 6-12 months) but they may still have to pay up to the EA.

The agreement between an estate agent and a vendor might include one or more of the following terms:

• 'Ready willing and able purchaser' - if the estate agent finds a buyer who will buy the property and exchange unconditional contracts, the vendor must pay the commission even if they do not proceed with the sale

Patchio123

The problem is if they do the survey before they put the house on the market, I can imagine mortgage companies still wanting to do there own. My solicitor was saying that some mortgage companies won't accept the searches done with the hipp if the hipp had been done some time ago.

I know when I've had sales fall through theres always been something more suitable round the corner, I'm sure it'll be the same for you. Personally I think they've been very stupid :meh:

ernie-money

dopester wrote: »

Not necessarily. The vendors may be able to shaft the buyer at the last moment and get away with it (let's hope their area crashes hard during the next 6-12 months) but they may still have to pay up to the EA.

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Unfortunately I don't think so - the EA sounded pretty miffed about paying out for marketing the property and getting nothing out of it - doesn't make me feel any better though...