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How to pull out of a sale.
SinkingFast
Posts: 81 Forumite
Hi
We accepted an offer 3 weeks ago on our property. After some changes in our circumstances we are seriously considering withdrawing from the sale.
At this point no survey has been done and only solicitors have been instructed.
What is the norm practice for withdrawing from a sale at this stage? I also assume it would be appropriate to cover any costs that the buyer has had to incur since we accepted their offer?
Any thoughts appreciated, thanks.
We accepted an offer 3 weeks ago on our property. After some changes in our circumstances we are seriously considering withdrawing from the sale.
At this point no survey has been done and only solicitors have been instructed.
What is the norm practice for withdrawing from a sale at this stage? I also assume it would be appropriate to cover any costs that the buyer has had to incur since we accepted their offer?
Any thoughts appreciated, thanks.
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Comments
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SinkingFast wrote: »Hi
We accepted an offer 3 weeks ago on our property. After some changes in our circumstances we are seriously considering withdrawing from the sale.
At this point no survey has been done and only solicitors have been instructed.
What is the norm practice for withdrawing from a sale at this stage? I also assume it would be appropriate to cover any costs that the buyer has had to incur since we accepted their offer?
Any thoughts appreciated, thanks.
While it might be nice to cover costs, you are under no obligation to do so and most sellers who pull out wouldn't. I certainly wouldn't. The "buyers" haven't lost so much as they haven't shown the commitment by paying out and getting the survey done either but even if they had again you can withdraw without penalty at any time before exchange of contracts. No one likes it but it happens all the time.0 -
Patr - thanks for your reply. It is not a position we would ever have wanted to be in but find ourselves in it!0
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Normally people wouldn't.
If you have the cash spare then you could offer.
If no survey has been done - get onto them quick... if they're slow organising things they might not have incurred costs.0 -
No obligation, just do it quick.
My mate was buying a house and the seller did not inform them. They even let the survey guy into the house and allowed him to carry out the survey knowing full well they were not going to sell.I want to be credit card and loan free by Christmas 20100 -
Debt_Free_Dreamer wrote: »No obligation, just do it quick.
My mate was buying a house and the seller did not inform them. They even let the survey guy into the house and allowed him to carry out the survey knowing full well they were not going to sell.
That is disgraceful behaviour! Thanks for the opinions everyone, it is appreciated.0 -
If the buyer has applied for a mortgage on your property, they may have paid out an application fee already. For instance, Santander wanted £995 from us immediatley as soon as we did the application. The forms we signed stated it was "non refundable". We applied the day after our offer was accepted as well.
If your buyer did apply for a mortgage, then I hope they didn't pay out like we did and were able to add the fees to the mortgage!0 -
They are cash buyers..0
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