A year ago...

Made_Without

A year ago this week marks the start of my attempt to buy property.
And just like today, I don't really understand why estate agents are closed on the bank holiday (before someone starts having a go - yes I do think hey deserve holiday too) but I would have thought long weekends are the prime time for people to start property hunting and even look into putting things on the market.

So on the one year anniversary... I have had three offers accepted and all purchases fall through nearing the point of exchange.
Property 1 - I got gazumped by a higher offer being made
Property 2 - the seller decided they didnt like the place they were going to buy (and asked for more money- so that she could move into rental, as she was no longer buying)
Property 3 - the vendor pulled out the day before exchange as he broke up with his girlfriend (who he had already moved in with in her place).

Just feeling very low at the moment. Nothing achieved and a lot of money wasted on surveys, searches, solicitors fees. I feel like I will never find a place and even when I do, will never get to completion

C*F

pawpurrs

You will get there, and when you do it will be worth it, maybe the really right house hasnt come along yet. Not been easy so far, and you have my symphaties, house buying system GRRRRRR

On the subject of EA they are all open round here on most BH Mondays, with skeleton staff, as there are no soliceters to chase so not as many staff required as its just to man the phones and do viewings, some of the smaller village offices close but their phones are redirected to the larger town offices.

jonewer

Its ridiculous isnt it?

We had one sale fall through earlier this year when the vendors simply changed their minds about selling.

I think if our second one falls through we will leave the country rather than try and buy again.

You would think the politicians might try and fix this stupid system but I guess they're too busy trousering our taxes to care about what matters to us.

dubsey

My office is closed today, only 2 of the other agents in town are open today (and there are a lot here!) and when I drove past earlier there was only one girl in the office.

We did open on the Easter bank holiday, but it was so quiet they have decided to play each one by ear. I'm sure if this month picks up and gets busy they will open on the next one. We also used to open Sundays, but again, it's not worth the cost at the moment.

I definately think they should change our system, we had a vendor pull out on Friday simply because she forgot how lovely her garden looks when it's in bloom!!! The poor buyer is furious but with our fantastic system, even though they are close to exchange, there is absolutely nothing they can do.

azkaban420

Hi CF, I'm trying to sell, and buy in a different town. House has been on market since end of Oct with plenty of viewings, one offer (which was pulled as they couldn't get a mortgage) and we were hoping to have moved by Sept when DD starts a new school. I count the days/weeks/months when we should/could be in a new house, and the enthusiasm is beginning to wear thin.

Sorry, didn't mean to go on a mini-rant but just wanted to send you some hugs...it WILL happen sometime, we've just got to keep our chin-up till then.

Good luck vibes all around please

Az

jonewer

I increasingly think the system they have in countries like South Africa is far superior.

You do your homework first then decide to make/accept and offer. If an offer is made and accepted then its binding. And tough t!tty if you didnt do your research properly.

Jowo_2

Chocolate*fish wrote: »

I have had three offers accepted and all purchases fall through nearing the point of exchange.
Property 1 - I got gazumped by a higher offer being made
Property 2 - the seller decided they didnt like the place they were going to buy (and asked for more money- so that she could move into rental, as she was no longer buying)
Property 3 - the vendor pulled out the day before exchange as he broke up with his girlfriend (who he had already moved in with in her place).

This is why I prefer the Scottish system of selling where a buyer or seller is penalised if they withdraw from the sale after the offer has been accepted. This prevents the gazumping, gazundering, collapse of chains and the withdrawal of offers that typifies the system in England/Wales. Timewasters are discouraged because their indecision hits them in the wallet.


"Although the basics are the same it is the timing of when the contract becomes legally binding that has led to two different approaches. It is important to understand that there is no second step in the Scottish procedure and that the contract can become legally binding at a relatively early stage, unlike in England where contracts are often exchanged towards the end of the process...Once the offer has been accepted on all points, you have entered into a legally binding arrangement and neither party can withdraw without potentially being held liable for the consequent losses of the other party"
http://www.hastingslegal.co.uk/Legal%20Services/buying.html

trubble

In Portugal you agree to buy. And that's it. But you do the research first - that's a problem as it costs a fair bit for surveys etc.

You then pay 10% non-refundable deposit.
Seller also agrees to stump up 10% back to you if he pulls out.

HIPs are supposed to give upfront info on the property, but as there's now no requirement for the HIP to contain a survey, it's kind of useless. Opportunity wasted.

livalicious

Oh C*F, I really feel for you! We in the middle of a purchase, and would be sooo gutted if it all fell through now, so I can only imagine how u felt going through that 3 times!!!

Dont feel too despondent, hopefully you will find a house that trumps all the other 3 at a price you really happy with. Keep ur chin up and keep looking! You have had alot of hurdles along the way, but once you find your dream home, it will be all the more sweet.

mrsmcfly

It is a total nightmare buying & selling houses.

The last one we lived in took us 2 years loads of viewings. The buyers pulled out as they couldnt sell thier house, then they got alternative funding and we finally exchanged. The house we were going to buy the seller pulled out at the last minute (the same week completion was expected!) as her son was buying it instead. It later came to light that she had done that a few times.

There is a possibilty we will be doing it all again as well :-s But selling in one area and buying in a totally different area of the country.

Made_Without

The system sucks... I feel bad for both sellers and buyers when the other party decides to pull out often with little explanation - or good one at that!

@dubsey - funny yo ushould say that about the vendor pulling out having remembered seeing the 'garden in bloom' - The vendor's mother made a similar comment the time i was over!

It's not only the money, but the time spent searching for a place in the first place and not to mention the emotional buy-in. The 3rd time I tried so hard to stay detached; it was only in the last week when we set a date for exchange that I allowed myself to believe it.

Thanks for all the positive vibes and for all of you buying and selling - wishing you the best (no timewasters please!)

C*F