Vendor pulls house day before completion

pigeonpie

No advice (other than make voodoo doll of vendor and stick pins in it) but just wanted to say I'm so sorry.
When are they going to make signed contracts binding on both parties earlier in the day so as to avoid such stress and disappointment?!
Hope you find something else soon that you like even more.

regularsaver1

so had you actually exchanged?

cuffie

Sounds like it was exchange meant to be happening today - not completion....
Why is our system like this? I think anyone putting in an offer on a house should be made to pay at deposit (say £500 - deducted from the sale at the end). If contracts not exchanged, then that £500 should go to the vendor, or if like in this case, the seller pulls out then the £500 should go backwards down the chain. At least that would cover some costs and stop people putting in offers they can't sustain (as happened to me last week). xx

aloiseb

We are supposed to be exchanging this week....Ohmygoodness this is not encouraging reading....! We too are in a campsite situation, having decided to cling onto our buyers and let them in before our mortgage offer came through. If our vendor decides to pull, we are in BIG trouble....

cuffie

Oh goodness...a dodgy move! Fingers crossed all goes ok for you...xx

madfrenchgirl

hey aloiseb, welcome to the club of the campsiters!

Bossyboots

cuffie wrote:

Have you exchanged?
sorry - posted to late - all you quick bods out there!!!
If you have exchanged, you get your buyers deposit.

No you don't. Your buyer only loses their deposit if they fail to complete. If the chain higher up collapses the deposits down the chain have to be refunded with the potential for each person in that part of the chain to have a claim for failing to complete and consequential losses made against them.

In this case, it is the seller at the top of the chain who has pulled out so the deposit he received would go back to the buyer and so on to the bottom of the chain.

However, it sounds as though this was going to be a same day exchange and completion so there is no comeback.

Aine9

Sadly you may lose financially - but on the other hand you may not.

Spend time contacting every single agent to find out if they have someone on their books who is desperate to move asap and within weeks this could be forgotten.

It happen to me years ago but within three weeks it was over as we found someone else and even were financially better off by 3K.

Even though it may feel like it, it's not the end of the world - something better will be around the corner.

Aine

missk_ensington

It sounds like you've been gazumped at the 11th hour, you will probably get the propertyv if you up the price but its whether you're prepared to do that.

Emmzi

reported for link in sig.

Aine9 wrote:

Sadly you may lose financially - but on the other hand you may not.