sellers wont to back out after exchanging contract

lucylucky

slimme1 wrote: »

hi
update
i am lost for words i have just got off the phone from the vendors.
she said that her brother now wants to buy house and he will give more money.
they have exchange contracts on the house that they are buying
i have told her that a am going to talk to someone on tuesday about this i said would you like your vendors to pull out she said there are plentey houses for sale .
:(:(:(

Make sure you relate this conversation to your solicitor.

Then set him (or her) loose on them.

clutton_2

DONT talk to the vendors again.. just say politely that the solicitors will be sorting things out and you think its best if you leave it with them and say goodbye. You will only get wound up and they are trying to manipulate you through emotion.. let your solicitor deal with it tomorrow.....


""they have exchange contracts on the house that they are buying "" - if this means they have exchanged on TWO houses.. they will soon see how much financial trouble they are in..... OUCH

if the brother has the money - let them buy it and then the brother can buy it off them....

did you read Welshwoofs thread ? its astonishingly useful for you .... it will show you what a good legal position you are in.... and it will help you not get so stressed.....

bw

nembot

It depends entirely on the contract you have with your estate agent, for example I pulled out just a few days before completion on a no sale, no fee basis (Halifax).

If you lived in Scotland, things would be completely different.

pimento

nembot wrote: »

It depends entirely on the contract you have with your estate agent, for example I pulled out just a few days before completion on a no sale, no fee basis (Halifax).

The Estate Agent's fees will be the least of the vendor's problems.

nembot: What did your buyer say when you pulled out of the sale just before completion?

slimme1

hi:mad:
i told her that we will take them to court and do wote ever it takes
i told her to read this forum.
she said that they will refuse to sell to us.
i just can not beleive this is happening we were went to be moving in on thursday
we have lost so much intrest on our savings cashing in early.
hope they read forum and change there minds:(:(:(

Rainmaker_uk

slimme1 wrote: »

hi:mad:
i told her that we will take them to court and do wote ever it takes
i told her to read this forum.
she said that they will refuse to sell to us.
i just can not beleive this is happening we were went to be moving in on thursday
we have lost so much intrest on our savings cashing in early.
hope they read forum and change there minds:(:(:(

Pushing them towards the forum is not going to do anything for you and makes you appear weak.

Get your solicitor to earn his crust!

Chinkle

I know it must be terribly frustrating sitting round today with this hanging over you.

Get on the phone at 9.00 am tomorrow and tell your solicitor and let them deal with it. Do not speak to the vendor again. Their solicitor will probably put them in the picture damn quickly on what a serious trouble they are in if they don't complete. Especially as they have exchanged on their purchase too. It's just too late for them to do this.

At the very least they will have to pay you the 10% deposit, costs per day beyond the day they fail to complete, legal costs and any extra costs you occur in purchasing something else. They will also be liable for costs to their vendors for not completing on their purchase. The brother in question would have had to offer such a huge amount more to make this financially viable for them.

Please try not to worry, unless you have very ignorant, head in the sand vendors like Welshwoofs had, I'm sure by the end of tomorrow the vendors will know, that like it or not, they have to go through with this transaction.

Wickedkitten

slimme1 wrote: »

hi:mad:
i told her that we will take them to court and do wote ever it takes
i told her to read this forum.
she said that they will refuse to sell to us.
i just can not beleive this is happening we were went to be moving in on thursday
we have lost so much intrest on our savings cashing in early.
hope they read forum and change there minds:(:(:(

I know that you are annoyed (I think anyone would be) but your vendors are idiots who don't know the ramifications of what they are trying to do

PS I wouldn't worry too much about the interest on your savings because you will end up more than likely getting a lot more off them if they do carry through with this, than you would have in interest. :T

nembot

pimento wrote: »

The Estate Agent's fees will be the least of the vendor's problems.

nembot: What did your buyer say when you pulled out of the sale just before completion?

The solicitor didn't get paid either, the contract as I said was no sale, no fee - this encompassed everyone involved, not just the EA.

I pulled out of the sale after repeated gazundering, payback was extra sweet when I took on the tenants the buyer had lined up and to be perfectly honest, I'd do exactly the same thing today, under similar circumstances.

What the buyer had to say was irrelevant

haras_nosirrah

nembot wrote: »

The solicitor didn't get paid either, the contract as I said was no sale, no fee - this encompassed everyone involved, not just the EA.

I pulled out of the sale after repeated gazundering, payback was extra sweet when I took on the tenants the buyer had lined up and to be perfectly honest, I'd do exactly the same thing today, under similar circumstances.

What the buyer had to say was irrelevant

But the key difference here is that you didn't exchange contracts therefore were not committed to the sale. The sellers here are committed and will be sued if they pull out.