Seller backing off after accepting an offer

G_M

LOLAF wrote: »

Hi there,

......
Since the offer was accepted we made various arrangements relating to moving out of our rental property, instructing a lawyer, applying for a mortgage etc.
......
I understand that until an exchange is made we do not have a legally binding contract.Correct
However, surely there is something that can be done. No....
We even called the seller today who basically told us that this is the system and she is doing us a favor by talking to us as she does not need to explain herself.Correct.
Is there a suitable place to complain and/or a forum with names of this type of sellers to warn other buyers in the future? Never heard of one.

BTW - is the fact that we have an email from the agent congratulating us on securing the property can be considered as a written agreement?No[/QUOTE]

Most contracts can be either written or verbal. However some (property, Consumer credit, copyright transfer) MUST be written:

Requirements for a Valid Contract for the Sale of Land

Contracts for the sale of land must be in writing. This is a vital difference between contracts for the sale of land and most other types of contracts - which may be verbal, written or a combination of the two.

The contract must also include all the agreed terms. The terms may be in another document which the contract refers to but if this is done there is a risk that the term will not have been sufficiently included in the contract. If an agreed term is left out of the written contract the whole document could be rendered invalid.
The contract should contain the names and addresses of both the buyer and the seller, the date of the contract (which will be the date on which contracts are formally exchanged rather than the date on which the contract is prepared or agreed) and the date when completion is due to take place. If fixtures and fittings are to be included in the sale this should be referred to in the contract and a list may be attached specifying exactly which fixtures and fittings are included.

myhouse_2

catfish50 wrote: »

LOLAF wrote: »

If 1.8% was significant enough for you to be unwilling to meet the asking price, why are you surprised that they considered it significant enough to accept the higher offer? Next time (my suggestion), if you want the house and are able to meet the asking price, do so and save yourself grief.

Your comment makes no sense - so buyers are now supposed to just accept whatever the seller wants to ask?
Given that sales are going through at 91% of asking on average, I'd say the buyer put in a very reasonable offer.
Think before you type.

mufi

myhouse wrote: »

Your comment makes no sense - so buyers are now supposed to just accept whatever the seller wants to ask?

Yup, if they want the property enough. 'twas ever thus...

catfish50

myhouse wrote: »

Your comment makes no sense - so buyers are now supposed to just accept whatever the seller wants to ask?

Sensible buyers (in my opinion) will offer what they're willing to pay for a property, rather than risk losing it by playing around with lower offers.

Given that sales are going through at 91% of asking on average, I'd say the buyer put in a very reasonable offer.

That thought must be their comfort, now that they've lost to a rival buyer who offered the asking price.

Think before you type.

Innit.

LOLAF

mufi wrote: »

Yup, if they want the property enough. 'twas ever thus...

Well - I am quite astonished how some of you take the seller's side without even knowing the full story. Why do you think I did something wrong?

The flat was not officially on the market - only 3 buyers saw it and the seller agreed that if we pay an X amount (which is 1.8% below asking price) we will get the property as she will save all the brochure and marketing costs and will pay a reduced fee to the agent.

Secondly - we did not lose the property during negotiations. SHE ACCEPTED OUR OFFER!!!!

She basically written us off and used us as a cushion/fall back position to secure a better deal. Do you actually think this is normal to act in bad faith?

catfish50

LOLAF wrote: »

Well - I am quite astonished how some of you take the seller's side without even knowing the full story. Why do you think I did something wrong?

Perhaps because you're upset you're reading into comments what isn't there. I haven't seen anyone taking the seller's side, or accusing you of doing anything "wrong". If you want to know what posters think about a situation, you have to tell the full story. People can't comment on what they don't know about.

The flat was not officially on the market - only 3 buyers saw it and the seller agreed that if we pay an X amount (which is 1.8% below asking price) we will get the property as she will save all the brochure and marketing costs and will pay a reduced fee to the agent.

Second of all - when she accepted the higher bid she did not even give us a chance to match! She basically written us off and used us as a cushion/fall back position to secure a better deal.

Sounds like they never meant to sell it to you at all. As you say, you were being used -- not as a fallback but to bounce the other buyer into agreeing to pay the asking price.

Do you actually think this is normal to act in bad faith?

Happens a lot, so you can hardly call it abnormal. Nice, it's not.

rinkydinkpanther

My sympathies. However, in future, do not assume anything until contracts are exchanged. I should have moved this weekend, my vendor decided last week not to sell, four months after accepting our offer and after we've spent almost 2k on surveys, solicitors etc. Nothing you can do about it.

catfish50

LOLAF wrote: »

Since the offer was accepted we made various arrangements relating to moving out of our rental property

This might be a good time to think about making arrangements with your landlord about giving notice in the future, when you've found a new place to buy. If the notice period is two months, that can be awkward, because it's not really safe to give notice until you've exchanged contracts, especially as by then you'll have the baby. Might your LL consider letting you go down to a month's notice? You may have to factor a month's lost rent into your moving costs. Worth it, if you can afford it, for peace of mind.

Marvel1

Sellers and buyers can back out when nothing is signed without a penalty, it's the risk when buying/selling.

LOLAF

rinkydinkpanther wrote: »

My sympathies. However, in future, do not assume anything until contracts are exchanged. I should have moved this weekend, my vendor decided last week not to sell, four months after accepting our offer and after we've spent almost 2k on surveys, solicitors etc. Nothing you can do about it.

This is just crazy that people are allowed to behave like that! I am so sorry for you.
I hope you signed a deposit contract and at least can recover your costs...