buyer pulled out, i'm now out of pocket

mk1Karl

Hi all, this is my first post here so please be gentle

typical story, found a house that a wanted to buy (wasn't looking to move but it was one of those "its the one for me" houses), i put in an offer which was accepted, put my house on the market and all was looking good.
within 2 weeks i had a decent offer on mine (all first time buyer houses round here getting bought on the cheap and rented out, but the buyer wanted to live near his family who are 3 streets away),

he paid his search fees from the mortgage provider and had all the searches done with the solicitor as did i for the house i was going for.

from here everything kinda stopped, the buyer "apparently" couldn't prove his income so was being refused a mortgage so my house sale fell through.
this dragged on for a couple of months so the house i wanted went back on the market and then sold within a few weeks.

i'm now in a position where i am just under a grand out of pocket and have lost out on the house that was perfect for me.

has anyone else been in this situation? and have they got any money back from the "buyer" due to being out of pocket?

at the moment i'm beyond angry, i feel like i have been truly screwed over.

Karl

InkZ

Don't think there's a lot you can do I'm afraid. Just add it to the cost of selling and put it behind you

mk1Karl

i will be taking my house off the market this weekend, im going to pop up to the estate agents after work on saturday to see what they have to say.
im going to find it very difficult to stomach losing that money!, my car cost less than that!

Karl

hcb42

Happens a lot, had it a few times over the years, annoying, but no point stewing on it..

foxwales

It is not your house buyers fault that your purchase fell through. When you enter into a chain, this can happen. The vendors of the home you were buying placed their house back on the Market because you the purchaser were reliant on your home being purchased, you should have places your house back on the Market or kept it on the Market until a mortgage offer was approved, as without this can result in a whole chain or part of collapsing.

Until the exchange of contracts, neither party is legally bound to follow through on the sale or purchase, it is only after this point recompense can be sought with sufficient legal grounds.

hcb42

mk1Karl wrote: »

i will be taking my house off the market this weekend, im going to pop up to the estate agents after work on saturday to see what they have to say.
im going to find it very difficult to stomach losing that money!, my car cost less than that!

Karl

If you do that, and then see another house, you are on the back foot again.....you cannot put an offer in (and be taken seriously) until you are in a good position yourself, so if you see another house you like, and have to do the whole rigmarole again, there is still risk the same can happen.

ILW

hcb42 wrote: »

If you do that, and then see another house, you are on the back foot again.....you cannot put an offer in (and be taken seriously) until you are in a good position yourself, so if you see another house you like, and have to do the whole rigmarole again, there is still risk the same can happen.

Thats the way it works, just move on and put it down to experience.

mk1Karl

i kinda knew the outcome before asking on here really, just needed to vent a little.

this would have been the first time in a chain for me, the house im in now is the first place i ever bought and wasnt through an estate agent

mk1Karl

i wont be moving now, was only willing to move for that particular house.

hcb42

It's why it is up there on the top ten of stressful events in your life, - buying and selling!! Everytime I do it, i swear I will never do it again. But I am going to do it again -one more time.

mk1Karl

it was my dream house though, in a really nice area with views to die for and about 20% cheaper than the going rate in the street as it needed lots of work, i got myself all exited about the project though, would have kept me busy over the summer.

im going to look back at that one as "it should be mine",
i was told moving would be stressful but had no idea just trying to move would turn me into "that bloke you avoid!".

Karl