Seller pulled out

kitegirl

Help..

i'm a first time buyer story goes like this.

Myself and a friend decided to buy together - house nearby went on market for £275k, we put in offer in 2nd week of december and got accepted. We had the survey completed before xmas weeks as he wanted to exchange asap, and were set to exchange This week.

On Monday he calls the agents saying he's backing down as he wants more money. Today he says he's apparently now had 2 independant surveys and an agents valuation, and has said he now wants £300k or the deals off as of next week.


we had it surveyed at £275k (which we would i guess) but the house needs approx 20k of work, redecorating, new kitchen, new bathrooms, new windows new heating etc...and the highest price on the land registry one in the area has ever sold for is £298, and it was pristine (used to live next door to it).

Just really annoys me that at the last hour he can pull out wasting 6 weeks of my time when i've done nothing but try and get this through as quickly as he wanted, and pouring 2/3 thousand pounds down the drain, and now he's messing us about.

Why do people do it? why is it even legal? in Africa its illegal for goodness sakes and that's a 3rd world country...

I'm stuck now - i've just got to back off as i don't see how it is worth 25 thousand more.

zipwen1

ask to see his independent surveys. if he wasn't happy with the first agents valuation i dont understand why he marketed it at that price. id pay what i thought it was worth and no more. there is some kind of insurance you can take out to protect you from this happening so you dont loose the costs of surveys , searches, but i think you need to take it out in the beginning. if he dose pull out you may be able to sell your searches and survey on to the next person who makes an offer to recoup some of your loss not sure about this though but someone else im sure will know. dont think its all over yet though tell him you haven't got 300 he may just be trying it on to get more money from you

and totally agree with you on the why is it legal thing i think we should be more like Scotland that way when an offer is accepted thats it no price mess around. the only thing id change is that i think all home owners should have a survey done themselves, that way you wont be shelling out thousands on surveys when you dont even know if you will end up buying it.

barnaby-bear

kitegirl wrote:

Help..
Why do people do it? why is it even legal? in Africa its illegal for goodness sakes and that's a 3rd world country...

Errr Africa is a continent dear, containing many countries.

kitegirl

i realise that dear - it's been a long day..

fbrj

kitegirl wrote:

On Monday he calls the agents saying he's backing down as he wants more money. Today he says he's apparently now had 2 independant surveys and an agents valuation, and has said he now wants £300k or the deals off as of next week.


quote]

If I understand your post correctly - you offered the full asking price? That figure was presumably based on something by the vendor (agent?) and he was happy to have the property marketed at that figure. Obviously it all depends on how much you really, really want this particular property - and whether the vendor has had other offers higher than yours. Remember though, you are in a position of strength (no chain behind you etc) and assuming your mortgage is in place and all agreed you are effectively a cash buyer.

I would be very tempted to tell the agent (and vendor), and assuming you are 100% ready to exchange on your side that, unless exchange is effected by (say) close of play on Monday - your offer will be withdrawn. Remember, unless the agent has another buyer lined up...his commission is at risk....so they won't be pleased to see you withdrawing and hopefully will be telling their client to stop effing about!

Good luck!!

rrwfotr

Does any one know if you cold take a seller that pulls out at the last minute which impacts on yourself i.e. fees etc to the small clams court? Has any one ever used this method to re claim costs?

zipwen1

rrwfotr wrote:

Does any one know if you cold take a seller that pulls out at the last minute which impacts on yourself i.e. fees etc to the small clams court? Has any one ever used this method to re claim costs?

dont think you can and if you could millions of people would have done it by now. people pull out of sales all the time the only way you could get any compensation is if they do it after exchange of contracts its not fair but thats it there is nothing you can do im affraid.
have you told the seller you cant go to 300, and if yes has he now pulled out, or is he waiting till next week.

advent1122

rrwfotr wrote:

Does any one know if you cold take a seller that pulls out at the last minute which impacts on yourself i.e. fees etc to the small clams court? Has any one ever used this method to re claim costs?

No you cant.
He can change his mind right up to the last minute.
Never aim to complete when a woman is due her monthly's, she will start crying and tell her husband he no longer loves her and she dont want to sell the house because Little Johnny's height chart is marked on the wall for the last 13 years and how everyone hates her because she has fat thighs.

scorpio_princess

advent1122 wrote:

No you cant.
He can change his mind right up to the last minute.
Never aim to complete when a woman is due her monthly's, she will start crying and tell her husband he no longer loves her and she dont want to sell the house because Little Johnny's height chart is marked on the wall for the last 13 years and how everyone hates her because she has fat thighs.

????????? What a strange post! And not really relevant to the OP's problem!

To the OP - your vendor sounds like a proper greedy so-and-so. I reckon he's yanking your chain to get you to part with more money. Unless he's really, really sure he can get a new buyer for the higher amount, he'd be a complete fool to back out now. I'm sure the EA will do everything they can to deter him from doing this - like another poster said, they'll want their commission after all!

It's really beyond me how some people sleep at night - I just couldn't live with myself if I treated people with as much disdain as this guy has.

Good luck - I hope you get it sorted.

gelato_cat

So can the buyer...

Suze

advent1122 wrote:

He can change his mind right up to the last minute.

gelato_cat

Greed. I personally wouldn't pay the extra - he's probably calling your bluff. if he thinks he can find someone else who will give him £300k then good luck to him!

Suze

kitegirl wrote:

Why do people do it?