Change of heart re:selling

leafton

Could anyone let me know how we stand if we take our house off the market? We sold it within 5 days and have been searching for 3 weeks for a new house, but cannot find anything suitable. If we are going to pull out, we would rather do it before our buyer has incurred too much expense and time. If we pull out, will we be liable for EA fees as they found us a buyer?
Many thanks

Gorgeous_George

Unfortunately not.



GG

leafton

Thanks for your speedy reply. Much appreciated. Why the 'unfortunately'? Are you an estate agent? Sorry, not a regular on this board.

Debt_Free_Chick

Why not speak to your buyer and see what their timescales are? Easter is "soon" (early April) and you can bet that the market will be flooded with new properties then. You just might find something suitable and your buyers might be happy to wait (for what is only) a few weeks

Debt_Free_Chick

leafton wrote:

If we pull out, will we be liable for EA fees as they found us a buyer?

Check the contract/T&Cs but I'd be amazed if you liable for EA fees, unless the sale actually completes.

Otherwise, you'd have to pay the EA fees every time you had an offer :eek:

leafton

Thank you. I think we will leave it until the end of next week before having that conversation. I really hope it does pick up soon.

SkintMonkey

Have you considered renting somewhere? You could put your stuff in to storage and rent somewhere pretty small (or stay with friends/family) until you find somewhere.

leafton

You must be psychic- we are discussing that right now!

leafton

By the way, what do you think the chances are of houses dramatically reducing in price after we have sold ours and gone into rented accomodation?! We are currently thinking about which relatives would like all 5 of us to stay!

t_hamill

Sorry to be the bearer of bad news but you are certainly liable for EA's fees. If you read your contract there will be a clause that states in effect they are to be paid if they introduce a buyer willing to proceed with purchase. If thay hadn't found a potential buyer you would only be liable for advertising fees, probably around £150.

dinosaur1234

Hi leafton

a word of caution about renting /moving out - we sold our property in May 2006 (subject to contract) and through no fault of our own two purchases have both fallen through and we have still not yet moved (both times the vendors changed their minds about moving) .

This has caused us lots of expense in terms of solicitors and surveys etc - however if we had moved out and been renting we would have incurred rent from June until now , plus likely storage fees, and also not been able to save money or benefit from our propoerty appreciating in value as the local market has continued to do.

As it is our flat has gone up in value and we are now in a very horrible situation of having to have a difficult conversation with a lovely lady who is buying our flat as the prices of the properties we are looking at have gone up so much and we are getting to the point of not being able to afford to move into the property we want and were looking at originally

and re moving in with relatives whilst this would be great to not have a mortgage for a while you cannot guarantee how long it will take to move - i hope that you dont have any experiences like we have and hope that ours are just unusual but it s worth bearing in mind as it does happen

Good luck with everything and I hope your dream place comes up soon