deposit down on a house without doing any searches?

hotwheels

we've just been gazumped a week before exchange. the seller has sold to another buyer with another agent as he didnt like the agent he first choose. our searches have only just come through and they took 4 weeks as there's a back log. now i know the seller put the house back on the market 2 weeks ago with another agent , and now his solicitor says that the other buyers have paid a deposit.
do people actually pay a deposit without the searches? and could they get their money back if there was something untoward?

bluebell2014

You cant buy a house without doing searches. You can buy a house without doing a survey but only if you're a cash buyer. But I wouldnt personally recommend it.
If you have bad search results, yes you can withdraw and keep your deposit as long as contracts have not been exchanged.

Kynthia

bluebell2014 wrote: »

You cant buy a house without doing searches. You can buy a house without doing a survey but only if you're a cash buyer. But I wouldnt personally recommend it.
If you have bad search results, yes you can withdraw and keep your deposit as long as contracts have not been exchanged.

Are you sure about that? Surely a cash buyer can choose not to have them?

AnnieO1234

A cash buyer can take whatever risks they so choose, it is only lenders who stipulate search requirements.

X

MobileSaver

bluebell2014 wrote: »

You cant buy a house without doing searches.

Sorry, this is simply wrong.

It's entirely up to the buyer whether they do searches or surveys and whether they want to risk their own money by not doing so.

Of course if a buyer needs to also use someone else's money (e.g. a mortgage) to buy a house then that third party may have their own stipulations on whether searches are necessary.

hotwheels

oh dear looks like they can do this then. so we've lost the house and nearly 3k. cant believe people sometimes they've screwed us over big time. the seller only live down the street from us. he'll be getting a knock on he door

MadelinesMum

Oh dear, I feel for you. It looks like they immediately paid a deposit to ensure no-one else (you) could offer more. It's very underhand:(

hotwheels

yes . and whats even more unbelievable , si that the seller told his solicitors that her didnt want to sell to us but to another buyer and for 3 weeks the solicitor didnt tell our solicitor. if they had told us 3 weeks ago we still would have been on our old interest only mortgage now we have a repayment and we have to pay the extra with no extra money coming in from the rent of the new house. i cant believe a solicitor has behaved like this . they were very rude to my solicitors too. i wonder if i could report them for something. i'll ask mine in them morning unless it costs me more money find out, costs are already up to nearly £1k

mrginge

hotwheels wrote: »

oh dear looks like they can do this then. so we've lost the house and nearly 3k. cant believe people sometimes they've screwed us over big time. the seller only live down the street from us. he'll be getting a knock on he door

Why have you lost 3K?

hotwheels

two lots of mortgage application fees and solicitor fees

eddddy

hotwheels wrote: »

we've just been gazumped a week before exchange. the seller has sold to another buyer with another agent as he didnt like the agent he first choose. our searches have only just come through and they took 4 weeks as there's a back log. now i know the seller put the house back on the market 2 weeks ago with another agent , and now his solicitor says that the other buyers have paid a deposit.
do people actually pay a deposit without the searches? and could they get their money back if there was something untoward?

It probably doesn't help you, but 'paying a deposit' doesn't necessarily mean they've exchanged contracts. (The deposit may be part of a 'lock-out' agreement, or just a deposit to have the house taken off the market.)

The new buyer may still need to get searches, apply for a mortgage etc. So there could be a possibility that the sale doesn't happen.

But given that it seems the seller has 'fallen out' with the original EA, it will be difficult for you to find out what's really happened - unless perhaps you approach the vendor direct and ask them.

(And realistically, you almost certainly have no grounds for claiming costs back from anyone.)