Buyer has pulled-out - need advice

hatthewmartley

Hello,

So here's a basic run-down:

- accepted an offer on my apartment
- had my offer on a house accepted around two weeks later
- patiently wait to move in to my (vacant) new house for around six months because my buyer's solicitor was useless
- buyer pulls out out of the blue and the only reasoning we get is "the fees have put her off"

!!!

Seriously?!

Is there anything at all I can do to try and recoup some of the money (thousands, and thousands) I have put in to this? The chain was only three people (I was the middle link) and we have both been waiting patiently for my buyer and her solicitor - and now, because she has changed her mind, I have to start again? I do not have the money to start again. I really can't see how that is right. There must be something I can do.

I would be grateful for any advice at all.

Thanks.

:wall::mad:

TheCyclingProgrammer

It sucks, but there's absolutely nothing you can do to recover your costs unless you had exchanged. All you can do is go back to the buyer and try and convince them to change their mind. Perhaps you could offer a small reduction to keep the chain alive? Or if your vendor is willing to keep waiting, put the house back on the market and hope it sells quickly.

hatthewmartley

Our vendor will not wait and we can't take any less. We sold for pretty much the absolute minimum we could take. How is this system legal?

Guest101

hatthewmartley wrote: »

Our vendor will not wait and we can't take any less. We sold for pretty much the absolute minimum we could take. How is this system legal?

Because you haven't exchanged contracts

anselld

It is legal because that is how the system works unless you are in Scotland.

The lesson learned - if you do get another buyer - is do not plough "thousands and thousands" into your purchase until you get some sense that your buyer is seriously proceeding.

There is no way a buyer with no downward chain should be taking anywhere near six months to get to exchange. Alarm bells should have been ringing months ago and you should have been putting a hold on your own spend until it was sorted out.

BlaEm

If your buyer stuck around with the same "useless" solicitor for 6 months, they are the useless ones!

What possible "fees" could there be, that they wouldn't have known about from the start? It's unfortunate but it seems like you've been taken for a ride.

You shouldn't trust that a buyer is serious until they start acting like it and spend money on their purchase - and as anselld says, you shouldn't spend money on your own purchase until you're confident your buyer is serious.

You say your vendor will not wait - however how is having to wait for you to find a new buyer any different to them starting all over again elsewhere?

Other things to note:
- Your estate agent fees - possibly these are no sale, no fee?
- Your solicitor's fees - again, some are no sale/purchase no fee, so check!
- Searches - you can offer to sell to your vendors' new buyers, if they are still in date. Possibly the same for any survey.
- Mortgage arrangement fee - should be able to transfer mortgage to a new property (within a certain time limit).

Not sure what else could make up the thousands and thousands you mention?

hatthewmartley

How do I put a hold on estate agent fees exactly?

hatthewmartley

Thanks, BlaEm. You make some good points.

anselld

hatthewmartley wrote: »

How do I put a hold on estate agent fees exactly?

Normally the fee is only due if the EA finds a buyer willing and able to proceed (or similar wording). No fees should be due if the buyer pulls out prior to exchange.

If you chose an upfront fee from one of these online agencies then you were gambling it would save you money. The upside is you should be able to afford another punt and still save money vs a traditional agent.

pinkshoes

This happened to my best mate just before Christmas, but they put their property straight back on the market, and accepted another offer just a week later.

The vendors of the house they were buying gave them two weeks to find someone else before they re-marketed.

All you can do is market it ASAP and find another buyer. Did you have much interest beforehand?

rosie383

I don't know what the housing market is like in Manchester but when we lost our buyer after months in Luton, we got another buyer for £2.5k more than the previous offer. Perhaps you will get a buyer that offers more. Good luck.