house fell through for fourth time in 18 months!!!!

missma

Hi all

Feeling so fed up and disillusioned, we own a mid terrace in Belfast northern ireland. As the title suggests are property has fell through again this week to fourth time.

First time was December 2013- sale agreed cash no survey - were advised family disagreement, we were out solicitor fees as was almost at completion stage.

Second time spring/ summer 2014- having brought off in winter months. Buyer no longer had deposit.

Third time- Sept 2014, someone down sizing began bidding on another house with same estate agent and estate agent advised us as they did not trust what he was up to.

January 2015- having sale agreed early November and supposed to complete next Friday. purchaser pulled out, personal circumstances, apparently nothing to do with house or survey. More solicitor fees as almost completed!

So annoyed with the system here as seems to give seller no rights, this last time we asked advice 're asking for small deposit and were advised if fell through would have to give back anyway.

We put a 1k deposit in a new build in december. Were due to pay ten per cent and building contract in third week February. We were moving to temporary accommodation until house ready. Not sure what way this leaves us with this.

Feeling so frustrated as due first baby in March maternity leave complicates things, do not know whether to put house back on now with hope to getting it agreed quickly. We had just got a mortgage offer from nationwide 're new build...so would we have to 're apply if purchase price changed.

Also do we change estate agent, but this means new photos, E.P. C. E.t.c.

Sorry for the rant, never thought selling would be this bad feel like going for a world record!!!!!!

stator

Sorry, what a sucky situation
Has your estate agent been doing checks on your buyers? At the very least they should ask for a copy of the AIP from a lender. If you are seriously worried than ask for proof of funds.

missma

Yea as far as I am aware they have been, mortgage companies were listed on letter with buyers name when agreed.

Loopy28

Sorry to hear that, we have lost two buyers so far, first for mortgage application issues and second again for mortgage issues.

It is frustrating and losing money is rubbish, we have lost the house we were buying and had paid money on surveys, conveyancing etc

We are back on the market now. I think you have been really unlucky but you will get there and I hope the next person is serious.

missma

We really thought would go through this time she must be out money too. Is just so frustrating. Just do not know whether to change estate agent or whether we have just been seriously unlucky!!! Any advice welcome

stator

What is your agreement with the current EA? Do they have sole and exclusive sale rights? There should be a get out clause after this much time. It wouldn't do any harm to give notice and list the property with another agent too.

anselld

missma wrote: »

Also do we change estate agent, but this means new photos, E.P. C. E.t.c.

Small consolation, but you wouldn't need a new EPC. They last for 10 years.

missma

We are not tied in with estate agent, took plunge and 're listing with them, as we want to try get sale agreed again. New build they are going to try work with us but if someone in better position we may loose it.

paulsad

Don't know if changing EA is always worth it - I did last time and ended up with a worse one, I returned to my original EA eventually. Sometimes the EA gets the blame when its not their fault.

martin1959

I was a mortgage adviser with Halifax for over 20 years and have heard many similar stories. I was there in the late 80's when people were coming in buying properties that had not even seen because they were so desperate to buy.....I was there in the early nineties when people were coming in to the office just handing in the keys as they could not afford loans at 15% interest rates.....


These are some of the thoughts I gained over the years.

I too believe that there should be some initial deposit made by both buyer and seller when agreement to purchase is made with the estate agent. This should be non refundable and paid to the aggrieved party, should the other pull out (for reasons other than a poor survey report highlighting issues that were not disclosed when sale agreed).

Some advice I gave to customers I dealt with who were selling was as follows.....


I also had advise for those buying, but that is for another day...


If they came in celebrating because they sold on the first day on the market, I would suggest they had sold too cheaply!


If they came in saying they had been on the market for ages without any offers, I would say it was probably too expensive.


Always ask estate agent for two prices. The quick sell price, and the 'if you are lucky' price. Personally I would pitch between the two.


Don't rule out offers that may appear less than you want, if the buyers are in a strong position.
The last property we bought in 2013 was on the market for £210,000. We put in a silly offer of £190,000 as cash buyers, expecting it to be rejected, but it was agreed if we could exchange AND complete in three weeks. It was a race with calls to the solicitor everyday, and I even offered the solicitor a £1000 incentive to get it done in time.


If a customer was absolutely desperate to sell I would suggest they CONSIDER an auction - yes they would not get the best price, but if it was the difference between getting and losing their dream home....and they could always put a reserve on the property, although if the reserve was not realistic, the auction may not take it.....


If you are in a chain, and you are at the bottom and stopping everyone else from moving, would all others in the chain consider reducing their price by £X so the total figure could be applied as a reduction to your property to make it more attractive, hence you sell and everyone wins....


If it is a new build being bought, would the builder consider a part ex?

And probably my best advice is......when you are selling your property, and accept an offer, only agree to take it off the market ONCE THE SURVEY HAS BEEN CARRIED OUT. This way if the buyer subsequently pulls out, they have actually LOST money. Most lenders can arrange a survey within days of the applicant completing the full mortgage application. So if you have a buyer who appears really keen to purchase, and you accept their offer, and the survey has not been carried out within 2-3 weeks, unless there is a VERY GOOD reason....alarm bells should be ringing.

Chanes

Have you put a deposit on the new build too? We are after one but they all ask for a non-refundable £500 payment to secure the plot (comes off house price at completion) I am sure all this property business was much simpler the last time I was looking to buy!