What would I lose as a seller if I pulled out during early stages?

marmage

Well, am a couple weeks into the buying process as some may have picked up from my other thread. Nothing has kickstarted except I have now paid £450 for a non-refundable valuation/homebuyers survey. Seller is currently on holiday. I'm worrying myself sick.

Would a seller lose anything by pulling out of my offer on their return? My offer was accepted via phone through the estate agent. I haven't got anything in writing.
How much in fees have they paid up to this point?
Would they be as anxious to keep me on board as I am for the process to go smoothly?

I'm just trying to gauge their seriousness. I guess I won't know until they return and the process begins also on their side.

Thanks everyone!

jbainbridge

If you are only a couple of weeks in - probably nothing. Assuming they haven't committed to a purchase as yet.

phill99

The seller may have to pay the EA fees as they have done their side of the deal ie they have found them a buyer, but this will be in the small print of their contract.

They may have a small amount if abortive solicitors fees.

Beyond that, probably nothing.

if you are this anxious at such an early stage, do you think home ownership is for you?

dj1471

You don't have anything in writing? Not even the memorandum of sale? In that case you really shouldn't be spending money on anything yet...

The seller won't lose a penny if they accept an offer from another buyer.

marmage

Thanks for your responses everyone.

I understand that the Memorandum of Sale is simply a record of agreement between the two parties and is subject to contract? If the seller decides to pull out or accept another offer this won't stop them?

I instructed the valuation asap only because I was asked to do so within two weeks otherwise the house would go back on the market.

Home ownership isn't for me. But it's my parents' dying wish that I am left with some security in the future. I really had no choice but to go with it. It's money I don't have to throw around and its money they have worked extremely hard to give to me.

DaftyDuck

One reason the Memorandum of Sale may (may...) be of importance to you is, if the seller now pulls out, the estate agent may (may...) be able to chase the seller for full fees, as an "able and willing buyer" was found, so agent would expect his services to be remunerated. A great deterrent to simply deciding not to sell.

It's not in all contracts, and I don't think all that many agents faff around trying to chase for their fees, but some do.

The vast majority of sales go through with minimum fuss. Some argy-bargy, yes. This forum is full of whining, moaning, grumbling complainants (and I'm often one) because you bother to write only when something has gone wrong, and you seek advice, or just want to get it off your chest.

Keys to progressing a sale to completion.

Keep the agent onside. He'll be keener to get his fee for certain, rather than risk getting a possible few pounds more from a new higher bidder. Ensure the house is marked as SSTC on Rightmove (and check the other sites like Zoopla, Prime Location) and all the shop windows. Check this is done, ask politely if it isn't.

Ensure your solicitor has made contact with the sellers, and requested contracts and PIF/F&F forms. No need for him to rush searches, etc. but get the vendor's solicitor engaged. When it's time to actually get things moving, do keep the solicitor on his toes - but nicely. Return documentation the same/next day where possible, ask where you are at once a week, and say when you'll next check in.

Keep the vendor comfortable. If you do another viewing because you are having second thoughts and think their house is actually the pits.... take a tape measure, measure for curtains, where the furniture will go, and tell them what a lovely home they have. Ask what timescale they want to work to, and try to do so.

PasturesNew

It'll be OK, they'll be bricking it, thinking you'll pull out... sleepless nights over every news report they hear of interest rates going up .... while you have sleepless nights over every news report you hear of house prices going up.