Agreeing a completion Date

csgohan4

sam1970 wrote: »

I was in the same position 12 years ago. I put an offer on a house (I was first time buyer) and the vendor lied to me and promised me the earth. He said he was not in a chain and he will move to stay with his parents as soon as we exchange. When we became ready for exchange, he said he still did not find a suitable property to buy !! and that he was not prepared to rent...If I want the house I will have to rent and wait. I had to sign a rental contract for six months but I managed to find another property and complete within 8 weeks (So lost 4 months rent I had to pay). I moved to my new house but kept quite and did not tell the agent of the first vendor who was still under the impression that I was waiting for him. 3 months later his estate agent contacted me to say they were ready for exchange...I had a big laugh over the phone and told them to get stuffed. The vendor phoned me and he was nearly crying on the phone..he offered £10000 discount on the agreed price..told him too late and put the phone down on him. Yes I lost the legal fees and 6 months rent but that will teach him a lesson

:rotfl: My favourite Buyer

I feel bad for the vendor... actually I don't

j_yorks

Our vendors have done the same thing. Deeply frustrating. Still hoping to be out before we have overstayed our tenancy, though.

Debtslayer

A relative was in a similar situation; vendor said they would rent and then later said no, not prepared to rent and still looking for somewhere to buy.
Relatives solicitor in the end said to them: Sign by X time on X date or my client pulls out of the purchase.(and they were prepared to) And guess what? That sent them into a right panic and they signed!

4kidsnomoney

The post about pulling out of sale at point of exchange has made me so annoyed
You may have upset the vendor but what about the other people who would have been involved in the chain? They will have invested time, money and emotions in their sales and didn't deserve that.

csgohan4

4kidsnomoney wrote: »

The post about pulling out of sale at point of exchange has made me so annoyed
You may have upset the vendor but what about the other people who would have been involved in the chain? They will have invested time, money and emotions in their sales and didn't deserve that.

What about the buyer who also invested time and buyer and told lies by the vendor???


It's Karma tbh, if the vendor says they would rent and break the chain they should keep their word.


Fact is the buyer in fact lost 4 months of rent and had to find somewhere else as the vendor is now not trustworthy.


If you don't keep your word, why should the buyer trust you anymore.

4kidsnomoney

I doubt you would be saying that if you were one of the people caught up in it all further down the chain. I speak from experience.

csgohan4

4kidsnomoney wrote: »

I doubt you would be saying that if you were one of the people caught up in it all further down the chain. I speak from experience.

The person to blame is the Vendor not the buyer.


If the vendor was honest from the start the buyer wouldn't have been in that position.

kinger101

My advice (having previously fallen for the "we'll move into rental" line) is to;

(a) not spend any money on legals or surveys etc until a chain has completed;
(b) keep looking for properties and pull out of this one if you find something better without a chain.

Even if you had a completed chain, you cannot know your completion date until exchange of contracts, which takes as long as it takes. Do not give notice before then if you can avoid it (see GM's post on rolling contracts). Even mentioning to your letting agent you plans to buy was probably not a good idea.

AdrianC

DRP wrote: »

why oh why do vendors make promises like this...?

*i know why, but it is very selfish

For the same reason buyers believe it.

A misplaced naive faith in human nature.