Pulling out of sale...

budgetflyer

Fay wrote:

A new development is that our buyers mortage was rejected for transfer on friday, so the solicitor said they won't be ready to move in next friday like they wanted, so thats at least bought us another week

Although this works in your favour this time, imagine the other way round,you had your house ready to move into and the buyers of your house dont have the readies there and then. Then you are talking "Bridging". A very expensive way of filling the gap between buyer and seller.
Maybe I look at things to simple but would it not be better if we had a system that was a bit like booking a holiday. Say 10% deposit upront same for seller,held in escrow. Either party pull out regardless of fault or circumstances say within 30 days,winner takes all.
It would stop all this chain nonsense, a lot of which is solicitors,banks building societies and estate agents not doing their job properly, or people kidding on they are buying/selling their house when they really arent in a position to complete the transaction

Fay

I think that there should definitely be some law in place to protect both sellers and buyers in the housing game. We have had nothing but trouble since we started with this.

budgetflyer our buyers haven't got to get a briding loan or anything like that. My solicitor called me last night (yes a sunday!) and she is now saying that their funds WILL be ready for this friday. However, I told her its impossible for me to move this friday, I have meetings all week about my new job and my PhD and I am teaching a few times this week too. So I told her we will move next friday-we know whats happening with our house this friday.

She then said that she wouldn't be surprised if our buyers say they are pulling out today if we don't move friday so I told her to let them do that if they want. To be honest they have been nightmare buyers as we kind of know them, and the guy got my b/f's phone number from someone in the pub. They have been calling us constantly about small things 'will you leave this...will you leave that'. It got to the point where they were demanging we leave a mirror in the bathroom! I told them to go through the solicitors and we haven't heard from them since.

And to be honest with the pressure I am under with a new job, a phd, teaching duties, and a possible move back to my parents, I don't mind if they do pull out. We will just stay where we are for a year. Its just a pity we would loose £1200!

Pal

Moving house is going to cost the best part of £500-£1000. Are your purchasers going to pay you extra money to move into your mum's house? If not, they are going to have to wait until you are ready to sell. Not try and force you out early.

Remember that your solicitor is working for YOU. They are not in a position to make demands of you at all. If they do so, tell them to get lost and concentrate on sorting out your purchase!

Fay

Pal I do feel like we are being pushed to move, but we have made the decision that we will move out next friday. We are making quite alot of money on our property and it would be nice to realise that equity! Even though it will only get ploughed back into another property, it will be good to sell the house and be in a good position.

Our buyers are just being a nightmare and I know they would not welcome a request to pay our moving costs! They had asked if we would leave our wardrobes and they would buy them, they are brand new and were quite pricy but they are also very large so we decided we would leave them. Now they have decided they don't want them-a week before the move. This is just how they have been all the way through. I will be glad to get shut of them

Does everyone feel this way about their buyers? Has anyone ever had a chain sale go through smoothly?