3 Sellers pull out one after another

3mph

We put our house on the market, got a cash offer 3 days later for almost the asking price. Then started looking and found a great flat on the coast stunning views etc. made an offer, accepted and off we went. Two weeks before exchange told the seller was taking it off the market for “business reasons” it was a weekend place for a “business woman” whose company owned it. No apology, just her solicitor told our solicitor.

3 weeks later the Agent said that they had been asked to value another flat in the same block a year ago and had just spoken to the owner who said they were going to put it on the market next year 2017 but would do it now. This was last month. We made various offers but in the end agreed to pay the asking price. Three days later the Agent said the owners had decided to take it off the market since they felt the area had a good future. I had insisted at the start that the Agent make sure the seller was serious given the problem we had had. So I reckon we had just been taken for a ride so the owner could get a could value.

2 weeks later another Agent said that they had been contacted by someone that had bought two flats and had a door knocked between but now wanted to move to the SE to be near their family. They would sell either to us, live in the other whilst they buy a house, then sell the second flat.

We are due to exchange beginning of next month. I was rung by the Agent (Edit - Yesterday) to be told the owner had decided that they would not move now since they could not find anywhere they liked. Despite being told initially that they were not going to look until they had sold the first flat.

These flats are 2 bedroom and £0.5 million each.

Now just been rung by the Agent to say the owner has changed their mind, sorry for causing a problem, can we carry on and buy it.

As buyers we have no protection, even after exchange of contracts, see Welshwoofs thread.

Everyone tells me they have never heard of someone having had 3 sellers pull out, which doesn’t help me. None of it was to do with price.

We love the flats but do not want to go through this again. There is unlikely to be anymore coming through in the next few years, in the block there is only 4 we would like and have tried to buy 3 of them and the fourth was bought 2 years ago and is unlikely to be on the market.

We have sold our house and are in a rented house. We do not need finance or a mortgage so are cash buyers. Which I always thought put you in a good position.

I am trying to think of what we could do, or require the seller to do, that would give us confidence they would not pull out yet again, preferably something legal although if you asked me this morning I would not have been so picky about that.

Any ideas gratefully received.

Stevie_Palimo

There could be something coming to the area that may inflate the cost of the flats and people inside are awaiting this.

3mph

We live there now and have done for decades and there isn't.

Slinky

So are you saying vendor 3 decided not to sell yesterday but has changed his mind today? In which case with such limited stock available that you want to buy, I think you're going to have to hope he doesn't go flaky on you again and carry on. Seeing you are so close to exchange and presumably you've paid all your searches etc, it doesn't seem like you have much to lose by carrying on. Would make sure that you get a decent gap between exchange and completion so that you don't go giving notice on your rental and find yourself homeless if he doesn't exchange.

MyOnlyPost

Assuming you are in England or Wales then I believe that either the buyer or seller has the right to pull out right up until exchange. I appreciate this is frustrating for you, but a vendor doesn't have to sell to you and they don't have to give a reason or need to apologise. They are entitled to change their minds.

The only thing I can think of if you are desparate to buy one of these flats would be to negotiate some kind of quid pro quo deal through your solicitors, you will pay £15k above asking price if they agree to pay a £15k cancellation fee if they pull out of the sale. I have no idea if this is possible, realistic or legal

Hoploz

It happens, you've been unlucky. I think it's partly that these people have been approached by the agent saying they have a buyer waiting (you) which has made them ink ts a good idea, when really t wasn't right for them.

My last move I had two sellers pull out. Luckily for us 6 months later one of them came back on and we bought it (although it did cost us almost 20% more than the original asking price - that's another story) Maybe if you give it a few months more one of these sellers might change their mind again esp with summer coming - prices nudge upwards and selling becomes more attractive.

PasturesNew

Hitman .... you know it makes sense.



If the seller won't sell the flat... produce a new potential seller. There's only one way to do that... hitman, or engineer/force a divorce in the household.

One's quicker ...

AnotherJoe

Just the way randomness works.

Otherwise the fact you'd had one or two purchases fall through meant the next one couldn't.

"We have sold our house and are in a rented house. We do not need finance or a mortgage so are cash buyers. Which I always thought put you in a good position."

In some ways yes, in others no. Long term if prices are rising you will feel pressured to buy, and you probably also wish to get into your own house anyway.

"As buyers we have no protection, even after exchange of contracts, see Welshwoofs thread."

A comment on that by someone - "The outcome was IIRC that after about 2 months the vendors ended up paying £30K in damages, the buyers and their own legal costs plus their estate agents fees. Probably little change out of £50K! "

That seems like protection to me.

Its very difficult to put anything in place before EoC, if you tried to tie most sellers down they would likely not proceed with you as a buyer if they had alternative buyers. And even if not they might prefer to wait. It might be it wasn't them pulling out but their vendors, and so on.

3mph

Slinky - it is 3 completely different flats and sellers and one after the other since last October.

Hoploz - yes I think you are correct in that by the Agent saying they have a cash buyer then the owners think there is a demand. In reality there are now 3 flats still for sale in the block and have been for a year, but we do not want these as either ground floor or do not have sea views.

MyOnlyPost - as we have proved three times now, sellers can pull out at any time without a reason before exchange. But so can buyers. Its just that the buyer is the one that usually has more costs and more to loose.


AnotherJoe - from other posts it seems that if your buyer pulls out after Exchange, breaks the contract, then you can pursue them but it will most likely involve significant costs and risks. Whereas the Seller has your 10%

3mph

Slinky - sorry misread your reply - yes our third seller pulled out yesterday because they could not find what they wanted, although we were never meant to be in a chain. Now they want to sell again. Agree we have to grit our teeth and go for it. And maybe go for EoC aSAP although I think there is a risk that they could find somewhere and then say they want Completion delayed or they wont complete!

haf1

I think there is a risk that they could find somewhere and then say they want Completion delayed or they wont complete!

They will have to complete, see AnotherJoes post above. If the former is a real concern, you could fix a "completion by .. or else" date in the contract.