Buyer just pulled out... fuming!!!!!

Guest101

thebigstillmeister wrote: »

... I see where you are coming from, but equally I could have got an independent survey on the new build apartment at the time after I had reserved it which could have come up with many of the above issues due to poor build quality or issues with neighbors who has moved in several months before and i'm sure there are many other issues which would be more relevant to new builds,.. but deposits are still paid, so again, I still don't see the difference,

The point is that I could in theory have a house which is lovely on paper and to the untrained eye, take in £500 deposits every few weeks and the buyer would be forced to withdraw due to a terrible survey.


Absolutely mad idea

thebigstillmeister

Guest101 wrote: »

The point is that I could in theory have a house which is lovely on paper and to the untrained eye, take in £500 deposits every few weeks and the buyer would be forced to withdraw due to a terrible survey.


Absolutely mad idea

I think you COMPLETELY missed my point,..

A previous poster said it would never work because a survey may come back with issues,

my point was that equally a new build could come back with a terrible survey but they still take deposits up front,

I am not for one minute saying if there is anything seriously wrong with the property then they lose their deposits but the post said

eddddy wrote: »

Who decides which of those (and a thousand other possible issues) are valid reasons for withdrawing?

This is surely the same issue for new builds when a buyer want to pull out and get their £500 back.. ?

BalboaThePredatorRevealer

Hi mate, if you have home insurance, you get legal expense cover on their, just check if you have that. They might just give you a solicitor with expenses paid and they can advise you where to go from there

Good luck

AnotherJoe

Did you have any other interested potential buyers before accepting this offer? If so you can go back to them (and I'd expect your EA would be doing that anyway )

The house I'm in now, I was one of those potential buyers who lost out and then many weeks later got a call saying it has fallen through and was I stilll looking,offered full asking on the spot. And then our sale fell though about 3 times before we had a normal buyer, but we made it in the end.

Crashy_Time

eddddy wrote: »

Yes - you can do that. It's called a pre-contract deposit.

But it tends to cause delays and generally cause more problems than it solves.

Presumably, you'd agree that somebody should not lose their deposit if they withdraw for a good reason. But what's a good reason? Who decides?

Do you end up having to go to court to get a decision on whether a reason for withdrawing is acceptable or not?

Here's a newspaper story on this topic: https://www.theguardian.com/money/2017/feb/04/estate-agents-ask-homebuyers-pay-up-pre-contract-deposit

Far easier to price and the present the product (house) at a level that attracts interested buyers IMO.

kingstreet

thebigstillmeister wrote: »

When I bought my first property it was a new build apartment. All the others were already occupied but the buyer pulled out of this one so we put in an offer. As part of that process I paid a £500 deposit to secure it. If for any reason I could not have gone through with it, lost my job, changed my mind, gold fish died,.. whatever, I would not expect to get that back

That is a reservation fee, not a deposit. Technicality, perhaps...

Some or all of it is typically refundable based on this;-

http://www.consumercode.co.uk/

which builders have to subscribe to if they are NHBC members.

On HTB equity loan cases, the full reservation fee is always refundable in full.

Despite it being called a fee, it is actually refunded in the completion statement assuming you reach completion.

Crashy_Time

More sellers are getting real when it comes to finding and keeping buyers it seems....


https://www.standard.co.uk/news/london/house-prices-in-london-hit-by-brexit-slump-as-third-of-homes-see-values-fall-a3624996.html

Crashy_Time

AnotherJoe wrote: »

Did you have any other interested potential buyers before accepting this offer? If so you can go back to them (and I'd expect your EA would be doing that anyway )

The house I'm in now, I was one of those potential buyers who lost out and then many weeks later got a call saying it has fallen through and was I stilll looking,offered full asking on the spot. And then our sale fell though about 3 times before we had a normal buyer, but we made it in the end.

Maybe not, as the OP seems quite upset?

AnotherJoe

Crashy_Time wrote: »

Maybe not, as the OP seems quite upset?

I don't follow that reasoning. They could have turned down other offers in favour of this one hence being upset. No real reason to be very upset if it was the only offer.

Crashy_Time

AnotherJoe wrote: »

I don't follow that reasoning. They could have turned down other offers in favour of this one hence being upset. No real reason to be very upset if it was the only offer.

Not following you, surely you would be more upset if you only had one offer on the table? More offers would mean a chance of selling your house?