Seller is pulling out after house auction

greatcrested

Let us know how it goes.

Modern method auctions have a poor reputation so it will be useful to know whether they offer the buyer any security as in this case.

Jumblebumble

saifjaved511 said:

Hi guys 

I hope your well

i have recently purchased a property At auction house where I met the reserve price, my deposit was taken out straight away, after A week I was informed by my solicitor that the seller does not want to sell the house as it was sold too cheaply, my solicitor had informed the sellers solicitor I am wanting to complete the purchase of the property but the seller won’t budge and do not want to sell, even though a binding contract has taken place, I was looking to fix the property where I have already paid a deposit to the builder as well as selling the house on for a profit I have been advised a court proceeding will take place to pursue this but I have to wait till after the date of completion date as the seller won’t sell, 

Any advice would be appreciated 

Could I ask why you are posting this here instead of asking your solicitor where you stand?
Seems a bit odd to ask random people  who may or may not know instead of a qualified professional

eddddy

Based on everything you've said in the quotes below - it's not the "Modern Method of Auction". It sounds like it's a traditional unconditional auction.

.... Unless you've read the wrong auction conditions, and your solicitor and the auction house are both confused... which seems unlikely.

aifjaved511 said:

Hi it was a modern method of auction, I purchased the property from Auction house my solicitor has told me he will “issue a notice to complete” reading the auction house terms and conditions it states “ Once the hammer has fallen, the sale is agreed and contracts have exchanged, and neither the seller or the buyer can pull out at this stage. On the very rare occasion where the buyer fails to complete in accordance with the contract, then a contingency process is followed and the buyer risks losing their deposit and incurring further penalties too“ 

if this was to go to court will the seller be told to complete the sale of the house with myself as well as paying for the fees that have occurred after the date of completion that was supposed to take place 

saifjaved511 said:

I have been told by auction house since it was a binding contract the seller can not back out 

saifjaved511 said:

Solicitor has advised he will issue a notice of completion and if the seller does not agree we will go issue a court proceeding

SpiderLegs

Jumblebumble said:

saifjaved511 said:

Hi guys 

I hope your well

i have recently purchased a property At auction house where I met the reserve price, my deposit was taken out straight away, after A week I was informed by my solicitor that the seller does not want to sell the house as it was sold too cheaply, my solicitor had informed the sellers solicitor I am wanting to complete the purchase of the property but the seller won’t budge and do not want to sell, even though a binding contract has taken place, I was looking to fix the property where I have already paid a deposit to the builder as well as selling the house on for a profit I have been advised a court proceeding will take place to pursue this but I have to wait till after the date of completion date as the seller won’t sell, 

Any advice would be appreciated 

Could I ask why you are posting this here instead of asking your solicitor where you stand?
Seems a bit odd to ask random people  who may or may not know instead of a qualified professional

If the advice to people who ask questions on forums is for them to not bother posting on forums then we might as well shut the thing down.

rik111

Jumblebumble said:

saifjaved511 said:

Hi guys 

I hope your well

i have recently purchased a property At auction house where I met the reserve price, my deposit was taken out straight away, after A week I was informed by my solicitor that the seller does not want to sell the house as it was sold too cheaply, my solicitor had informed the sellers solicitor I am wanting to complete the purchase of the property but the seller won’t budge and do not want to sell, even though a binding contract has taken place, I was looking to fix the property where I have already paid a deposit to the builder as well as selling the house on for a profit I have been advised a court proceeding will take place to pursue this but I have to wait till after the date of completion date as the seller won’t sell, 

Any advice would be appreciated 

Could I ask why you are posting this here instead of asking your solicitor where you stand?
Seems a bit odd to ask random people  who may or may not know instead of a qualified professional

For a second or third opinion. The Auction House get paid from proceed of the sale so want to push it through. The more time the Solicitor spends on this the more he gets paid. Random people have no bias and might offer some useful insight, except of course the muppets who’s advise is not to ask here.

saifjaved511

Update guys so after telling the buyer that we are going to issue a notice of completion and if he does not complete we would start court proceedings he agreed to complete the house has been sold and is in my name 

Slinky

Congratulations

Doozergirl

Congratulations! 🥂

Thanks for the positive update! 

NinjaTune

Congratulations.  I love a happy ending 

saifjaved511

Thank you guys I appreciate it it was my first house I’m over the moon