Vender has changed sale

magicman62

My daughter is in the process off buying a house..price was agreed surveys and searches done possessions packed due to sign contract tomorrow...then a phone call out off the blue that the vender pulled out and immediately are listed the house back on the market same price but wants a cash sale, this has left every disappointed angry and over 2k out off pocket can he do this??

Thrugelmir

Short answer is yes. 

davidmcn

magicman62 said:

My daughter is in the process off buying a house..price was agreed surveys and searches done possessions packed due to sign contract tomorrow...then a phone call out off the blue that the vender pulled out and immediately are listed the house back on the market same price but wants a cash sale, this has left every disappointed angry and over 2k out off pocket can he do this??

If there's no contract, yes of course they can, in exactly the same way that she could have pulled out.

justworriedabit

Dear OP

Until contracts are exchanged, you, or the vendor can backout, deamnd more and as per your post. Once exchange, then you have a massive legal standing as does the vendor and I've never heard of anyone pulling out or changing after that.

AdrianC

If they hadn't exchanged contracts, then - yes. Either side can pull out for any reason or none.

Quite why the vendor's done that is anybody's guess... but you can bet it's not as straightforward as it sounds.

Redwino222

Yes they can - it’s very frustrating but that’s life.

The reason sounds odd Though.  If assume your daughters mortgage offer was though, so going. Back on the market for a cash buyer would be slower?

Wonder what the real reason is.

SallyDucati

Have all the valuations/searches/survey etc come back OK?  Just wondering if something has been thrown up that a mortgage company would not be happy with so the vendor knows he can only get a cash buyer.

magicman62

Everything was in place mortgage everything he had apparently said he had signed, daughter was due to sign tomorrow had everything booked..the only thing we can think off is that he wanted cash is he is in some sort of prob,  but has now said if he don't sell it in a week he would honour my daughters offer....I have Emailed my MP about these stupid rules they definitely need updating this is the third time this happened to her...thanks everyone..

Redwino222

But he was getting cash, it was just financed by a mortgage.

people usually want a cash buyer because either the house won’t withstand a mortgage valuation, or they don’t want the risks attached with someone being turned down for a mortgage.  Cash buyer is also chain free.

all this risk has passed, and your daughter was a safer bet.  He maybe thinks he can now get more for the house is the market has risen in the meantime.

but the cash buyer thing is a red herring, unless I am missing something (which I may be🙂)

magicman62

Nothing was reported to daughter about searches mortgage was ready to transfer

kazwookie

Suggest you / daughter get on to the estate agents and kicks a ss hard to find out what really is going on.