House value scam - help!

MaryNB

Calistasouth said:

Is there any way we can get them back? 

They’ve screwed us, just weeks before the date. They reckon their house is worth 40k more than the estate agents valued it at and are getting other valuations from other agencies. Is there anything we can do? Heartbroken that people can be so callous. Greedy scumbags. 

Absolutely nothing. The sellers can pull out for any reason before exchange. 

GDB2222

Calistasouth said:

Is there any way we can get them back? 

They’ve screwed us, just weeks before the date. They reckon their house is worth 40k more than the estate agents valued it at and are getting other valuations from other agencies. Is there anything we can do? Heartbroken that people can be so callous. Greedy scumbags. 

Clearly, if you were buying at £40k under market value, you must be well peed off at losing this bargain, although it's really, really good for the sellers that someone has stepped in and warned them. 

On the other hand, if you were buying at full market value, your loss is just the amount you've spent on fees. Or, maybe not even that, as the sellers will presumably discover that higher offers are not forthcoming and may well revert to you.

nicknameless

GDB2222 said:

On the other hand, if you were buying at full market value, your loss is just the amount you've spent on fees. Or, maybe not even that, as the seller will presumably discover that higher offers are not forthcoming and may revert to you.

At which point you tell them to jog on out of principle.

GDB2222

nicknameless said:

GDB2222 said:

On the other hand, if you were buying at full market value, your loss is just the amount you've spent on fees. Or, maybe not even that, as the seller will presumably discover that higher offers are not forthcoming and may revert to you.

At which point you tell them to jog on out of principle.

Quite possibly. But my point is that the thread is headed 'House Value Scam', and it is not entirely obvious who was being scammed. Was it the OP? Or, was it the seller?  

eddddy

Calistasouth said:

Is there any way we can get them back? 

I'm intrigued. What do you have in mind?

Stuff through their letter box?
Slash their car tyres?
Horses head on their pillow?

NameUnavailable

Calistasouth said:

Thanks. I don’t suppose there’s anything anyone can say to deter them from agreeing to it? They had a sale in the bag, surely it’s risky to throw that all away? Can the old estate agent sue them for loss of commission? 

Yes, most contracts include something to say that the EA fees are payable if the vendor withdraws when they have a ready and able buyer.

Serves them right when they get the bill!!!

GDB2222

NameUnavailable said:

Calistasouth said:

Thanks. I don’t suppose there’s anything anyone can say to deter them from agreeing to it? They had a sale in the bag, surely it’s risky to throw that all away? Can the old estate agent sue them for loss of commission? 

Yes, most contracts include something to say that the EA fees are payable if the vendor withdraws when they have a ready and able buyer.

Serves them right when they get the bill!!!

You don’t have to accept the agent's standard terms, so ask for changes. 

Calistasouth

We instructed a building survey on this house - so we still need to pay for it even though it’s not happening? And can we recoup our costs from the vendor who pulled out? We can’t be liable for costs surely?! 

Doozergirl

Calistasouth said:

We instructed a building survey on this house - so we still need to pay for it even though it’s not happening? And can we recoup our costs from the vendor who pulled out? We can’t be liable for costs surely?! 

If the survey hasn't happened, you can move it to the next house.  

No, you can't recoup any costs.  That isn't how the system works in this country.  They will get a bill from their current agent.

Do you think worth £40k more?  

MaryNB

Calistasouth said:

We instructed a building survey on this house - so we still need to pay for it even though it’s not happening? And can we recoup our costs from the vendor who pulled out? We can’t be liable for costs surely?! 

Until exchange there is nothing legally binding. You or the seller can pull out without penalty, you have to pay your own costs incurred. The seller is not liable for any of your costs. It's a risk everyone takes when buying. 

The only way to recoup any costs is if you got house buying insurance in advance. Whether you have to pay for the survey or not will depend on the arrangement you have with the surveyor you instructed.