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House value scam - help!
Comments
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I think if I had the chance of getting 40k more for my property, it would make me think about getting another agent in to value it too. Surely you can understand that?
I can see the vendors thread on here saying their EA valued it wrong, what can they do.
I'm not sure where the 'scam' is though. Do you mean the vendor is being scammed? As long as they don't hand over money I don't think so. And I'm sure a buyer in this market can be found if it does go wrong.
Are you a Ftb? It should have been explained, up until exchange either side can pull out.
Forty and fabulous, well that's what my cards say....3 -
Why would the vendors throw away £40k? Sounds as if something is amiss here. How much did you offer?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?2 -
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?!It’s common for house transactions to fall through. At a guess, maybe half? It’s just one of those things that happen, and you should not get so wound up about it.No reliance should be placed on the above! Absolutely none, do you hear?0
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I dread to guess how much money I've wasted the last 12 months on failed house purchases. Neither were our fault :1. We were buying a new build conversion but with an onerous lease (our solicitor's advice).2. We offered on a chain free house that wasn't. The vendors weren't prepared to give a timescale for completion and did nothing to progress the sale.But that's life and the system we have in England.Op, if what happened is the truth (I believe you, but its whether what you were told is true), then unethical and underhand, yes but illegal no. Bear in mind that if your ex-vendor is buying onwards, their seller may do the same to them or pull out because their sale is taking too long.May you find your sister soon Helli.
Sleep well.0 -
PropertyLog will quickly give you a feel for whether the agent is taking nonsense or not.1
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