Buyer Pulled out & Seller is pushin for me to sign

Berns

Before start this is in the north.

Right, had agreed a price to sell the house but contracts had not been signed. Estate agent said he was definetly wantin to go ahead etc so had faith for once in some1 in this town so found a house i wanted to buy after the sale.

Couple weeks ago estate agent that sellin the house said that they want the contracts signed soon. Kitchen & bathrooms cant be installed until I've signed, understandable of course. But cant sign until have the sell of current one signed.

Got a call this mornin, buyer pulled out sayin was hopin the person buyin from him would let him stay on a few weeks but she wants straight in. Would expect a straight swap to be the norm like.So now he pulled out sayin was a load to be done around this house im in currently, which is bull tbh as good kitchen, mainly double glazin & walls are insulated like. Now i'm left tryin to get a last minute buyer asap around xmas.

Wonderin is there any legal action can actually take against him for pullin out, even though contracts weren't signed yet but was basically agreed as he had told me & estate agent was definetly goin to buy???

btw , 3 bedroom bungalow in Newcastle co down if anyone wants to take a look :-) £159k :P

lomb

Berns wrote:

Wonderin is there any legal action can actually take against him for pullin out, even though contracts weren't signed yet but was basically agreed as he had told me & estate agent was definetly goin to buy???

btw , 3 bedroom bungalow in Newcastle co down if anyone wants to take a look :-) £159k :P

nope none is possible, its done on good faith, and tbh there isnt any in the property game, its a shark pond out there, get a bridging loan and sign for the one u want, property is sought after, ul sell ur one at some point if the price is right, wise words tbh;)

Berns

Aint workin so if did that & didnt get sold basically be screwed.

lomb

Berns wrote:

Aint workin so if did that & didnt get sold basically be screwed.

yeah, but dont u realise, that ALL property is sought after, absolutely ALL of it, its human nature to posess it. if the price is right for urs, u will sell it trust me, keep the faith;)

copacetic

you would be nuts to do the above, bridging finance will cost you a fortune and it's not a great time to be selling. christmas and all.

you really have to pull out of the other house and wait and see what happens with yours, pretty ****ty but what can you do...

lomb

daveym wrote:

you would be nuts to do the above, bridging finance will cost you a fortune and it's not a great time to be selling. christmas and all.

.

thats ridiculous advice, bridging finance is not that dear, property is unique, if u miss the boat and u really want this one in particular, it will most probably never come up again. u have to weigh up what weight u place on securing the new place, if u WANT it, bridge it and go for it, if u dont feck it, wait till u sell urs..

eth0_

How on earth can he get a loan when he has no job?

lomb

eth0_ wrote:

How on earth can he get a loan when he has no job?

if he hasnt how is he going to pay a mortgage on new place? if its just transfer of equity from one to the other, a bank should give the money on the security of the first property if there is some hope of him repaying it.
i cant really say, but if it was me id go for it, some buyer pulling out wouldnt stop me from getting what i wanted. the one thing in his favour is they only want a binding contract and 10%, most probably he can stall the new house vendor for 5 months... as i say id go for it, and probably drop the asking to market value or the first house, or auction it possibly...

copacetic

lomb wrote:

thats ridiculous advice, bridging finance is not that dear, property is unique, if u miss the boat and u really want this one in particular, it will most probably never come up again. u have to weigh up what weight u place on securing the new place, if u WANT it, bridge it and go for it, if u dont feck it, wait till u sell urs..

no it's not, depending on the bridging deal he could be paying up to 2% extra. if it takes him 6 months to sell his own it would cost him a fortune..

Berns

Really dont wanna be gettin into mortgages & stuff. Gonna cost like £10k for the solicitors & estate agents fees, buyin the new house for £145 as a turnkey option but still needa get floors installed which be another 1k or so. Am hopin to try getta job down there but as am a student and ment to be tryin to get placement & goin back till uni for a year so when do get a job wont be like a high paid one for a couple of years yet anyhow.

Victor

Berns wrote:

Got a call this mornin, buyer pulled out sayin was hopin the person buyin from him would let him stay on a few weeks but she wants straight in. Would expect a straight swap to be the norm like.So now he pulled out sayin was a load to be done around this house im in currently, which is bull tbh as good kitchen, mainly double glazin & walls are insulated like. Now i'm left tryin to get a last minute buyer asap around xmas.

Does your solicitor have a deposit from the buyer that dropped out? Can your costs be deducted from this? Talk to solicitor.

lomb

on a side note, always when paying a deposit to a vendors estate agent or solicitor, get a receipt saying it is refundable in full if the deal collapses.
this way they cannot deduct costs.

this isnt to mess them around but protects your interest if lets say theres a title/planning/boundary/structural problem/or a finance problem that wasnt anticipated and u need to pull out