Sale agreed, but similar house sold cheaper before paper work received

Paydamonie

Hi All, I am looking for some advise. I went sale agreed on a house in late December, paid deposit and all else required. To date I still have not received any paper work from the other party and I am starting to feel like I am being messed around a bit. The seller are saying that the bank are holding things up as they have not released the deeds of the house. In the mean time a house of the same type in the estate has been sold for a lesser value – Do I have a case for going back to the seller to renegotiate the price based on the new information?

djimi

You can pull out of the deal up until the contract have been signed. However, are you sure that you are comparing like for like? Are the two houses identical? Is there much of a difference in the price? If you were to pull out of this deal and try to negotiate would there be a chance that anyone else might come in and outbid you?

Paydamonie

They are the same and another house has been put on the market in the same row lately. There is 15k in the difference. I don't want to pull out of this sale really but am I tied to this price unless I do?

djimi

Where abouts are these houses?

Paydamonie

djimi wrote: »

Where abouts are these houses?

Cork

Henry Ford III

Paydamonie wrote: »

They are the same and another house has been put on the market in the same row lately. There is 15k in the difference. I don't want to pull out of this sale really but am I tied to this price unless I do?

If the contracts issue and you sign them then yes you are.

If you pay €15000 for a house too much you're mad.

jon1981

Paydamonie wrote: »

Cork

Can you renegotiate the price?

Are you sure the other house is not under priced with the hope of getting more than asking?

Henry Ford III

jon1981 wrote: »

Can you renegotiate the price?...

Yes. No contracts are signed so no binding agreement exists.

The seller mightn't be happy to lower the price, but there you go.

jon1981

Also how long was the property sitting on the market? If you pull out now, are the vendors going to be sitting on their hands for awhile? Basically do you have leverage here?

bardcom

And if you pull out, you may forfeit your deposit.

Unlikely that the seller would renegotiate too. Even if you pulled out, they get the deposit and may achieve a similar price selling again.

jon1981

From what i'm reading , no paperwork has been exchanged so I reckon no contract is signed.

Paydamonie

Are you sure the other house is not under priced with the hope of getting more than asking?[/quote]

That was the selling price not the list price. There may have been some issue that I am unaware of with the place though as it looked to have sold in August too???

jon1981

Paydamonie wrote: »

Are you sure the other house is not under priced with the hope of getting more than asking?

That was the selling price not the list price. There may have been some issue that I am unaware of with the place though as it looked to have sold in August too???

2 months on since going sale agreed and no paperwork? What is your solicitor doing about this?

Sorry I misread, the house in question sold for less. There could be any number reasons why it sold for 15k less, better negotiation, issues with the build...etc. When did it sell?

Paydamonie

jon1981 wrote: »

From what i'm reading , no paperwork has been exchanged so I reckon no contract is signed.

Nothing signed, deposit is refundable at the moment but don't really want to lose the place if they dig their heels in.

jon1981

Paydamonie wrote: »

Nothing signed, deposit is refundable at the moment but don't really want to lose the place if they dig their heels in.

for example a house across from us (north facing, ours is south), similar sizes sold for 25k less but it needed wiring, heating, kitchens, damp problems, new windows, ****ty carpet, mould in most rooms, new bathroom, leaky ceilings...etc. ours was walk in condition, newly renovated. We easily would have dropped 30k (and time) getting that house to the state ours is in.

it's all relative. This is the information you don't see on Property price register.

Paydamonie

jon1981 wrote: »

From what i'm reading , no paperwork has been exchanged so I reckon no contract is signed.

Nothing signed, deposit is refundable at the moment but don't really want to lose the place if they dig their heels in.

caew

You can but ask.

When I was selling my house the buyer said they wanted to pay 8k less the day before they were due to sign the first lot of contracts and pay the 10% deposit. I said no, she huffed for two day and came back and paid the original price we agreed.

she was not comparing the price of my house to others that had sold in the area, just chancing her arm.

If the seller says no you can still go ahead.

Paydamonie

jon1981 wrote: »

Sorry I misread, the house in question sold for less. There could be any number reasons why it sold for 15k less, better negotiation, issues with the build...etc. When did it sell?

It sold in January, but as I said earlier it seemed to have been sold last August also so there may be something else behind it that I am unaware of

jon1981

Paydamonie wrote: »

It sold in January, but as I said earlier it seemed to have been sold last August also so there may be something else behind it that I am unaware of

Did it go "sold/sale agreed on the website" in August but only appeared on PPR on Jan? Also houses went up in price during late Q3/Q4 so they could have been lucky.

Henry Ford III

bardcom wrote: »

And if you pull out, you may forfeit your deposit....

Totally incorrect.

Paydamonie

jon1981 wrote: »

Did it go "sold/sale agreed on the website" in August but only appeared on PPR on Jan? Also houses went up in price during late Q3/Q4 so they could have been lucky.

It was the PPR that I saw the price on before I started bidding. There must have been some issue with the sale though for it to be resold.