BearShaped Posted September 30, 2009 Share Posted September 30, 2009 Some of you may remember my post from last month when the seller decided to pull out on exchange day http://www.housepricecrash.co.uk/forum/ind...howtopic=121151 Well we found another older style place and agreed to buy it at asking price subject to the findings of a survey, it was 285k. The EA was happy with this and so was the seller. It had only been on the market for a short period of time. The surveyor came along and was very negative about a number of things most notably some movement in the rear extension, timber infestation, the main roof and the amount of basic renovation required against the ultimate value of the place. In summary he valued it at 250k. I got some quotes for renovation and indicated to the agent I'd meet half way between surveyors value and original asking price. The buyer refused and said they want 285k minimum and asked the agent to pull out from the sale with us. Additionally, apparently a family friend has expressed an interest in buying it for 285k. The process of buying a house in this country is comical, the level of greed we've bred in everyone above 30 is absurd. Its not even as if I've trying to get it for a discount. Quote Link to comment Share on other sites More sharing options...
Frank Hovis Posted September 30, 2009 Share Posted September 30, 2009 Have you tried going to an auction? You don't have to muck about with greedy sellers there. Quote Link to comment Share on other sites More sharing options...
twatmangle Posted September 30, 2009 Share Posted September 30, 2009 The process of buying a house in this country is comical, the level of greed we've bred in everyone above 30 is absurd. Its not even as if I've trying to get it for a discount. I totally agree with you. Our seller pulled out on exchange day. We are going to be homeless as we've already given notice on our rented place. There's a slim chance that it might all be back on but it will mean living a hotel for a few weeks. I thought this was supposed to be a buyer's market. All I want is a place to live, not their first born. Quote Link to comment Share on other sites More sharing options...
Mildura Posted September 30, 2009 Share Posted September 30, 2009 I am sorry to hear that you have had another unfortunate time in your quest to buy a house, it might be a little incorrect to suggest the seller has pulled out on you. Unless I've missed something, after advice from a surveyor you decided to lower the price you were prepared to pay for the property, the seller did not wish to lower the selling price and so the sale has fallen through as agreement could not be reached. The seller could equally claim that you pulled out on them. The process of buying a house in this country is comical, the level of greed we've bred in everyone above 30 is absurd. Its not even as if I've trying to get it for a discount. Can't disagree with that, sadly. Quote Link to comment Share on other sites More sharing options...
RandomBear Posted September 30, 2009 Share Posted September 30, 2009 The process of buying a house in this country is comical, the level of greed we've bred in everyone above 30 is absurd. Its not even as if I've trying to get it for a discount. Err yes you are. The price is 285k. You want it for less. You want a discount. Houses are sold as seen, get a survey before you offer if you have a problem with that. God I hate these whingers, it's always someone else's fault isn't it? If the surveyor had come back and said he thought it was worth 300k would you have happily forked out the extra? Of course not. You were looking for any shabby little reason not to pay the full price. You pulled out on the seller, not the other way round, so don't come here and bleat about it like he's what's wrong with the market. You are. Quote Link to comment Share on other sites More sharing options...
BearShaped Posted September 30, 2009 Author Share Posted September 30, 2009 Err yes you are. The price is 285k. You want it for less. You want a discount. Houses are sold as seen, get a survey before you offer if you have a problem with that. God I hate these whingers, it's always someone else's fault isn't it? If the surveyor had come back and said he thought it was worth 300k would you have happily forked out the extra? Of course not. You were looking for any shabby little reason not to pay the full price. You pulled out on the seller, not the other way round, so don't come here and bleat about it like he's what's wrong with the market. You are. Thanks for bringing a smile to my face! I love a bit of sarcasm Quote Link to comment Share on other sites More sharing options...
Mildura Posted September 30, 2009 Share Posted September 30, 2009 Thanks for bringing a smile to my face! I love a bit of sarcasm So you're still maintaining that the seller pulled out on you then? Quote Link to comment Share on other sites More sharing options...
catmandu Posted September 30, 2009 Share Posted September 30, 2009 So you're still maintaining that the seller pulled out on you then? Seems to me that since the offer was made subject to the survey and the survey came back with a lower price and details of structural issues, then blame can't be attached to the OP buyer, particularly as he was willing to meet halfway on the price. I don't really think the seller can be blamed either as they obviously don't agree with the surveyor's price or the halfway price. I think it's just one of these things - both sides were entitled to pull out. ...course the seller may have to compromise on price eventually if they want to sell it and the next buyers may only offer the surveyor's price. Quote Link to comment Share on other sites More sharing options...
Greg Bowman Posted September 30, 2009 Share Posted September 30, 2009 (edited) Some of you may remember my post from last month when the seller decided to pull out on exchange dayhttp://www.housepricecrash.co.uk/forum/ind...howtopic=121151 The process of buying a house in this country is comical, the level of greed we've bred in everyone above 30 is absurd. Its not even as if I've trying to get it for a discount. Sorry but I think the seller has very right to pull out. You shook on a deal and now have built evidence to change the shape of the deal. If you cannnot assess the worth of the property yourself ( I understand that many people can't ) don't offer anything until you have you evidence and know the price you want to pay. Likewise if they change the shape then you can pull out. It's called integrity. Edited September 30, 2009 by Greg Bowman Quote Link to comment Share on other sites More sharing options...
Neverland Posted September 30, 2009 Share Posted September 30, 2009 Sorry but I think the seller has very right to pull out. You shook on a deal and now have built evidence to change the shape of the deal.If you cannnot assess the worth of the property yourself ( I understand that many people can't ) don't offer anything until you have you evidence and know the price you want to pay. Likewise if they change the shape then you can pull out. It's called integrity. -1 Its pretty normal to change your mind on value after doing after agreeing a deal in principle and then doing a bit of due diligence. Few people get surveys or valuations done until they know they have a deal in principle. Its called life. Quote Link to comment Share on other sites More sharing options...
Mildura Posted September 30, 2009 Share Posted September 30, 2009 -1Its pretty normal to change your mind on value after doing after agreeing a deal in principle and then doing a bit of due diligence. Few people get surveys or valuations done until they know they have a deal in principle. Its called life. This is all fine, but the op can't claim the seller pulled out on him, when he's changed his mind. Quote Link to comment Share on other sites More sharing options...
Neverland Posted September 30, 2009 Share Posted September 30, 2009 This is all fine, but the op can't claim the seller pulled out on him, when he's changed his mind. Yes, agree with you totally, the original in principle agreement was made on a false premise that the place was structurally sound It wasn't Both parties are pretty blameless Move on Quote Link to comment Share on other sites More sharing options...
Greg Bowman Posted September 30, 2009 Share Posted September 30, 2009 Yes, agree with you totally, the original in principle agreement was made on a false premise that the place was structurally sound It wasn't Both parties are pretty blameless Move on Well put I see your point. Don't quite agree with it's quite normal to renege on commitments though (a house might be different) I try to avoid people like that don't add anything to your life Quote Link to comment Share on other sites More sharing options...
Neverland Posted September 30, 2009 Share Posted September 30, 2009 Well put I see your point. Don't quite agree with it's quite normal to renege on commitments though (a house might be different)I try to avoid people like that don't add anything to your life Lets use an example you will have an affinity for: You agree to buy a competing business from its owner for £1m on the basis you expect it to make £200k profit before tax thios year and have £500k net assets when you buy it You start to look through the company's books and records - they have a court case rumbling on where they are being sued for £300k that the owner didnt tell you about and based on what they are billing each month at the moment there is no way they are going to make £200k profit Does your "integrity" mean you will go through with the purchase at the originally agreed price of £1m? Quote Link to comment Share on other sites More sharing options...
dgj Posted September 30, 2009 Share Posted September 30, 2009 If you made the offer and tried to change it no wonder they pulled out... I think they have done you a favour, not a good time to buy rather rent or live in a hotel motel Quote Link to comment Share on other sites More sharing options...
Greg Bowman Posted September 30, 2009 Share Posted September 30, 2009 Lets use an example you will have an affinity for:Does your "integrity" mean you will go through with the purchase at the originally agreed price of £1m? No of course not that to me is in the house camp. But there are many people who couldn't keep a commitment if their life depended on it from a meeting time to paying their mate back 10 quid. I find they are the majority. Quote Link to comment Share on other sites More sharing options...
RandomBear Posted September 30, 2009 Share Posted September 30, 2009 Lets use an example you will have an affinity for:You agree to buy a competing business from its owner for £1m on the basis you expect it to make £200k profit before tax thios year and have £500k net assets when you buy it You start to look through the company's books and records - they have a court case rumbling on where they are being sued for £300k that the owner didnt tell you about and based on what they are billing each month at the moment there is no way they are going to make £200k profit Does your "integrity" mean you will go through with the purchase at the originally agreed price of £1m? Should pay for an audit first, just like you should pay for a survey before offering on a property that looks like it might have any sort of issues. Just because the last 10 years has encouraged all sorts of stupid practices doesn't mean you get to overlook common sense. Quote Link to comment Share on other sites More sharing options...
jackofalltrades Posted September 30, 2009 Share Posted September 30, 2009 The price people want for their property is more likely the price of the property plus what they need to get out of debt. Offer £285000 and ask them to pay off your overdraft. Quote Link to comment Share on other sites More sharing options...
Neverland Posted September 30, 2009 Share Posted September 30, 2009 Should pay for an audit first, just like you should pay for a survey before offering on a property that looks like it might have any sort of issues. Just because the last 10 years has encouraged all sorts of stupid practices doesn't mean you get to overlook common sense. Err.. in the real world you wouldnt go to the expense of an audit (or a survey) unless you had agreement in principle on price To do otherwise would be throwing money down the drain (The only time this doesnt apply is in auctions, where you do have do the survey beforehand) Quote Link to comment Share on other sites More sharing options...
youthoftoday Posted September 30, 2009 Share Posted September 30, 2009 Last time I sold my house the buyer's survey came back saying some damp had been found. They knocked £1k off their offer (down to £79k). I didn't think they had reneged on their agreed offer at all. The survey found a problem which would cost money to fix, the buyers reduced their offer to take account of the extra cost which was not foreseen at the time their offer was originally made. I see no problem with what the buyer has done. It's perfectly understandable. Quote Link to comment Share on other sites More sharing options...
bearwithasorehead Posted September 30, 2009 Share Posted September 30, 2009 What he said. New roof needed after survey, AFTER offer accepted. After handwringing on vendors' part, they agreed to a grand off as 'contribution' towards strucutural costs I would be incurring. Quote Link to comment Share on other sites More sharing options...
bearwithasorehead Posted September 30, 2009 Share Posted September 30, 2009 Oh, and my original accepted offer was 5% off asking price. This was in mid-2007 Quote Link to comment Share on other sites More sharing options...
Mildura Posted September 30, 2009 Share Posted September 30, 2009 <snip>I see no problem with what the buyer has done. It's perfectly understandable. Neither do I. But I still do not think that it's fair to say that the seller has pulled out in this case. Quote Link to comment Share on other sites More sharing options...
tiggerthetiger Posted September 30, 2009 Share Posted September 30, 2009 (edited) Well put I see your point. Don't quite agree with it's quite normal to renege on commitments though (a house might be different)I try to avoid people like that don't add anything to your life subject to the findings of a survey There was no commitment to buy. I`m not sure what the bit about adding anything to your life is about...sounds like pomp to me.. Edited September 30, 2009 by tiggerthetiger Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted October 4, 2009 Share Posted October 4, 2009 Sound like a REALLY bad time to buy. Quote Link to comment Share on other sites More sharing options...
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