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lady_muckfish

Sellers Pull Out 2 Weeks Before The Exchange

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Luckily this hasn't happened to me, but unfortunately to my friends who are also expecting a baby.

How can this happen? It seems so unfair, they had plenty of time to pull out before a lot of money was spent on surveyors, solicitors, etc and they pull out now?

The estate agents have even called up the sellers and tried to persuade them to go ahead, which ended to them having an argument on the phone.

Our friends are now desperately viewing as many houses as they can as they wanted to have everything sorted before the baby comes in January.

It's aggravating that the sellers have so much protection and lose little over this, where's the protection for the buyers?

Really puts me off buying a property :-P

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Problem is that someone will come along and try and buy that same place in 6 months and odds on, the same thing will happen. Buyer beware. You should post the property address on here for posterity!

especially if it's their DREAM property too... shucks

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Luckily this hasn't happened to me, but unfortunately to my friends who are also expecting a baby.

How can this happen? It seems so unfair, they had plenty of time to pull out before a lot of money was spent on surveyors, solicitors, etc and they pull out now?

The estate agents have even called up the sellers and tried to persuade them to go ahead, which ended to them having an argument on the phone.

Our friends are now desperately viewing as many houses as they can as they wanted to have everything sorted before the baby comes in January.

It's aggravating that the sellers have so much protection and lose little over this, where's the protection for the buyers?

Really puts me off buying a property :-P

Why did the sellers pull out? One thing the HIPS did was to at least filter out some of the time wasting, attention seeking vendors.

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Never assume a deal is done until contracts have been exchanged. I feel sorry for your friend but its naive to think otherwise. When I last moved I made sure we STR'd first not so much as a play on property prices (although I was pretty much convinced the market wouldn't race off without us), but simply because it makes the whole thing a great deal easier and puts you in control.

Interestingly our buyers had the same problem - they were planning to buy next door. Our neighbour had had it on the market for 340 - the very highest any house on the road had ever sold for - for a couple of years before reluctantly agreeing to sell it for 315 in spring 09. I dont think she was convinced she was getting 'what it was worth' so she pulled out on them after they had spunked money on the survey etc. Luckily for them we were thinking of putting ours on (I was trying to let next door have a fair crack of the whip first) - so we got the agent to put us in touch with them (for a knock-down commission) and hey presto house sold on first viewing, very happy buyers, and very happy estate agent. Plus I didn't even think ours was as nice as the ones that sold for 340. Suspect our peak price would have been 320-330 so i was more than happy with a few percent off of that.

I really dont understand people who cannot ring themselves to sell for a penny less than their dream price. Make everyone's life miserable.

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Luckily this hasn't happened to me, but unfortunately to my friends who are also expecting a baby.

How can this happen? It seems so unfair, they had plenty of time to pull out before a lot of money was spent on surveyors, solicitors, etc and they pull out now?

The estate agents have even called up the sellers and tried to persuade them to go ahead, which ended to them having an argument on the phone.

Our friends are now desperately viewing as many houses as they can as they wanted to have everything sorted before the baby comes in January.

It's aggravating that the sellers have so much protection and lose little over this, where's the protection for the buyers?

Really puts me off buying a property :-P

In Australia when an offer is accepted, the buyer and seller sign a binding contract which will have reasonable get outs - such as "subject to a satisfactory survey" - hence you only have to fork over cash for surveyors etc. once the seller is legally committed. It makes chains and everything else work much more smoothly, and there cannot be gazumping and gazundering.

It would be a simple thing to do in England...but they don't. One has to ask why?

Edited by Tiger Woods?

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Luckily this hasn't happened to me, but unfortunately to my friends who are also expecting a baby.

How can this happen? It seems so unfair, they had plenty of time to pull out before a lot of money was spent on surveyors, solicitors, etc and they pull out now?

The estate agents have even called up the sellers and tried to persuade them to go ahead, which ended to them having an argument on the phone.

Our friends are now desperately viewing as many houses as they can as they wanted to have everything sorted before the baby comes in January.

It's aggravating that the sellers have so much protection and lose little over this, where's the protection for the buyers?

Really puts me off buying a property :-P

Can't they rent or is that against their religion? That being "jedi mind****** house price inflationistas"?

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In Australia when an offer is accepted, the buyer and seller sign a binding contract which will have reasonable get outs - such as "subject to a satisfactory survey" - hence you only have to fork over cash for surveyors etc. once the seller is legally committed. It makes chains and everything else work much more smoothly, and there cannot be gazumping and gazundering.

It would be a simple thing to do in England...but they don't. One has to ask why?

I dont think our system is that bad; you just need to accept that there is a risk things wont go through/try and assess your counterparty.

Things like "subject to a a satisfactory survey" seem hopelessly subjective to me. What does that mean? Can you negotiate every little point? can you just instruct your surveyor to come back with an awful survey if you change your mind. Seems like a recipe for even more disputes/stress to me. Generally our system works OK.

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I dont think our system is that bad; you just need to accept that there is a risk things wont go through/try and assess your counterparty.

Things like "subject to a a satisfactory survey" seem hopelessly subjective to me. What does that mean? Can you negotiate every little point? can you just instruct your surveyor to come back with an awful survey if you change your mind. Seems like a recipe for even more disputes/stress to me. Generally our system works OK.

Having a contract in place before expending on surveys etc. means that you do not have to assess your counterparty to the same degree.

You cannot negotiate every little point. You can only back out if one of the conditions agreed to by both the buyer and the seller fails. e.g. if the survey shows up termite infestation or similar and this has been agreed in the contract.

You have to be careful with the initial contract, but they are pretty standard. The system works quite well here, much, much better than the UK, and you get nowhere near as much grief. The major difference is that you have a contract before you have to start shelling out money. Basically it stops gazumping, gazundering and time wasters. What happened to the OP's friends could not happen in Australia. The English system is very poor in that respect as basically anything goes right up until exchange. Who needs that sort of stress?

Edited by Tiger Woods?

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Your friend should get some petrol and a match ;) .. u know the rest

On a serious note, i wonder if theres any claim that can be made against the seller as the buyer spent money under false pretenses effectively, i dont know if theres anything but worth investigating as "maybe" they can get their costs back

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Your friend should get some petrol and a match ;) .. u know the rest

On a serious note, i wonder if theres any claim that can be made against the seller as the buyer spent money under false pretenses effectively, i dont know if theres anything but worth investigating as "maybe" they can get their costs back

I wonder if they can do anything about it either?

The seller has not given a concrete reason why they are backing out at this stage, I think it would be the LEAST they can do after the stress they have caused.

Unfortunately I haven't seen them yet as they are so busy house hunting!

Re: renting

It's actually her parents who are buying the property and renting to them. They want to be able to decorate the property the way the like it and renting it from her parents mean they have the security knowing they won't be kicked out, etc and can also stay there for a good few years bringing up their child (it's their first born) in a good area which has good schools.

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Having a contract in place before expending on surveys etc. means that you do not have to assess your counterparty to the same degree.

You cannot negotiate every little point. You can only back out if one of the conditions agreed to by both the buyer and the seller fails. e.g. if the survey shows up termite infestation or similar and this has been agreed in the contract.

You have to be careful with the initial contract, but they are pretty standard. The system works quite well here, much, much better than the UK, and you get nowhere near as much grief. The major difference is that you have a contract before you have to start shelling out money. Basically it stops gazumping, gazundering and time wasters. What happened to the OP's friends could not happen in Australia. The English system is very poor in that respect as basically anything goes right up until exchange. Who needs that sort of stress?

I wish they had this system here too!

The English system really doesn't make sense to me!

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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