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(Post Link) post #1 of 26 Old 23-07-17 Thread Starter
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House purchase collapse

Been in the process of buying a house last couple of months and earlier this week seller suddenly pulled out as she decided her new home wasn't practical for her children!
Was that not considered at any point before advertising your home or even during the 2 months it's been going through? No has suddenly crossed your mind about a week before contracts would have been exchanged
I know this happens all the time but what a stupid excuse and we are now £600 out of pocket, had been looking for ages but one little email to your estate agent then carry on as if nothing happened and we are left to pick up the pieces of everything we have planned

Fuming, devastated, fed up

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I can imagine how you must feel. Especially with the reason being such a daft one.

Fingers crossed there's a better house around the corner for you, and in the long run you can look back and see this as a good thing.

We're in the same position at the moment. Survey due on the 4th. No chain in either direction though, so I'm hoping the chances of a hiccup are a little reduced.
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(Post Link) post #3 of 26 Old 23-07-17 Thread Starter
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It's my first time buying so maybe I was a bit naive but it was so close to being done and she was so eager for it to go through quickly, really took us by surprise.

Good luck with yours, hopefully we can all be in our new homes before house prices get even more ridiculous

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Feel for you.
We've moved 4 times now and have been incredibly fortunate each time but your scenario goes on a lot. About time house purchasing in England had a change in the law so that those ****ing about picked up the bill. Our Scottish cousins do it better.
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Took us 2 years to complete on the last purchase, you have my sympathies but you have got off lightly.

We looked at a rental property and that cost us £400 just on the survey before we got binned off.
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2 years! What caused that delay?

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2 years.............!!!!!!
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Saw the house we wanted, put in an offer, stuck ours on the market and waited...




...and waited...




...and two years later we had an offer!

We were very lucky, the vendor rented the house in the meantime, although we then had problems with the tenant wanting to buy the house.

Got there in the end. We found out after we bought it all our family/friends hated the place too!

Hey ho
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Quote:
Originally Posted by jaypeebee View Post
It's my first time buying so maybe I was a bit naive but it was so close to being done and she was so eager for it to go through quickly, really took us by surprise.

Good luck with yours, hopefully we can all be in our new homes before house prices get even more ridiculous

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This really sucks when this happens.

I am still working on a case from January. Some people are just nuts. Btw, if you feel as tho you need any mortgage advice, I'm happy to help, just pop me a pm.
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(Post Link) post #10 of 26 Old 24-07-17 Thread Starter
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Thanks very much for the offer of advice a17esh, will keep it in mind once we find somewhere else

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The whole thing is a complete ****ing nightmare. When we moved into our current house I told Mrs K that the only way I was moving on was feet first in a wooden box. I have softened my stance since but not by much.

Good luck with finding somewhere else.
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Quote:
Originally Posted by jaypeebee View Post
It's my first time buying so maybe I was a bit naive but it was so close to being done and she was so eager for it to go through quickly, really took us by surprise.

It's funny, but the ones who are really pushy about it being quick, being selfish about everything and taking no account of other people's positions... they're often the ones who think nothing of screwing everyone else over on a whim, or suddenly saying they want a 3 month delay or similar.

In reply to your initial post I nearly said - maybe that person would have turned out to be a nightmare to deal with throughout proceedings anyway, and it's a lucky escape.
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Last time I moved, our buyer dropped out at the last minute because he'd decided to go to Saudi Arabia instead of Orpington. I blamed myself for not anticipating that.

The time before, nearly bought a place from a fire engine collector. He dropped out because he couldn't find another place with a drive wide enough for his fire engine. I'd already paid for the survey, in which an expert surveyor found a straight line of woodworm holes at precisely one inch spacing up one side of the door frame where there'd been a phone wire.

Hope you get housed, jaypeebee. If not I'll buy your Big Issue.
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There should be a better system in place,.
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There should be a legally binding arrangement which has to be made as soon as the house is under offer. If either seller pulls out of the sale they should pay compensation to the other party.

When my Father sold my Grandfathers house he had two buyers pull out of the deal, and the whole process took 12 months longer than it should have done. In that time we had to keep the house maintained (not easy when it is 150 miles away), and I think after 6 months of the house being empty council tax had to be paid so it cost him money.

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(Post Link) post #16 of 26 Old 24-07-17 Thread Starter
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Last time I moved, our buyer dropped out at the last minute because he'd decided to go to Saudi Arabia instead of Orpington. I blamed myself for not anticipating that.

The time before, nearly bought a place from a fire engine collector. He dropped out because he couldn't find another place with a drive wide enough for his fire engine. I'd already paid for the survey, in which an expert surveyor found a straight line of woodworm holes at precisely one inch spacing up one side of the door frame where there'd been a phone wire.

Hope you get housed, jaypeebee. If not I'll buy your Big Issue.
Thanks sterzo, if all goes wrong can always live in my alfa

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We could also consider the poor estate agents that do not get paid when someone changes their mind and also bear the brunt of everyone's frustration.
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There should be a legally binding arrangement which has to be made as soon as the house is under offer. If either seller pulls out of the sale they should pay compensation to the other party.

When my Father sold my Grandfathers house he had two buyers pull out of the deal, and the whole process took 12 months longer than it should have done. In that time we had to keep the house maintained (not easy when it is 150 miles away), and I think after 6 months of the house being empty council tax had to be paid so it cost him money.
There should be something, I understand it's there to protect people if your circumstances change or something like that but it shouldn't be open to be abused like it is

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We could also consider the poor estate agents that do not get paid when someone changes their mind and also bear the brunt of everyone's frustration.
Yes her estate agent didn't hide their annoyance at having worked on it for 9 weeks and it be a complete waste. She had used them before aswell apparently without issue

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I've bought 8 houses over the years. The first was a nightmare due to a complicated chain, which took just under a year to sort itself out. After that, I have only ever looked at buying houses with no chain, just can't be doing with the stress, uncertainty and hassle. Doesn't help though in the OP's situation where the vendor decides not to sell on a whim.
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The Scottish system isn't perfect, but once an offer is accepted then it's binding, and there are usually penalties in the contract for anyone who backs out.

Some while back I was involved in a project to find a different way for the housing market to work. The idea was that a company (we set one up, a subsidiary of a building society) would act rather like a car dealer, buying and selling houses, often taking one in part exchange. The similarity with car dealers ran to sprucing them up if they needed it.

When it worked it was really good, giving the punter certainty and speeding things up no end.

The problem was that with the conventional market dominating, people would sell us their houses, but wanted to shop around at every estate agent to buy. I still think it would be a better way for the market to work, but we sort of proved one firm can't change the world by itself.
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Unfortunately the average householder has to sell and buy effectively on the same day due, partly to the equity involved and, to the need to have a roof over their heads. Any sale to a third party intermediary will involve them taking a cut of the value and most sellers cannot afford this since they need to buy another home hence the traditional market o selling direct to the new owner. The analogy with a car dealership is perhaps apt. Look at the difference between the trade in value and the forecourt price when it is put up for sale. In all honesty could you afford that sort of difference on a house sale where property does not depreciate like a car.

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Lost the buyer on my nans house today, buyer asked for an 8% reduction close to exchange. Said no and have remarketed without giving them a chance to back track - sale off. Hopefully, they have learnt a life lesson.
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Lost the buyer on my nans house today, buyer asked for an 8% reduction close to exchange. Said no and have remarketed without giving them a chance to back track - sale off. Hopefully, they have learnt a life lesson.
Good for you! And if they come back, say there's been an 8% increase! Sheisters 😡
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Unfortunately the average householder has to sell and buy effectively on the same day
That's exactly what we were able to offer with the project I described. We eliminated the nightmare of putting together a chain.

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Any sale to a third party intermediary will involve them taking a cut of the value and most sellers cannot afford this.
Under the current system the agent takes a cut, albeit a small percentage. It's a long time ago, and I can't remember figures, but basically I think by being able to redecorate and (if necessary) repair an empty property, and hold onto it during a rising market (which is the norm over the long term) we bought at market value yet made a decent margin.

As I say, its downfall was just that it wasn't the norm. If all houses in a given area were bought and sold through a "dealer" in this way, then I believe it would have worked.
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