Deal Fallen through...such a stupid system.
Discussion
Spent the last few months negotiating really hard to get our perfect 4 bed detached village house - needs lots of work but is 99% what we have been looking for.
Recently sorted a deal, got the solicitors involved and have the mortgage all sorted. All was well until some random chap who viewed the house ages ago has been and crashed the party and offered 10k more. He has made his intentions clear that he is willing to pay over and above asking price and is backed with his parents cash.
Vendors whilst apologetic have pulled out and pretty much said they want more money and I have to pay up and join a bidding war with this chap if we want the house. We're pretty stretched and can't afford much more.
Pissed off doesn't explain it, sorting out particulars over the weekend and deciding what colour to paint what and now we are back to the beginning!
Really pissed off with how people can do this, I now have to pay Natwest and my solicitor £300-£500 for the work they have already done and I don't get the house I want.
A deal should be a deal.
Sorry pointless thread, just need to get it off my chest.
Recently sorted a deal, got the solicitors involved and have the mortgage all sorted. All was well until some random chap who viewed the house ages ago has been and crashed the party and offered 10k more. He has made his intentions clear that he is willing to pay over and above asking price and is backed with his parents cash.
Vendors whilst apologetic have pulled out and pretty much said they want more money and I have to pay up and join a bidding war with this chap if we want the house. We're pretty stretched and can't afford much more.
Pissed off doesn't explain it, sorting out particulars over the weekend and deciding what colour to paint what and now we are back to the beginning!
Really pissed off with how people can do this, I now have to pay Natwest and my solicitor £300-£500 for the work they have already done and I don't get the house I want.
A deal should be a deal.
Sorry pointless thread, just need to get it off my chest.
Joey Ramone said:
You have my sympathies. However, I'm a firm believer that when one door closes, another one opens. It may well be that this wasn't meant to be your perfect house, and the latter is still waiting for you to discover it.
I'm a firm believer of this. Something similar happened with my first house and it ended up as a blessing.However in my area (sleepy Somerset villages) each village only really has a handful of houses, so when they come up you have to be on it - it took 12months of looking for this one to pop up!
So I really am a bit annoyed, but oh well.....watch this space it could out to be a blessing yet.
untruth said:
russy01 said:
Wells area.
Ah yes, grew up In Westbury and family still live in Westbury & Wookey Hole respectively. You're right, there's approximately 1/2 a house a year available per village and often they're entirely unsuitable. I wish you luck!We're looking at the wookeys/Westbury/Easton/Priddy etc - we'll just have to keep an eye out and hope our buyer (buying to let) is happy to hold on for a bit.
You have my sympathies, I was in exactly the same situation last Summer (although the house in question was not as high as 99% of desired spec). Very demoralizing.
All I can say is I echo the above, we completed on another house in Jan, due to move in this weekend after extension/renovations and hand on heart despite the lost £s wasted on the aborted deal, I'm glad in hindsight we lost the other house.
Try to remain positive and trust in karma to deal with those without scruples!
All I can say is I echo the above, we completed on another house in Jan, due to move in this weekend after extension/renovations and hand on heart despite the lost £s wasted on the aborted deal, I'm glad in hindsight we lost the other house.
Try to remain positive and trust in karma to deal with those without scruples!
Buying/selling a house is in my opinion a painful and unnecessarily complicated process, to go through all you have with no house is frankly ridiculous and I can't see why, when a price is agreed a deposit, say 10% is paid that's non refundable (subject to surveys etc) and binding on both parties. I'm sure a decent team of legals could revamp the system in a hard working week to everyone's benefit. My sympathies to you but I think, call their bluff and if you get a second bite, reduce your offer :-)
Yes it's s
t, I've got the t shirt of losing money etc etc. However, sit back, can you afford to go higher? If they only come up once in a while sometimes it's better to swallow pride & up your price. Only you can decide.
My old family home was completed on a hand shake. The bloke was offered more but said he had already done a deal. That doesn't happen any more that's for sure!!!
Good luck.
t, I've got the t shirt of losing money etc etc. However, sit back, can you afford to go higher? If they only come up once in a while sometimes it's better to swallow pride & up your price. Only you can decide.My old family home was completed on a hand shake. The bloke was offered more but said he had already done a deal. That doesn't happen any more that's for sure!!!
Good luck.
Dave_ST220 said:
Yes it's st, I've got the t shirt of losing money etc etc. However, sit back, can you afford to go higher? If they only come up once in a while sometimes it's better to swallow pride & up your price. Only you can decide.
My old family home was completed on a hand shake. The bloke was offered more but said he had already done a deal. That doesn't happen any more that's for sure!!!
Good luck.
We went round last week for a final look round the house, wanted to measure up a few things to get an idea for the renovation. We ended up staying for an hour, chatting about this and that, moaning about the agent etc - the chap had even started writing a manual for all the heating and aircon systems for me. t, I've got the t shirt of losing money etc etc. However, sit back, can you afford to go higher? If they only come up once in a while sometimes it's better to swallow pride & up your price. Only you can decide.My old family home was completed on a hand shake. The bloke was offered more but said he had already done a deal. That doesn't happen any more that's for sure!!!
Good luck.
We got on really well (turns out we are similar age to their children etc) and left with a handshake, so I really thought in this eventuality they'd honour our deal - especially seeing to this point we were the only offer etc. It shows what a few quid can do to somebody.
As for paying more for it. I'll be honest, we are stretched by 10k more than I want to be as it is. I also have had to cut my DIY fund down to £8k for the short term AND we are getting married in August - so there are just no pennies left in the piggy bank. Plus I don't think it's worth more, we'll just have to sit tight.
RobDickinson said:
The UK system is st.
Here both parties agree and sign a contract, with conditions that need to be met, with severe penalties on both sides if someone pulls out. Checks can take a week, whole process can be done in 10 days. Much better.
By UK system I'll assume you mean the system in England and Wales.t. Here both parties agree and sign a contract, with conditions that need to be met, with severe penalties on both sides if someone pulls out. Checks can take a week, whole process can be done in 10 days. Much better.
All systems have their failings. It is common for people to grumble about the E+W system but there has been next to no willingness on behalf of either the public or the body politic to embrace significant change. I see people "enjoying" the benefits of the E+W system all the tie. They tend not to post too many threads about it, mind.
Don't get me wrong, I can pick holes in "my" system easily but I can see down sides to possible alternatives.
My sympathies to the OP. Blame the vendor, the other offerer, your politicians, the wider public, your ethics and the size of your wallet. With luck, in 3 months or 3 years you'll have forgotten about this misfortune as a better card was dealt your way.
Very stressful situation for you and family I bet.
I would immediately start to disconnect yourself emotionally from the property.
This other chap says he's willing to pay over the asking price? Well, you've payed your fee's and you won't be getting that money back so make him pay for your sorrow. Match every bid he puts in, but wait a day each time just to drag this out. At some point you will have to drop out or he will. He may not be as confident in his position as has first shown. You may end up beating him but at a price that's too high for yourselves. in which case you can just pull out at any stage, you've already payed the fees like I say. Or you may get lucky and only need to go a bit higher.
I must say there's little point in this strategy. I'm a vengeful bd when I want to be, I'd do this to get my own back. It's probably easier to just move on. But the system has crapped on you, It's hard to let that slide.
I would immediately start to disconnect yourself emotionally from the property.
This other chap says he's willing to pay over the asking price? Well, you've payed your fee's and you won't be getting that money back so make him pay for your sorrow. Match every bid he puts in, but wait a day each time just to drag this out. At some point you will have to drop out or he will. He may not be as confident in his position as has first shown. You may end up beating him but at a price that's too high for yourselves. in which case you can just pull out at any stage, you've already payed the fees like I say. Or you may get lucky and only need to go a bit higher.
I must say there's little point in this strategy. I'm a vengeful b
d when I want to be, I'd do this to get my own back. It's probably easier to just move on. But the system has crapped on you, It's hard to let that slide.Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff