Deal Fallen through...such a stupid system.
Discussion
boxst said:
I wonder if the seller was annoyed. You mentioned 'several months of hard negotiation' so maybe he was unhappy with the deal but took it and was then happy when someone else came along so he could show you the house was worth more?
The deal I negotiated didn't really take long. What took the most time was getting the right money for my place and then getting the final numbers sorted, so a couple grand here and there so everybody felt like they got a fair deal. russy01 said:
boxst said:
I wonder if the seller was annoyed. You mentioned 'several months of hard negotiation' so maybe he was unhappy with the deal but took it and was then happy when someone else came along so he could show you the house was worth more?
The deal I negotiated didn't really take long. What took the most time was getting the right money for my place and then getting the final numbers sorted, so a couple grand here and there so everybody felt like they got a fair deal. Dave_ST220 said:
A deal is a deal once contracts are exchanged, you are then legally obliged to purchase the property. However the reality is even then things can go tits up & try chasing someone for money who then claims they have none!
You pulled out on exchange day, did you compensate all those involved?
Nope. In my case the reason I pulled out because the seller was reticent in answering a number of perfectly reasonable questions put to him (he was foreign, and living overseas). I'd given him the benefit of the doubt for several weeks and chasing from my solicitor but his answers were not satisfactory and it got to the stage where all searches, etc were complete and contracts drawn up with said questions still unanswered. That, and subsequent post-survey inspections revealed additional costs and the seller wasn't prepared to budge on the price.You pulled out on exchange day, did you compensate all those involved?
My point really was more that the OP's well intentioned attitude doesn't really mean much since he could himself pull out right up to exchange without penalty (beyond sunk costs) or obligation.
Edited by Durzel on Wednesday 23 April 13:04
JQ said:
russy01 said:
boxst said:
I wonder if the seller was annoyed. You mentioned 'several months of hard negotiation' so maybe he was unhappy with the deal but took it and was then happy when someone else came along so he could show you the house was worth more?
The deal I negotiated didn't really take long. What took the most time was getting the right money for my place and then getting the final numbers sorted, so a couple grand here and there so everybody felt like they got a fair deal. There will always be other options, OP. I appreciate you want to purchase in a very limited market, so my adivce would be to letter drop (even door knock - you never know who knows someone who might be interested) and to maintain a very very good relationship with local agents (and solicitors). You might also want to consider continuing with your own sale (to completion if necessary) so that you are in a position to proceed as soon as the next 99%er appears on the horizon.
Once a deal looks firm enough that the potential buyer starts to incur costs the expense should be on the seller if they pull out. You never know though - it might fall through and they might be back. Friend of mine offered on a house. Offer was accepted. Seller then pulled out due to a better offer. Friend said "fair enough, I'm out". Few months later seller came back with their tail between their legs so friend reduced offer by £5k. Sale went through. Result!
scenario8 said:
JQ said:
russy01 said:
boxst said:
I wonder if the seller was annoyed. You mentioned 'several months of hard negotiation' so maybe he was unhappy with the deal but took it and was then happy when someone else came along so he could show you the house was worth more?
The deal I negotiated didn't really take long. What took the most time was getting the right money for my place and then getting the final numbers sorted, so a couple grand here and there so everybody felt like they got a fair deal. There will always be other options, OP. I appreciate you want to purchase in a very limited market, so my adivce would be to letter drop (even door knock - you never know who knows someone who might be interested) and to maintain a very very good relationship with local agents (and solicitors). You might also want to consider continuing with your own sale (to completion if necessary) so that you are in a position to proceed as soon as the next 99%er appears on the horizon.
I made an offer on the new house whilst my house was still for sale, but under offer (had 2-3 people offering). A week or so later I accepted an offer on my house, so we confirmed the deal with the vendor for the new house and then started to proceed immediately.
rufusgti said:
But the system has crapped on you, It's hard to let that slide.
It's the people who are selling the house who have crapped on him. There's all kinds of unscrupulous things you might be able to do legally or within a system, doesn't mean you should though. People doing this ought to realise it's just as possible for the buyer to be a scumbag if the seller breaks a deal.
russy01 said:
scenario8 said:
JQ said:
russy01 said:
boxst said:
I wonder if the seller was annoyed. You mentioned 'several months of hard negotiation' so maybe he was unhappy with the deal but took it and was then happy when someone else came along so he could show you the house was worth more?
The deal I negotiated didn't really take long. What took the most time was getting the right money for my place and then getting the final numbers sorted, so a couple grand here and there so everybody felt like they got a fair deal. There will always be other options, OP. I appreciate you want to purchase in a very limited market, so my adivce would be to letter drop (even door knock - you never know who knows someone who might be interested) and to maintain a very very good relationship with local agents (and solicitors). You might also want to consider continuing with your own sale (to completion if necessary) so that you are in a position to proceed as soon as the next 99%er appears on the horizon.
I made an offer on the new house whilst my house was still for sale, but under offer (had 2-3 people offering). A week or so later I accepted an offer on my house, so we confirmed the deal with the vendor for the new house and then started to proceed immediately.
scenario8 said:
russy01 said:
scenario8 said:
JQ said:
russy01 said:
boxst said:
I wonder if the seller was annoyed. You mentioned 'several months of hard negotiation' so maybe he was unhappy with the deal but took it and was then happy when someone else came along so he could show you the house was worth more?
The deal I negotiated didn't really take long. What took the most time was getting the right money for my place and then getting the final numbers sorted, so a couple grand here and there so everybody felt like they got a fair deal. There will always be other options, OP. I appreciate you want to purchase in a very limited market, so my adivce would be to letter drop (even door knock - you never know who knows someone who might be interested) and to maintain a very very good relationship with local agents (and solicitors). You might also want to consider continuing with your own sale (to completion if necessary) so that you are in a position to proceed as soon as the next 99%er appears on the horizon.
I made an offer on the new house whilst my house was still for sale, but under offer (had 2-3 people offering). A week or so later I accepted an offer on my house, so we confirmed the deal with the vendor for the new house and then started to proceed immediately.
el stovey said:
rufusgti said:
But the system has crapped on you, It's hard to let that slide.
It's the people who are selling the house who have crapped on him. There's all kinds of unscrupulous things you might be able to do legally or within a system, doesn't mean you should though. People doing this ought to realise it's just as possible for the buyer to be a scumbag if the seller breaks a deal.
scenario8 said:
...
Erm, aren't you an Estate Agent? Not to lump you all in one group (as you have done the same with PH'ers) but EAs perpetuate this sort of behaviour all the time! The house I lost near Wandsworth was, I suspect, shown to someone after it had been 'taken off the market'. It's crappy, but until you've exchanged contracts then all is fair game - once you accept that is the case (and whilst I do feel sorry for those buying first time) then you have to work around it. TBH I wish I had pulled out on a previous purchase but went along with it to be 'honourable'. More fool me.
The World's full of nobs. I'm not going to pretend otherwise. I seem to come across them often enough! Honestly, though, most agents (unless very specifically instructed otherwise - and even then usually against advice) would take an easy life over getting involved with silly and unnecessary shenanigans. I promise you in practice trying to engineer gazumping (or similar) is more likely to produce all manner of additional grief for an extremely marginal additional return. There is the possibility of divisions within an office and/or inter-agency competition, of course, but ordinarily there's little point really. Perhaps the old maxim "You can only sell it once" should read "you can only be paid for it once"?
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