Failing to Complete Purchase Property Auction

[Wings]

Jasandjules said:

Yes, I suspect the additional fees will cost more than the likely damages. You have 22k, take it. It may be set off against a lower purchase at the next auction if necessary, or you may do even better. Either way, the reason there is a deposit is for this situation and to my mind you are quite right to take it.

They may have believed that the finance would not be a problem, only to run into one. I've known someone to look to purchase a property for cash which was based on the fact that their inheritance would "come along now". Of course,
the process took rather longer....

Thanks for your posts and advice. I find it quite odd, scary, wondering if the introduction of the second possible purchaser was some form of scam. Whilst I will retain the Deposit, I am almost waiting for the purchaser's henchmen to come knocking at the door for the return of the Deposit, monies.

[Steffan]

Wings said:

Jasandjules said:

Yes, I suspect the additional fees will cost more than the likely damages. You have 22k, take it. It may be set off against a lower purchase at the next auction if necessary, or you may do even better. Either way, the reason there is a deposit is for this situation and to my mind you are quite right to take it.

They may have believed that the finance would not be a problem, only to run into one. I've known someone to look to purchase a property for cash which was based on the fact that their inheritance would "come along now". Of course,
the process took rather longer....

Thanks for your posts and advice. I find it quite odd, scary, wondering if the introduction of the second possible purchaser was some form of scam. Whilst I will retain the Deposit, I am almost waiting for the purchaser's henchmen to come knocking at the door for the return of the Deposit, monies.

Unlikely generally in the UK. The failure to complete is legally the buyers failure. Therefore in law your position is protected. I have seen this happen on a number of occasions including one where the buyer paid 10% and failed to complete and paid another 10% to extend the contract for another month and then failed to complete. It does happen. Legally there is no comeback for the buyer who has failed to complete. I doubt you will ever hear from them again if they actually fade away and fail to complete.

[Red Devil]

Oh that I had a spare £22K to gamble with. I could have got good odds on Costa Rica qualifying from Group D!