House Buying?

Question

Me n my partner applied for a mortgage in August and were accepted. We found a house and put in an offer and it was accepted. But the woman still has not found anywhere to move to and is expecting us to wait till Jan/Feb for her to look again as she now wants to leave it till after Xmas. Meanwhile me n my partner are stuck in a tiny little one bedroomed flat. If we pull out we will lose alot of money that we had to pay for searches but she wont pull out either as she doesn't want to lose her buyers. But if she did pull out she wouldn't lose a thing. She has us trapped. Is she being unfair? Or is this the way it goes? I feel that she is being really unfair!

Answer 1

This is unfair, tell your Agent that unless the sale goes through quickly and immediately you will have to pull out as you have no where to live. Calling her bluff is your only option. Hopefully she wont want to lose the sale and then it can go ahead, be firm and talk to your Agent.

I think you should strongly be firm and push the sale through and call her bluff, if you dont and you do wait until the new year and the house does go up in value then she will ask for a higher price as house prices has increased, if you refuse then she will offer it to someone else thus you losing your money, the house and all your time and energy.
She can do this and properly will!. You really must push it through now, and say if the sale doesn't go through now then you will have to retract your offer as you cant afford to stay in rented accommodation. If she really does want to sell, then she wont want to risk losing you! Dont wait until after Xmas, there's a reason she wants it go through after Xmas,and its NOT because she does not have no where else to go! Good luck

Answer 2

Yes she is being a little unfair, but on the other hand she could just take the house off the market and you would still lose all your money and the house because if she remarketed it in Jan/Feb it would probably have gone up in value and you may not be able to afford it.. Until the contract is signed neither one of you is committed. If you put an offer on the house in August and it was accepted, the house has more than likely gone up in value as well as the rest of the houses on the market. As long as she doesn't try to put the price up on the house, it would be best to wait and get the house. Make sure that you keep your mortgage offer up-to-date. A lot of mortgage offers are only open for a certain length of time and then they make you have a survey on the house again and you will have to pay out another £3-600. Check with your mortgage company how long the offer is open for? Good Luck and I hope you get the house.

I have just read some of the other comments, by the way your'e question sounded I do not believe you have signed a contract because there would have been a date set. If there is no contract signed then your seller has every right to pull and I do not advise you to put pressure on her because of the reasons I gave above.

Answer 3

Before contracts are exchanged, then either party can pull out without liability. If you did pull out then you would lose any money spent so far (e.g. surveyors and solicitor work), and you would have no right to sue the vendor for these.

If the woman is living in a property which is of high demand, then she has the advantage in that she could afford to lose you and get another buyer. If she has been trying for ages to sell the property until you came along, then you have the advantage. If you have the advantage, then you can set a deadline for exchanging of contracts. The woman would be faced with the choice of quickly finding somewhere, going into rented/temporary accommodation (i.e. doing a chain break), or pulling out and re marketing the property. In this situation, it would depend on how desperate she is to sell the property.

Answer 4

wel it is the way it goes sometimes and of course you can understand why she wants to leave it til after christmas. On the other hand though it is unfair that she hasn't found a house to move to yet although this may not be her fault and you can't expect her to buy somewhere she doesn't like just to sell her house quicker.
However, and the rules involving property are different but, after an agreement has been made, like in your case, the contract will become breached after a reasonable amount of time if nothing happens... therefore why not ask your solicitors to look into the matter for you to see if there is anything legally you can do to speed her up

Answer 5

Have you signed the purchase papers? If so she has to have set a limited as to how long she has to be out of the property, normally it is only 30 days.
Do you have a mortgage broker? If yes contact them and let them know if she has you waiting any longer, you will have to pull out. This isn't fair to you at all. Purchase agreements are to be done and a time limit is to be put on the agreement.
Going forward put your foot down, either she gets out or you pull out. When buying a home YOUR IN CONTROL not the seller.
When you say jump they say how high! They are now working for you. You own them. do not let them walk all over you. The seller should have made arrangements at the time she put her house up for sale! This is not your fault she failed to do that. This is your house now... she needs to get out!

Answer 6

i'm a Realtor in California and that i recognize that you'll document healthful to "Pay or stop." which means once someone has entered right into a settlement and they destroy the settlement, they're answerable for damages and/or may be required to do something-like promote the residing house they reported they were going to promote. As an Angelino, i am going to inform you to sue, sue, sue! as in case you've been calling pigs. Sue the individuals promoting for taking flight of the settlement, sue their genuine sources agent and maximum heavily, sue the identify company, because you won't be able to placed a house on the marketplace until eventually you examine to make sure that whoever is promoting it has the legal good to take action. If broking service A reported she replaced into married, the identify company might want to favor to envision to make sure a million) what type of identify the couple held (i.e. joint tenancy, community sources, tenancy in difficulty-loose, etc.) 2) if both were in contract to promote. i think extremely undesirable for you, yet all isn't lost. solid success with residing house searching and that i desire you locate yet another customer quickly. Cheers.

Answer 7

As others have said, there should have been a date in the contract for closing. If there was not, you need to sit down with her and work out a signed contract as to when she has to get out. I'm sure there is a way for you to get out of this unscathed due to her putting you off. Your realtor (or go find a buyer's agent) should be able to help you with this.

Answer 8

There should be a clause in the sales contract that specifies a move in/out date. Just because she doesn't have a place to go it's not your problem, she should have found a place for herself before selling the house to you. I would speak with my Realtor or an attorney about this. Good Luck KG

Answer 9

Let me ask you this: did she sign a purchase agreement giving a closing date? If so, once that closing date lapses, you can renegotiate for something better, more concessions, etc. It's very much a buyer's market right now, so if you play a little hardball, you can get a better situation. If no purchase agreement was signed, then that puts you in a weaker position.

Answer 10

It is customary for you to request compensation for the month she is staying in the house...even if you haven't taken possession yet. She is in violation of her contract and is liable for damages. It would not be worth litigation to collect but it is worth the discussion.

I write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.