we sold our house in the begining of feb this year and have since had three moving dates....the latest date we were given was in two days from now(today is tues and were due to move on thursday.) we had a call today to say the buyers morgage would still not be in place on thursday so we would have to put things back again..possibly friday.
Approx. two hours later i recieved THE phone call-the buyer is pulling out too much pressure and hasstle was the excuse.
My house is packed and ready to move and WORSE to accomidate the move the vendors of the house we were due to purchase have moved in with parents and vacated there home.
WHAT CAN I DO??? Ifeel soooo bad and have no idea what to next...PLEASE HELP!!!
2007-05-29 04:36:39 · 13 answers · asked by nina a 1 in Business & Finance ➔ Renting & Real Estate
Sorry Nina, I'm afraid there is nothing to do, just get your Solicitor to try and get the buyers of your house to change their minds...as a last resort, reduce the price a little, but some buyers do this sort of thing just to get you to reduce the price...Its whether you want to blink first.....If they do pull out then nothing you can do....try and look on the bright side, at least you are packed....get your estate agent to ring any other prospective buyers and say you will reduce the asking price for a completion in three weeks, which can be done.....
All the very best....recently moved and nearly got in that situation ourselves so I feel for you.....
2007-05-29 04:47:15 · answer #1 · answered by Knownow't 7 · 1⤊ 0⤋
The buyers excuse is not legitimate. The buyer should have put up an Earnest Money or Good Faith Deposit in an escrow acct. They can't just back out because they're having a "bad hair day".
Refuse to refund their money.
This should not be such a stressful situation.
If you can't get this buyer to go through with the sale, just make sure you're next contract states.... ..."Upon successful close of escrow, seller to "Rent Back" property for up to 14 days. Seller will keep all utitlities on in their name until move out, seller will vacate in a neat & orderly fashion"
This way when a buyer DOES finally close you don't have to move out the following day, you can stay, pack, find your next place & move.
You also need another clause in your contract,,, let's say it's another 30day escrow. put "buyer has 14 days to obtain full unconditional loan approval, after 14 days buyer's earnest money deposit will become non-refundable" or take it a step further & agree up front that after this period of time half of it will be released from escrow to you!.
good luck
2007-05-29 04:55:35 · answer #2 · answered by Miss Emily 3 · 0⤊ 0⤋
If you have already exchanged contracts and were just waiting for completion, I believe your buyers are liable for some expenses.
If you hadn't exchanged contracts already, there is nothing you can do not even suing them. Your solicitors should not have let it go on this long without exchanging contracts. To not have had their mortgage in place for coming up to 4 months is VERY unlikely, and your solicitor should have looked into this a long time ago.
Unfortunately, until contracts are exchanged nothing is legally binding, never mind being able to predict a moving date. Your incompetent solicitor should not have advised or allowed your vendors to vacate their property already, as until exchange buyers can pull out any time and it does happen a lot.
2007-05-29 04:49:21 · answer #3 · answered by Anonymous · 1⤊ 0⤋
If you have signed the first half of the contracts- you must have by now you can sue the buyer- this will either ensure they complete the sell or you at least receive some compensation. Unfortunately buying and selling is fraught with these kind of problems and there is not much you can do except keep pushing everyone along. Its a lesson though- not to accept an offer unless everyone has firm offers of mortgages!
2007-05-29 07:09:03 · answer #4 · answered by Ellie 6 · 0⤊ 0⤋
Contact your agent and tell him you want him to call the buyers agent and inform him of his due diligence. Look on your contract to see if there is a clause or contingency that states "DUE ON BUYERS BEING ABLE TO OBTAIN A LOAN". Also contact the state board and let them know of your situation. They will look into the the buyers agents license and he will be reprimanded or his license can be revoked.
Call your escrow officer and ask her to intervene on your behalf. She has more pull when it comes to finding out about the loan. The Loan Underwriter may have conditions that are impossible or the buyers can't come up with whatever is needed. At least you will have peace of mind to know what is going on. Also you may receive a perdiem for such a problem.
2007-05-29 05:06:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Assuming you are in the UK......
If you have already exchanged contracts with your buyer, they will owe you 10% of the purchase price as per standard contract. If you haven't exchanged then nothing was legally binding and you have learnt a very expensive lesson.
Speak to your solicitor, but I imagine if you had exchanged contracts you would know this.
You have the option of dropping the purchase price to tempt them into buying but it sounds like they have pulled out for another reason and are just using 'pressure and hassle' as an excuse.
You shouldn't feel too guilty if your vendors have moved out already - it isn't your fault your purchaser has pulled out. Its not very nice but I'm afraid its one of those things.
I hope it all works out.
Note to ebaycath.... get your buyer to exchange contracts because if they pull out of the sale you will be owed a fat cheque! This discouraged my buyers from recently pulling out and leaving me in the lurch! Alternatively, your solicitor should be able to pressure the buyers solicitor to push the buyers. If you have had a few viewers and or offers since the original offer this shows the potential of your house - mention this to your buyer too. good luck!
2007-05-29 04:52:38 · answer #6 · answered by princess 3 · 1⤊ 0⤋
Hi.
It is so frustrating isn't it!!
We are selling our house to go and rent and the people who are buying our house are renting at the moment so you think it would be simple?
WRONG!!!!!!!!!!!!!!!!!
Bloody solicitors are a waste of time. And I can't get hold of the sales progression unit, (what the fcuk?) who are dealing with that sale.
We chose the purchasers offer as they said that they wanted to complete in 6 weeks but the land searches havent even been done!!
We are supposed to be moving on friday but can't sign the rental agreement on our new house until we at least have a completion date otherwise we will be stuck with a mortgae, rent and other loan payments which we just couldn't afford.
I am so stressed and could just scream. We will lose the rental house and end up stuck in some grotty little house. I only agreed to sell because of where the rental house is. Now i'm going to end up living in scumsville!!
I am just worried in case the purchasers pull out like they have in your sale and we are in limbo then!
We had lots of offers on our house but if they sense we need to move they will try to get lots off the price.
I hope things work out for you, but if not I have some really nice big cardboard boxes I can do you deal on!! LOL XXX
2007-05-29 04:49:28 · answer #7 · answered by ebaycathywilliams 2 · 0⤊ 0⤋
you need two weeks rent back when you sale your home that way you have two weeks after the close to move .doing it all at close is not good and the realtors in charge should not be alowing this thing to go on .did you close escrow on the new house ? if so then your stuck with paying two house payments for now .you mays well move into your new home and empty the old .
2007-05-29 04:46:41 · answer #8 · answered by henryredwons 4 · 0⤊ 0⤋
Call your real estate agent and get legal advice on what if any actions you can take against the potential buyers
2007-05-29 04:46:00 · answer #9 · answered by shorty 6 · 0⤊ 0⤋
Surely you could sue the buyer who has pulled out
2007-05-29 04:40:02 · answer #10 · answered by Anonymous · 1⤊ 0⤋