Gazundered.

[Roo Stercogburn]

You already knew what you needed to do. Best of luck with where it goes next.

I hope there is at least a small rubber plant somewhere in some random corner from FH after you get there

 

[Ch3tan]

Good stuff, let's hope it all completes ok and you finally get away from the shit hole area you are in at the moment.

Did I see a new job for you too on the book of face?

 

[dysfunction]

Something like this happened to me recently.
I have a studio flat in west London that I needed to sell. (My first home!)

It went on the market late last year and I had an offer in Nov/Dec.
I accepted the offer as it was perfectly reasonable.

2 months go by and the purchaser says she feels the property is worth £15000 less than her offer but is willing to meet me half way. I say no because I know you can't get anything at the price she is talking about! She says she will continue with the purchase.

Another 3 months go by and we are now ready to exchange and complete on the same day. On the day we are about to complete she tells me she now wants the full £15000 off!! I tell her to get lost and she backed out!

I have only just now accepted an offer of £7000 above her offer. Hopefully this will go through....

 

[Damini]

Something like this happened to me recently.
I have a studio flat in west London that I needed to sell. (My first home!)

It went on the market late last year and I had an offer in Nov/Dec.
I accepted the offer as it was perfectly reasonable.

2 months go by and the purchaser says she feels the property is worth £15000 less than her offer but is willing to meet me half way. I say no because I know you can't get anything at the price she is talking about! She says she will continue with the purchase.

Another 3 months go by and we are now ready to exchange and complete on the same day. On the day we are about to complete she tells me she now wants the full £15000 off!! I tell her to get lost and she backed out!

I have only just now accepted an offer of £7000 above her offer. Hopefully this will go through....

Jesus, I would be fucking livid with that. Glad you found a higher offer, but wow. What dickery. Kenny would have shat fire. Everywhere.

And yup, Ch3t, got a new job. Selling baths and showers, commission based, so hopefully I can take a year, dig myself out of my foul credit card debts, and start afresh. It's not exactly what I saw myself doing with my life, but hey ho.

 

[Chilly]

Jesus, I would be fucking livid with that. Glad you found a higher offer, but wow. What dickery. Kenny would have shat fire. Everywhere.

And yup, Ch3t, got a new job. Selling baths and showers, commission based, so hopefully I can take a year, dig myself out of my foul credit card debts, and start afresh. It's not exactly what I saw myself doing with my life, but hey ho.

Selling many of those ugly little bastard fugglers?

 

[Lamp]

what colour pubes?

 

[WPKenny]

Well it's all going fucking swimingly isn't it?
The woman we're buying from has pulled out of her SECOND purchase. No one can get a straight answer from her whether she still wants to move despite her looking at other houses again or whther she would be prepared to simply move out and let everyone in the chain get on with their lives.
So so so fucked off right now.

The reason for our buyer's price drop was due to the accelerated timescale that our seller had put on us with her purchase (18th of october being her supposed deadline).
We were trying to move on the 4th and were having trouble getting hold of our seller to get her to confirm and now we know why.
Her faffing about has already cost us 1.5k and might cost us a damn sight more if she pulls out entirely as we'll have just thrown away the money spent on surveys and searches cos we'll have to do it all again for the next property we go for.

We're now left with either a) moving out regardless and risk being homeless if our seller pulls out entirely, b) get our seller to move out and keep everyone else happy or c) hope our buyer can wait another 6 weeks on the off chance our seller has her offer accepted on this third house and doesn't change her mind again.
fuck fuck fuck fuck fuck

 

[MYstIC G]

fuck fuck fuck fuck fuck

That sucks dude.

Have you already exchanged?

 

[WPKenny]

If we'd already exchanged I'd be annoyed but at least we'd be due compensation. No, we haven't exchanged which means anyone in the chain can change their mind whenever they like. Stupid fucking house moving laws.

 

[ECA]

If I offer you a fiver for a plant pot and you say ok, we have a legally enforceable verbal contract for a transaction.

I don't understand why offering someone xxxx amount of money for a house and then having an offer accepted doesnt constitute a legal contract.

 

[MYstIC G]

If I offer you a fiver for a plant pot and you say ok, we have a legally enforceable verbal contract for a transaction.

I don't understand why offering someone xxxx amount of money for a house and then having an offer accepted doesnt constitute a legal contract.

As I understand it because they put "subject to contract" on everything which stops it being a contract in the manner that you've described

http://en.wikipedia.org/wiki/Contractual_term#.22Subject_to.22_contracts

 

[ECA]

I know that, I meant it's a stupid fucking system that allows extreme cuntishness and should be changed.

 

[MYstIC G]

I know that, I meant it's a stupid fucking system that allows extreme cuntishness and should be changed.

Then say that then, don't say I don't know and then I know that

 

[Mabs]

sorry to hear its all going shitty for you guys

as i understand it, and its a point of note rather than a suggestion ; but isnt it illegal to gazump people under Scottish law ?

 

[Cadelin]

If I offer you a fiver for a plant pot and you say ok, we have a legally enforceable verbal contract for a transaction.

I don't understand why offering someone xxxx amount of money for a house and then having an offer accepted doesnt constitute a legal contract.

Because if it did no one would make offers until they had done all the searches etc. At the moment you agree something subject to searches etc. So the seller takes the house off the market while the buyer forks out for the searches. Both parties are therefore make a small commitment to the deal. Under your proposal the buyer would take all the risk as the seller could leave their house on the market and wait for any other offers, even though they would know someone else was doing searches.

 

[WPKenny]

So we've found out our buyer isn't able to wait six weeks. She's only able to get a maximum of a two week extension.

Our seller is meeting with her estate agents tomorrow and I've told them that we're basically left with two choices. Either we move out or she moves out.

If we move out, we lose our mortgage if we don't find another property within 3 months since we won't have a property to secure the loan on. If she's unwilling to compromise and move out to let the chain move forward I will insist on her signing a separate agreement that says regardless of whether she completes on her THIRD potential purchase, that she moves out on an agreed date. Otherwise the sale is off and everyone loses out.

 

[DaGaffer]

If we move out, we lose our mortgage if we don't find another property within 3 months since we won't have a property to secure the loan on. If she's unwilling to compromise and move out to let the chain move forward I will insist on her signing a separate agreement that says regardless of whether she completes on her THIRD potential purchase, that she moves out on an agreed date. Otherwise the sale is off and everyone loses out.

Unfortunately I think that agreement would effectively be worthless. Even if she agreed to it and you exchanged, if she didn't have anywhere to go she could effectively act as a sitting tenant and not go anywhere; and it could take you up to three months to get her out, so you'd be back where you started.

 

[dysfunction]

I think the Scottish system works best.
As far as I understand it you put your offer in and then have like 7 days or something to do your survey etc and then once that is done and you are happy to proceed then you are locked in to the purchase...

That is the way it should work...

This whole system in England is just designed to mess people about and waste loads of money

 

[TedTheDog]

Although it was a long time ago this nonsense of dropping your offer worked well for us when buying this flat. I had no qualms about screwing over the seller as it was a building society (a repossession) and the flat had been empty and unsold for a year after the original owner had done a runner.
We dropped our offer 4 times as they kept accepting our new offer really quickly... like within minutes. Went from £130k to £91k (said it was a long time ago) over 2 weeks.
It did strike me as unethical and frankly nasty and I dont think I could've done it to an individual. On the plus side it really annoyed the estate agent as it reduced their take each time and they got quite stroppy. £39k saving and pissed off estate agent. Win Win!

Of course there was a slight kicker in that we had to fend off debt collectors and even bailiffs for over a decade. Seems the original owner was a real scumbag and pissed off a LOT of people and we lived in his last known address.

 

[Starman]

Ted I wub you...

 

[WPKenny]

Well, the worst case scenario has happened.
Our buyer can't extend her lease beyond the 18th of November.
Our seller refuses to move out ahead of time.

We're now put in the impossible situation of having to move out of we want to keep our buyer and risk losing our mortgage if our seller doesn't move out by Christmas when our mortgage offer expires.
Our estate agent says with the way the market is we wouldn't find another buyer quickly or one that would offer as much. So we're pretty much screwed.

We're going to have to move out and in with Lou's sister and just hope our seller doesn't fuck us about a third time. Meanwhile we keep looking at other vacant properties we can make a quick buy on just in case she does.

Our buyer a stupid mare who handed her notice in before a completion date was confirmed which has fucked us over since our seller changed her mind on her intended purchase for a second time.

All in all we're right up shit creek.

Fucksticks.

 

[Roo Stercogburn]

Gah Kenny, really sorry to read that

 

[Raven]

That sucks dude, hope it sorts itself out in the end.

 

[Clown]

Is this what they call a chain? Does the seller know she's cunting everyone over?

 

[Ch3tan]

It's why buying and selling in a chain is a massive risk. Hope it all works out or you get to screw the bitch over somehow.

 

[Clown]

What would have to happen to make the seller the loser? If Damini and WPKenny find a different house? That would leave the seller in no worse off a position.

 

[Ch3tan]

It would, she's hoping they wait for her currently. They could probably drop their offer because she's cost them money focing them to rent in the interim.

 

[Clown]

Oh right, she's waiting for the sale money to move into the next place? Chains are confusing man.

 

[Damini]

We can't really drop our offer as I think the real problem is that this MENTAL BITCH does not want to really move, so the slightest issue and she'll just stay put. Any other person, and that is what we'd do.

 

[MYstIC G]

It would, she's hoping they wait for her currently. They could probably drop their offer because she's cost them money focing them to rent in the interim.

Probably a good idea. Tell them that your current offer is based on exchange occurring by X date and completion no more than 2 weeks later. Tell them that because of the situation she has put you in that your offer will be reduced by £10k after that date has passed. She can't fuck around purchasing stuff if she can't sell her old place, unless she's super-rich.