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Vicitim of a Bad Buyer - There Needs to be a Law!

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That is a bit harsh, but surely they still had a survey done and lost money on that?

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How would you make this work in law? There is no contract until there is a contract, at what point would you change things to have the contract be formed?

 

They should put a deposit down and if they pull out the monies lost by the seller should come out of it before returning the deposit.

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cyclone, I hope they did! I'm not so sure though, if they had a contract with a solicitor for conveyancing I'm fairly sure they would have had an arrangement with a surveyor. We lost about 3k which was money we had saved up to move. We didn't have to go without anything, fortuantely, but it did mean that we've had to spend time saving up that money again in case we do decide to put the house back on the market. For normal working people like us 3k was a fair old amount of money- if we thought we were going to just waste it I would have at least spent it on something good like a holiday!

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They should put a deposit down and if they pull out the monies lost by the seller should come out of it before returning the deposit.

 

At what point should they put down a deposit, as soon as they make an offer?

Which is before any conveyancing or a survey has been done? What if the survey comes back with tens of thousands of pounds of work to be done? What if the conveyancing indicates a problem with the boundary locations?

If the buyer has to put a deposit in escrow against the costs of the seller then the reverse should be true as well. But at what point? Surely nothing is set in stone until a contract is formed.

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At what point should they put down a deposit, as soon as they make an offer?

Which is before any conveyancing or a survey has been done? What if the survey comes back with tens of thousands of pounds of work to be done? What if the conveyancing indicates a problem with the boundary locations?

If the buyer has to put a deposit in escrow against the costs of the seller then the reverse should be true as well. But at what point? Surely nothing is set in stone until a contract is formed.

 

Deposit should be paid when offer is accepted,if there's a problem with the property what hasn't been disclosed then its the sellers fault and withdrawel without penalty should occur,its all common sense really.

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Have you ever bought a house? There's always problems with the property, so this would be meaningless as there'd always be an excuse to withdraw.

I suppose though you could make it that the withdrawal had to come within 10 days of the results of the survey (although the survey is often used as a bargaining point to alter the terms of what has been agreed).

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bought 3 houses,never had any problem with the survey,maybe your'e unlucky.

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I had a friend who's buyer pulled out of the sale of her her flat on the day that she was meant to be moving, she had packed all her belongings in her removal van. Obviously this meant that she couldn't buy her house, and this has now left her seriously out of pocket.

 

After hearing how hard she's worked for this, and how excited she was I'm seriously gutted for her, I couldn't imagine how gut wrenching it must be to unpack all your belongings and move back in to your old home.

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The problems fall into two main categories.

1. Greed by V [vendor] or P [purchaser] e.g. V unreasonably seeks to inflate the price or P unreasonably seeks to depress the price.

2. External factors- e.g. P loses job and mortgage advance offer is withdrawn; V or P dies; house is seriously damaged.

Edited by Jeffrey Shaw

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Doesn't this happens the other way too, where a buyer has gone to the trouble of getting a valuation, searches, solicitors engaged and the seller pulled out because they received a higher offer?

 

Yes! We've just been on the receiving end of this and lost at least 1k in solicitors fees, searches and valuations etc (still awaiting the final bill). The contracts were sitting there ready to be exchanged and we got a call on to say the sellers were pulling out of the sale - no initial reason given, only when speaking to EA the next day did they tell us "the sellers felt like you had got cold feet so pulled out before you did!" things were moving relatively slowly, but due to problems their end! We are first time buyers and naively put the record straight that that was nonsense, which lead to sale back on, but the seller appeared to get greedy and asked for more money for various things, which we couldn't afford/weren't obliged to pay anyway and the seller wouldn't meet our compromise and again pulled out of the sale. Still slightly confused as to what happened to be honest and house is no longer for sale now!! :mad:

 

Luckily as we don't have a property to sell and have a good landlord, we are fine to stay where we are for the time being and it's just losing the money that's frustrating. Dreading the day were are buying AND selling!!:help:

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Just out of interest what are the estate agents called that you are using this sounds very similar to my experience.

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Just a point.

 

I would have smelled a rat when they said that the parents would buy it on a buy to let and I presume rent it to them.

 

Very Very few lenders will allow buy to lets to rent to immediate family for the obvious reasons as above.

 

I think that what this buyer will have done is used this transaction to convince the school to allow her child in, when they have seen paperwork IE valuations etc they might have caved in an let little Johnny into the school, this then fell to bits prior to September.

 

I would bet a few farthings that you will see the buyer of the house outside the school in question picking her kids up then taking them to where they lived before. It happens a lot I am told

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