I been reading different threads about houses not selling in the UK and buyers backing out at the last minute - I don't understand how they can I would appreciate if some one could explain these two points to me please
I only bought houses in Australia and as a buyer once you sign the contract and put the deposit down thats it you are going to buy the place and at the least lose your deposit plus if they want to bill you for the all cost of re selling the house if you pull out.
Hi
Well over here you get someone come look at your house, say they want it and generally you then take your house off the market whilst the process of conveyancing is undertaken. Then your buyer has to get searches and surveys done which can take weeks. Then you have to answer any queries regarding the property which can again take a couple of weeks of twoing and froing. You then get to the contract stage where your buyer has to put down their money and you exchange contracts and are given a date for completion. Now the bug bear is that up until exchange of contracts your buyer (and indeed you) can pull out leaving the seller weeks down the line with no sale and no other viewings. Its a ridiculous system and I think unfair on the seller (you can guess I'm selling can't you). We are 12 weeks into the process with no date as yet for completion.Its a total pain.I've waffled a bit but thats the general jist of things. Theres no real commitment from a buyer until you've been involved in the proccess for weeks on end!
Mandy x
Absolutely correct Mandy, a complete pain. They even have us all doing HIP's now (Homeowner info pack) at more cost to the seller. They have been on about changing things for years but never do. Real pain.
Emmy (moaning again)
__________________ "It's Easy to be pleasant when life flows bye like a song, but the friend worthwhile is the one that can smile when evrything goes wrong"
Hi Emmy
I'm glad its not just me doing all the moaning! What a rubbish system we have. All the onus is on the seller all the time. Any tom dick or Harriet can come in say they want your house and then pull out weeks down the line. Hopefully ours is going through but you just don't know until you've got the money in the bank do you? As for the Hip pack well we missed that one as our house went up before the deadline but what a load of old rubbish. Just another way to get our hard earned cash. As if someone wouldn't buy your house just 'cause it hadn't got energy saving lightbulbs!!!! Oh god I'm off on one again!
Mandy x
When a buyer puts in an offer it is subject to contract.
The buyer then arranges survey & instructs a solicitor to carry out searches
For things that may affect the value of the property
Has the house been built on landfill?
Are there plans for a new refuge dump close to the property?
Did the extension built onto the house have planing permission?
etc
Then if all things go well contracts are completed 8 weeks later.
Both buyer or seller can pull out of the deal before contracts are completed
Unfortunately there are two things that occur
In a fast riseing market we get 1 Gazumping
This is were the seller accepts an increased offer after the contract
Have been signed but not completed.
In a falling market we get 2 Gazundering
This is were the buyer pulls out of the deal or makes a lower offer
After contracts have been signed but not completed.
Our estate agent told us we could accept an offer and continue to show people around which we considered because we were worried about time wasters. I really think there should be a penalty if people pull out - I'd never go looking to buy a house without my finances being in order
Ali
__________________ I am toopositive to be doubtful, too optimistic to be fearful and too determined to be defeated!
lol leanne - Nigel told me the same thing - it didn't matter if I thought they were a nice couple or not if they offerred a good price they could have it
Ali
__________________ I am toopositive to be doubtful, too optimistic to be fearful and too determined to be defeated!
Thank for your inputs totally different - to Australia - Generally once you put a contract in and the deposit then your buying it - Sometimes you can arrange get out cause in the contract depends on the seller - but a signed contract with no deposit is considered rubbish. Once the contract is signed then it takes an average of 6 weeks to settle on the place (can be done faster )
