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Original poster

House buyer MESSING me about - urgent advice needed

31 replies

Katiekitty · 16/05/2008 13:15

Am selling a house, have got a buyer, who made an offer, we accepted, they promised a 4-6 week exchange, all was rosy. They pulled out in the 7th week only to then say that a relative of theirs, was then buying the house from us. Ok, so we proceeded with that, again with the verbal promise of a 4-6 week exchange. Surprise, surprise, this deadline has since passed and I have told my estate agent and lawyers that my patience has long expired.

I issued an ultimatum to the buyer, in that if they do not act and proceed with the sale (i.e. pay their 5% deposit and set an exhchange and completion date) that we are going joint/multi agency. They have not acted on this ultimatum. Now, this has happened...

The buyer is coming into the estate agents office for a meeting this afternoon (I an not present) and I am wondering if anyone can advise me on these questions:

If he does pay the 5% deposit, how legally binding is it? If he sets a completion date and stalls and misses it, where do I stand?

If he sets a competion date that is too far in the future, what can I do to make him complete sooner, after all, we knowcked off £20k on the spot for him based on the promised fast exchange. (I feel so stupid now)

Is there any way I can protect myself as he is really messing me about and the sheer stress and frustration is all too much.

Thank you in advance for your help.

OP posts:
Confidentialnamechanger · 16/05/2008 13:17

He loses the deposit if he's exchanged and doesn't complete on the day agreed.

Keep property on and go multiagency til exchange.

You agree the completion date on the date of exchange.

scaryteacher · 16/05/2008 13:30

Put it back on the market as he's messed you about, and be open to other offers until exchange goes through. I'd also be inclined to see if you could remarket it with the £20k added back in, if the market will stand it.

littlepinkpixie · 16/05/2008 13:37

If he doesnt pay the deposit today then I would put it back on the market, at the original price if you think that is still valid.
If he can pay the deposit then make it conditional on exchange in 4 weeks.
It doesnt sound like this person is very interested in your house.

noddyholder · 16/05/2008 13:42

Put it back on if he doesn't pay up.I wouldn't increase the price though decrease it if anything if you want to sell quickly

Original poster
Katiekitty · 19/05/2008 09:05

Hello sorry for the absence, I had to leave work early to sort all this out... the buyer offered a further reduced amount of another £8k off the offer we accepted. I really don't know what to do... I know he's calling all the shots but also I need a quick sale as there are bills to pay. I've thought about nothing all weekend.

Really don't know what to do...

OP posts:
livinglavidalurker2 · 19/05/2008 09:20

Hello - this sounds like such a familiar situation. You can accept the buyer's offer if you like, but still continue to keep your house on the market, in case you get a more viable buyer. You may feel this is unethical, but the buyer has messed you around and until you exchange, they could still back out. When we sold our flat, I made the mistake of becoming friendly with the buyers who then delayed and delayed and caused problems. I should have simply treated it as a business transaction and kept all my options open. (Oh, and don't forget, your current estate agent is bound to advise you to take offer and not go multi-agency as they don't want to lose commission!)

livinglavidalurker2 · 19/05/2008 09:24

Oh, and please don't feel stupid. The whole business of selling and buying property in this country is so complicated and stressful, it's a wonder anyone ever decides to move.

Original poster
Katiekitty · 19/05/2008 09:27

You certainly live and learn when buying/selling a property. All the dirty tricks and cliches come out of the woodwork... I know the buyer wants the property, they just don't want to pay for it.
I've just called the agents to see if his offer is still on and also, how soon he can complete as if I can push him into a speedy (and I mean, a matter of days) completion, then I might cut my (huge) losses and be done with it. So stressful.

OP posts:
Freckle · 19/05/2008 09:32

The deposit is usually paid to your solicitor on exchange of contracts, so, even if he pays it to the estate agent, it is meaningless and he can demand it back.

Until contracts have been exchanged, nothing is binding. If he exchanges contracts and then fails to complete, you are entitled to keep as much of the deposit as you need to cover your expenses to date. He can claim back the balance.

I would go multi-agency straight away at the original price. He's either serious in which case he'll exchange or he's not in which case the sooner you remarket the better.

Freckle · 19/05/2008 09:32

The deposit is usually paid to your solicitor on exchange of contracts, so, even if he pays it to the estate agent, it is meaningless and he can demand it back.

Until contracts have been exchanged, nothing is binding. If he exchanges contracts and then fails to complete, you are entitled to keep as much of the deposit as you need to cover your expenses to date. He can claim back the balance.

I would go multi-agency straight away at the original price. He's either serious in which case he'll exchange or he's not in which case the sooner you remarket the better.

lizziemun · 19/05/2008 10:20

Put your house back on the market now. We had this with my Aunts house (when she died) and messed us about for nearly 6mths and then it turned out they couldn't get a morgage.

Original poster
Katiekitty · 19/05/2008 10:49

I'm in bits. Am going to accept his offer if he can complete this week. I'm told he has had a survey, I've replied to all queries raised from the searches and apparantly, he has a mortgage (am told this by my estate agent, so whether it is all true, time will tell.
My terms are that he completes with us this Friday and pays his deposit today. Totally non-negotiable. Any further messing about and I'm with a new agent.
I'm trying to keep a clear head and not give in to the stomach-churning fear welling up inside me.
So, any further delaying or crap on his part and I'm on the phone to a new agent and it's back to square one.

OP posts:
notjustmom · 19/05/2008 10:57

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Message withdrawn at poster's request.

Original poster
Katiekitty · 19/05/2008 11:26

well, he's 'uncontactable' at the moment, so I've told my agents to tell his solicitors that if we don't get a completion date of friday and he pays his deposit today then everything is off.
You'd think the agents would be working their socks off to get their commission, in this day and age, they can't be selling many houses.
I've also called my own conveyancing solicitor twice and they are busy, so I can't get through to them that I need action. It's beyond frustrating.
On top of all this, I'm supposed to be doing my day job and I feel like I'm banging my head against a brick wall of inertia.
Thank you everyone for your advice. I'm poised to get a new agent if I don't get any news soon. Any more stalling and it's off. Any other offer from him is totally non-negotiable. I've been messed about to the ends of the earth by him and now I'm setting the terms.

OP posts:
notjustmom · 19/05/2008 11:29

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Original poster
Katiekitty · 19/05/2008 16:28

Well, I was told the buyer was coming into the estate agents office at about 1.30 today, I've not heard anything from them yet. I've callled to see what's going on and was told the person I needed to speak with was 'on the phone'... so I'm here waiting to hear if I've got a sale to proceed with or not.
I've also aranged for three other agents to value the house tomorrow and if I don't hear the answer I want today, then I'm re-marketing with new agents as soon as I get a valuation from them. I am astounded by the lack of any negotiating skills from the currrent agents and also the total lack of any communication. If the meeting took place earlier today, then surely, surely they must have some news for me?
Unbearable.

OP posts:
Freckle · 19/05/2008 16:30

Instead of going through the agents, why don't you get your solicitor to contact your buyer's solicitor? You may get a more reliable answer from them.

Original poster
Katiekitty · 19/05/2008 16:48

The buyers lawyers are not returning any calls from anyone.

OP posts:
justaboutwasquoteoftheweek · 19/05/2008 16:49

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Original poster
Katiekitty · 19/05/2008 16:56

You're right.
I'm getting the three new valuations tomorrow and will move on, older and wiser.

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justaboutwasquoteoftheweek · 19/05/2008 17:39

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Original poster
Katiekitty · 21/05/2008 08:51

Here's an update...
The buyer agreed to pay his 5% deposit yesterday, exchange this Friday and complete next Wednesday. He didn't turn up yesterday to pay his deposit. It speaks volumes.
I'm putting it on the market with the other agents as soon as I get the paperwork (should be later today) and the whole nasty process is starting again. My sympathies go out to anyone else in this situation, I know I'm not the only one. Thank you to everyone here who has been so helpful. xxx

OP posts:
justaboutconscious · 21/05/2008 11:26

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PinkChick · 21/05/2008 11:32

Hi Just caught this..i would also give the estate agent an ear full for being so SH*T!, they are working for YOU, YOUa re paying them not this KNOB!..tell them you are withdrawing your property from sale with them with immediate effect due to their incompetance and unproffesional behaviour!...many sympathys for you, have bought and sold myself 6 times now!

Original poster
Katiekitty · 21/05/2008 12:48

As soon as I've signed the contracts for the new agents, I'm withdrawing it from the current one. I'd do it immediately if I could, the thing is, with a HIP, if the property isn't being 'continuously marketed' then I will need to pay for a new one. They get you at every turn. I can't wait to take it off with the current agents, I've felt all along that they are working for the purchaser, not me, the one who pays the fee.

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