fuck and bollox been gazundered

[plim]

need some advice please, been gazundered two days before exchange by ftbuyers. They dropped their offer by 17k this morning stating the reason that it's going to cost them more than they thought to convert the office, outhouse and to do some remedial work like damp course, electrics and repointing.

The house is an absolute bargain already as we dropped the price by 40k to get a quick sale so we can get the house we want in time for my two children to start schools in september. We previously had tenants in there and they have now left, we have given notice on our tenancy for where we are living and are due to move in two weeks (completion date).

I immediately told the ea to stick it straight on the market and there has already been 3 viewings tonight, meanwhile, ea are trying to salvage the buyers offer by pointing out that there is electrical and damp certificates and a new damp course that was installed three months ago.

I am so, so devastated, don't know where we are going to live and god knows what to do about the kids school!!

fuckity fuck fuck

rant over! :(

Question,

How do you quantify the financial loss? In addition, until the survey is done, you cannot guarantee a price. I think that you would have to add far too many and far too complex clauses to account for all that. Finally, for most properties the loss would be a matter of a few thousand to a few ten thousands. Litigation would eat most (if not all) of that up. Maybe it makes sense for multimillion pound properties.

Plim: What would be your financial loss if this transaction fell through?

Blimey! Been lurking on this one and just came back to see what the outcome was- and there isn't one yet. :(

larrygrylls,

Just to start with. If Plim had prepared a simple contract and her prospective buyers were not prepared to sign such a contract (citing any number of reasons, e.g. survey etc.), then it would have given Plim an indication that they were not serious. Plim would have saved a lot of heartache.

Plim could still have continued with the transaction without such a contract but with the knowledge that the buyers may not commit. "My word is my bond", mentioned somewhere in this thread becomes stronger with "My contract is my bond".

The seller should fund the survey. This should determine the price in relation to others that hae completed. Agents are unskilled and it is a figure that suits them hen post survey buyer and seller are left to thrash it out which is wrong.

Question,

There is a simpler way of doing it. Some people ask the purchaser to put down a small non-refundable deposit (normally 1-2k) as an indication of intent. However, some genuine purchasers are distrustful of doing so and, if it falls through on survey, who decides whether it is genuine (and the deposit is refunded) or making something out of nothing. It is swings and roundabouts. You can ask for it but you won't necessarily get it and you can put off genuine purchasers.

larrygrylls,

Entirely agree with a deposit. However, this then must be done by both parties. e.g. Buyer and Seller both put deposits in an account. Whomsoever pulls out, loses the deposit. If Plim's chain breaks, and she does not move out, she should lose her deposit.

But I can see that money transfer like this may be a step too far in the English market. Hence the contract suggestion.

Question,

The money transfer does happen sometimes. But, as I said, it still has to be "subject to survey". And, if the buyer thinks a little damp will cost £4k to fix and the seller £800, what happens to the deposit? Most people don't want to go to court over that.

Well, it's already begun with a bang this morning - ea called to say two offers on table both asking price one in a proceed-able position......also said wipearse buyers sent email on saturday evening to say that they were distressed that we were still marketing the property despite agreeing on a renegotiation. They were called by the other ea to see if they wanted to do a viewing! We have not responded and have told our solicitors that they have until close of business tomorrow to get their mortgage reoffered at new price and everything exchanged. My gut feeling is that it's not going to happen and I have toughened my skin over the weekend ready for that. Gulp.

Areswipes know there is another offer that can go forward?

Definitely give aresewipes today to exchange, if not accept proceedable offer (is that for more than arsewipes?)

Go with the proceedable asking price offer? Make clear they have to complete within 2 weeks? if they are proceedable it can be done very quickly (we were in the same position last year!)
I would tell the twats to feck off, but thats juts me :)

Oh hang on us the new mortgage for more? :confused:

They are distressed!? Well tell them you are more distressed by this mess they have caused!!

This sounds like good news. Agree you should give them a day to exchange otherwise looks like you have some good offers on the table that you can hopefully rush through.

What a nightmare, I really feel for you.

I would be the same badvoc but I know you have school issues as well.

my solicitor told me that as long as byuers are proceedable it can take as little as 48 hours if everyone gets their arse in gear.......

Surely the estate agent should be ponying out to them that they are behaving like twats?

so arsewipes offered asking price in the first place as there were other offers in the running, we went with them because they said they were ftb and could exchange and complete within 4 weeks, 7 weeks later (ahem) they dropped by the 17k. Other parties have offered 3.5k more than arsewipes so not enough to walk away from arsewipes yet.....but trivial in the scale of things

accept the proceedable offer surely!!???

and get them to tell idiot buyers that you are "distressed" that they have been such bloody idiots and jeopardised your sons school place

Ditch arsewipe buyers, go with proceedable offer.

"distressed" my arse. They couldn't give a damn about distressing you by trying to pull a fast one.

Ponying? Ffs- pointing out!

We bought having sold our house and it took a while to sort out the mortgage transfer but it was during a housing bubble and it was slightly complicated by us moving a fixed term mortgage during the fixed term.

Or tell arsewipes that you will continue with them if they honour the original offer.

Its not trivial plim.
They have behaved appallingly knowing that your childrens schooling was dependant on the sale and move.
I have no time for people who could do that, sorry.
Tell them to fuck off and go with proceedable buyer but stipulate very short completion time.
It can still be done.

saintlyjimjams the buyers need to get their mortgage provider to reoffer their mortgage at the 3.5k reduction as it's too much to do as an 'allowance' or rather their lender won't let them.

Tell proccedable offer they have 2 weeks?

I'd be so tempted to tell arsewipes to get stuffed.

They have obviously watched too many tv shows and not understood the difference between negotiating at time of offer or post survey versus behaving like a total tit.

ok have asked ea to check out proceedable buyers i.e. make sure all is in order.....