Buyer has went AWOL on completion day

[Streeeesssseeed]

A previous sale fell through so we went onto sell via auction to a cash buyer as estate agent said this was a quick, easy and sure fire way to sell. Ended up taking 10K under valuation but needed a quick sale. Contracts exchanged at the end of auction with completion to take place within 28 days. 28 days is today and was supposed to be completion day (confirmed last week) but buyer hasn’t transferred the remaining funds. His solicitor can’t contact him, our solicitor is having no luck. Stress levels are so far through the roof I could cry right now- has anyone experienced similar? The only thing our solicitor has said at the moment is that they’re never had this happen with an auction sale before which wasn’t particularly helpful!

Did they pay a deposit at the auction? If so I presume they've now lost that to you?

@PragmaticWench 10% deposit I believe plus some more fees he loses to the estate agents/auction house if I understand correctly. I don’t know how long they leave it without him making any contact before they go down that route. Something I need to ask the solicitor tomorrow I think with a more clear head 😩

Unmumsnetty hugs to you. Today must have been massively stressful. Have you got a bed for tonight? Or is everything in a van somewhere?

Unless the purchaser shows up tomorrow, I think this is going to take a lot of unpicking. Keeping in touch with the solicitor (and the auction house?) tomorrow, and see what can be done.

Sending you my best wishes

Frankly your solicitor has been a bit crap. The Law Society sets out what options a seller has in your circumstances. Your solicitor should have been talking through them with you late this afternoon.

This article explains what happens in this situation. The buyer is in breach of contract and so forfeits the deposit, as well as being liable for any costs or losses you incur as a result. I take that to mean that if you were forced to rent somewhere, the buyer would have to compensate you, for example.

https://www.homesellingexpert.co.uk/guides/can-a-buyer-pull-out-after-auction#:~:text=%22until%20the%20announcement%20is%20made,binding%20contract%20with%20the%20seller.

Hope you get some news tomorrow.

Are you committed to buying another property?

Just had to check into the local travel lodge- what a nightmare this is. The buyer apparently routinely buys and flips houses and isn’t short of money so the financial loss is probably pennies to him but still, you think he would have the common courtesy to answer a call so people know where they stand.

@MinnieMountain the solicitors haven’t been great throughout to be honest, we used them as they came as part of the estate agent auction package and thought they would get things sorted quickly. They couldn’t get us off the phone quick enough this afternoon. At the minute I think both Solicitors are hoping the buyer just pops back up tomorrow

Thanks @ClematisBlue49 thats really helpful, I’ll give that a proper read through now before I open my bottle of wine!

@shoppingshamed we are, a new build that’s currently empty. That said after the previous sale fell through they are swiftly losing patience with us

Bloody hell OP..... why did ypu have to move out tonight though, surely you can stay in your home - after all he hasnt purchased it yet?

Bloody hell as if buying and selling wasn’t hard enough!! You do it in a way that feels a sure fire bet and still it’s a nightmare. Honest to god the system
is not fit for purpose.

Presumably all their possessions have been removed as they were expecting it to no longer be their house as of now.

@Streeeesssseeed keep receipts for everything including hotel, dinner, taxis etc, additional removal costs etc

@Ilikewinter we could have stayed in theory but everything was already in the back of the van near the new property ready and waiting for the keys. Originally the buyer had wanted the keys to ours by lunchtime and the whole saga didn’t transpire until about 4pm and the movers were furious and were going to charge us an arm and a leg to bring things back and unload items so we just booked into a hotel overnight to see if buyer pops up tomorrow. If he doesn’t I guess we’re going to have to unpack everything and reconnect the kitchen appliances which were a bugger to disconnect the first time 😩

@Streeeesssseeed , if you don't get anywhere tomorrow, you may want to find an independent solicitor. Do you still have insurance on the property you are selling? If so you could possibly get some free legal advice.

Fingers crossed the buyer has just got his dates mixed up, which is possible if he buys a lot of properties.

This happened to me nearly 40 years ago. The buyers of my flat (very nieave 1st time buyers) turned up,a day late and then my sale all went through. Hubby finally spoke to the FTB late in the eveing who told them he would sue them for every penny, to which he replied ‘well we don’t have any money!

He should still answer his phone and listen to his messages!

You deserve the wine! Moving house is so stressful but this is next level. I’ve got everything crossed the buyer turns up tomorrow.

Think worst case scenario. Maybe he had a medical emergency or something like that and hopefully should be in touch soon

Be proactive in the meantime and reach out to the buyers solicitor tomorrow morning to get in touch with his emergency contact to find out where he is.

His solicitor will definitely have an emergency contact detail on file.

Next step is to get your solicitor to serve him with a notice to complete as per the terms of the auction contract. But at this point now you’re pretty much entering into litigation if he has disappeared.

If your current solicitor doesn’t handle litigation you will need to find a solicitor who does. It’s a painful and expensive process and not worth pursuing from experience if he has decided to give up the sale.
However you might feel otherwise. Litigation is not cheap and it is very emotionally draining!

You at least have his deposit to cover the temporary inconvenience.

The auctioneer will relist to resell at the next auction once the notice period has run out.

Oh no! I hope it all comes up roses for you tomorrow. What if he's in hospital or dead! Best of luck

Wow thats even worse that you didnt know until 4pm, what an absolute twat. I hope he either comes grovelling in the morning or you sue him for every penny you possibly can.

Op, was this a traditional auction, or a modern method of auction?

Relax, at worst you get to keep their 10% deposit...

And lose their onward purchase, pay lots of set of fees twice and have to move back into their home which is now empty. Not that simple as 'yey money'

Your solicitor really should have served a notice to complete - did they do that?

This happened to me. It was massively stressful. But it went through in the end, about 10 days later. Luckily I wasn't in a chain.

Hope it all works out for you OP