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Buyer has went AWOL on completion day

78 replies

Streeeesssseeed · 27/02/2024 19:00

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!

OP posts:
Zaylok · 29/02/2024 23:28

I work in finance with these type of transactions- they generally have a 10-14 day grace period from completion to still complete with no repercussions which I imagine if he’s a regular property flipper he knows so that is why he was so blasé.
You generally wouldn’t be able to recover anything from them if this is in the contract so it’s quite nice he has covered some costs 😊

T1Dmama · 01/03/2024 09:11

Blimey! Glad you’re in your home now and hopefully unpacked the vitals x

BlueMongoose · 01/03/2024 22:46

Glad to hear the end of the story and that you got it all sorted!

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