View Full Version : Buying and Selling Your Property is so Fustrating
Well I'm a little annoyed so going to bore all you guys too. lol.
Well I currently live in Essex as most of you know but decided to move back up near my parents and original friends etc in Birmingham. Oh ye! so me and the girlfriend can buy somewhere together too.
So here I was thinking perfect the next door neighbour wanted it as a private sale, so that be nice and easy.
Therefore me and the girlfriend find a 2nd property we like/love in Brum after loosing the first one to someone who wanted to pay more.
So 6/8weeks down the line we are packing our things etc and everything is near enough done with solicitors its just mortgages companies agreeing on dates for releasing the money.
But here's the rubbish bit..
The buyer just decides she doesn't want it. It wasn't like the survey was bad or anything it was just she was buying my flat as a Buy to Let and she had miscalculated apparently. She wanted to earn £100 or more profit every month on rent which is completely mad in the current market. If you can cover the mortgage your winning in my opinion.
So here we are now re-marketing my flat. Hoping someone will snap it up as we don't want to loose the house we have fallen in love with plus have forked out money for full survey etc.
So frustrating....
Oh that's a pile of poop. Bad luck fella, let's hope that you get another buyer quick.
You should have got the contracts signed long before she had a chance to pull out. In Scotland we call it the "missives" either party can pull out untill they are signed but after signing they are legally bound to buy or compensate for all losses for re selling etc.
6 to 8 weeks down the line is a tough one to recover from, hope it sells quick.
Luckypants
15-09-10, 04:33 PM
Certainly is rubbish that. There is a lot to be said for signing contracts prior to the completion date - IIRC back in the day you exchanged contracts weeks before completion, so the buyer was committed. I won't be doing anything until contracts signed and exchanged on my house - if I ever find a buyer!
But back in the day you investigated title after you exchanged contracts, nowadays you do it before you exchange. However in the days of registered titles there's no reason for it to take very long, you can read a registered title and a lease in an hour or two.
BigBaddad
15-09-10, 05:32 PM
I've bought and sold many times and have been let down at both ends a number of times. It sucks, but until the law is changed you just have to suck it up.
On a brighter note, I've sold one of my spare houses. Exchanged last Friday and complete this Friday. It did fall through once, so we redecorated and stuck £5k on the asking price kerrrrrrrrrrrrrrrrrrching.
Daywalker
15-09-10, 05:56 PM
You,re right cbay buying & selling a house is so frustrating & it sucks, so good luck with your dream prop hope it comes right for you.
Thanks everyone. Its just annoying....
I've sold one of my spare houses.
Got just a few lying around?
Well finally!!!! Everything is sorted and we have exchanged contracts, yay!! and move on Thursday!
Busy few weeks ahead I feel as the misses wants decorating and other stuff done, lol
Specialone
16-11-10, 08:56 AM
Cool man, you'll be joining us madlanders then on rideouts etc :)
I got stitched up on our previous house, cash buyer pulled out on the day we were supposed to exchange:(
We were suspicious tbh so only packed non essential stuff, even though estate agent said it would be ok.
Every cloud has a silver lining though, the couple who bought it paid the asking price which was £2.5k more :)
Where in brum have you bought ?
Kidderminster, so counts more as Worcestershire. But still close enough for Midland Rideouts. :-P
Plus my little SV will be well chuffed when he has a nice warm garage as his new home, lol.
I like the scottish way of selling houses... it has the potential to be more frustrating when your trying to buy but it protects the seller fairly well.
Or something like the French system where you make a "promise" to buy/sell which is then binding, and if either party then pulls out for no good reason they forfeit 10% of the selling price. Concentrates the mind a bit.
There are always cases where the buyer comes up with some petty reason why they don't want to pay the full amount at the last minute and try to re-negotiate the price down a few thou. :smt071
davepreston
16-11-10, 04:24 PM
did it go to the neighbour in the end or someone else
Kiddie... nice roads around there... esp the road up to here (Shrewsbury) or the road to Telford - great twisties:D And, you're near the A44:cool::cool::cool:
Specialone
16-11-10, 06:21 PM
Kiddie... nice roads around there... esp the road up to here (Shrewsbury) or the road to Telford - great twisties:D And, you're near the A44:cool::cool::cool:
And that great road from crossgates A537?
did it go to the neighbour in the end or someone else
No luckily the first week of going on the Market with the estate agent it was sold. :-)
Only bummer was the High £2500 Estate Agent Fees whereas with the private sale had no fees, never mind. It has all worked out . :-)
Quite excited now, move tomoz. Fingers crossed.
Specialone
17-11-10, 08:46 AM
No luckily the first week of going on the Market with the estate agent it was sold. :-)
Only bummer was the High £2500 Estate Agent Fees whereas with the private sale had no fees, never mind. It has all worked out . :-)
Quite excited now, move tomoz. Fingers crossed.
Good luck with the move mate and dont forget to post some pics and say a hello in our section :)
£2500 on an estate agent and I bet your lawyer will have charged you about £500. Who has all the risk:rolleyes:
It's a great road from the Cross Gates up to Newtown (and even better going the other way) but I don't usually ride it simply cos of all the idiots on there - how many times I've been going into a bend to see a bike coming straight at me cos the rider has underestimated and is running wide.
Congrats on the house, Kiddie is a great area to live in and around.
Specialone
17-11-10, 12:22 PM
£2500 on an estate agent and I bet your lawyer will have charged you about £500. Who has all the risk:rolleyes:
It's a great road from the Cross Gates up to Newtown (and even better going the other way) but I don't usually ride it simply cos of all the idiots on there - how many times I've been going into a bend to see a bike coming straight at me cos the rider has underestimated and is running wide.
I aint got much time for estate agaents tbh, i dont think they do enough for their slice.
The last house i sold, they never showed anyone round, was only in the local property paper once in 6 weeks for £1400 (1999).
I have seen people go a bit mad, but no close calls for me yet, i dont ride that fast tbh, i just think its an ace road, i have only rode it once going away from crossgates, all the other times going to crossgates :)
Luckypants
17-11-10, 01:15 PM
It's a great road from the Cross Gates up to Newtown (and even better going the other way) but I don't usually ride it simply cos of all the idiots on there - how many times I've been going into a bend to see a bike coming straight at me cos the rider has underestimated and is running wide.
Have to agree, that road is full of nobbers.
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