Buying and Selling Your Property is so Fustrating

[cbay]

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]

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.

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]

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.

[cbay]

Thanks everyone. Its just annoying....

Originally Posted by BigBaddad

I've sold one of my spare houses.

Got just a few lying around?

[cbay]

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