Has anybody pulled out of a contract to buy a property and been pursued?

sandyford99

myself and my brother paid a deposit on a property, signed contracts and are now unable to proceed based on changed financial circumstances (can't get the loan we were initially offered/ now working in a lower paid job/ other funds not available). We're both FTBs. The 28 day completion notice was issued a while (ie more than 28 days) ago, we're being served in the next 7 days. Wondering if anyone has been pursued and if so what ended up happening? Anyone in a similar position in the sandyford area and if so what happened? Any ideas how to get out of this thing? Contract wasn't subject to loan approval before you ask, was constructed within the correct time period etc (even though it took +2 years). Any helpful advice welcome...

ntlbell

talk to your solicitor

sandyford99

cheers for that, obviously we are doing all this through our solicitor already but I'm interested to hear of people who have actually been through the whole process and what if anything happened, or with any constructive advice, cheers again

ntlbell

sandyford99 wrote: »

cheers for that, obviously we are doing all this through our solicitor already but I'm interested to hear of people who have actually been through the whole process and what if anything happened, or with any constructive advice, cheers again

By constructive you mean you want to hear that people saw they were losing a shed load of cash and decided to break a legal binding contract to avoid losing the money and got away with it?

If you talk to your solicitor you will get all the constructive advice you require.
Some builders will go after you and prosecute some will try for awhile and give up some won't bother.

Every situation is very unique.

I just hope the next time you sign a contract and the price goes up and your up 40k before you move in that the builder decides to tell you where to go and pockets the 40k.

jim o doom

ntlbell wrote: »

By constructive you mean you want to hear that people saw they were losing a shed load of cash and decided to break a legal binding contract to avoid losing the money and got away with it?

If you talk to your solicitor you will get all the constructive advice you require.
Some builders will go after you and prosecute some will try for awhile and give up some won't bother.

Every situation is very unique.

I just hope the next time you sign a contract and the price goes up and your up 40k before you move in that the builder decides to tell you where to go and pockets the 40k.

That seems a bit unnecessary - he said in the initial post that his loan which had been approved had been declined & that he was now in a lesser paid job. That's not someone backing out, that's someone not being able to continue. To the OP I sympathise with you, I haven't had your unfortunate situation myself, but I wish you luck.

ntlbell

My bad, the aul adhd missed part of the post

apologies

Clairecluck

Bad day NTLbell? have a little compassion, the guy came along asking for some genuine advice, not to be berated by a grouch/grinch.

Sorry to hear that OP, what a sh1t situation but i doubt very much you are alone at the moment in Ireland. You could try calling the citizen's advice bureau to see if you could get some impartial advice

sandyford99

Clairecluck wrote: »

Bad day NTLbell? have a little compassion, the guy came along asking for some genuine advice, not to be berated by a grouch/grinch.

Sorry to hear that OP, what a sh1t situation but i doubt very much you are alone at the moment in Ireland. You could try calling the citizen's advice bureau to see if you could get some impartial advice

funny you should say that about not being alone, i've being trying to find posts on message boards etc by people who have been through the same process but there's none out there that I can find-- all very strange given the current state of the economy. I suspect its just an indication of how long the process of getting sued takes...

ntlbell

sandyford99 wrote: »

funny you should say that about not being alone, i've being trying to find posts on message boards etc by people who have been through the same process but there's none out there that I can find-- all very strange given the current state of the economy. I suspect its just an indication of how long the process of getting sued takes...

There's too many possibilities

the builder could go under and the case could get dragged all over the place.

you may not get sued at all we can't answer it as even if we were true it every single one of these cases will be dealth differently depending on the circumstances the builders etc etc etc.

jim o doom

sandyford99 wrote: »

funny you should say that about not being alone, i've being trying to find posts on message boards etc by people who have been through the same process but there's none out there that I can find-- all very strange given the current state of the economy. I suspect its just an indication of how long the process of getting sued takes...

True - the economy ain't great, but a lot of people sold, just as the downturn was starting to bite & all them folks are swanning around with cash looking to buy houses at major discounts. I just purchased recently myself after selling my Da's (passed on a few years back) house just as the downturn was about to kick in.. luckily. From what I have seen on the housing market, there is a significant number of other people in the same boat as me. Anyway that's an aside - like I said before, good luck with that! ntlbell, We all have our bad days

gurramok

sandyford99 wrote: »

funny you should say that about not being alone, i've being trying to find posts on message boards etc by people who have been through the same process but there's none out there that I can find-- all very strange given the current state of the economy. I suspect its just an indication of how long the process of getting sued takes...

AAM has loads of stories of it. Try a search.

From memory, some buyers were pursued through the courts, others were able to re-negotiate.

Victor

Ask your solicitor if the contract is subject to you getting (and keeping) mortgage approval.