Comeback against vendor on sale pull out

Zamboni

So a friend went sale agreed a month ago and went through the motions - engaged solicitor / structural survey / valaution etc and the vendor has now pulled out of the sale realising they can get more money now.

Does the buyer have any legal comeback against the vendor for costs?

lima

Feckers.. Govts to blame..

What was the EA?

3DataModem

Zamboni wrote: »

So a friend went sale agreed a month ago and went through the motions - engaged solicitor / structural survey / valaution etc and the vendor has now pulled out of the sale realising they can get more money now.

Does the buyer have any legal comeback against the vendor for costs?

No. No contracts, no comeback.

Zamboni

I appreciate the sentiment but the mate isn't interested in blame games or the moral debate about gazumping and just wants to know if they have any means of getting a few quid back for the four figure sum has spent on various services.
Poor sod.

TheDriver

No come back whatsoever, same way your mate can,pull out at any stage before contracts.

Little Miss Cutie

Nope, the vendor is perfectly entitled to do this.

Until the contracts are signed there is no legal obligation on either party unfortunately.

I dont think it is right or fair but unfortunately that is the law.

Zamboni

Yep. Thought so.
I'm sure he'll deal with it in some way or another!

TheDriver

Imagine if survey found house is crap structurally but he couldn't pull out without penalty or he couldn't get mortgage or vendor can't actually afford to sell or negative equity

spaceHopper

You have no comeback but I would have a word with the EA as they brokered the deal they should not represent the seller a second time if their word in no good.

Santa Cruz

spaceHopper wrote: »

You have no comeback but I would have a word with the EA as they brokered the deal they should not represent the seller a second time if their word in no good.

What is the point of that? The agent is obliged to act on behalf of the vendor. That is the system and there is little that can be done about it. Perhaps if there was some system of pooling a surveyors report but I can't see the Chartered Surveyors agreeing to that.

NinjaTruncs

Are prices going up so much that the vendor will make a sizeable increase in their sale prive after a month?

has your friend tried to negotiate with the seller? I work with someone who went sale agreed in november last year, and ended up needing to pay about 8% more than the agreed price to get the house 7 months later, this was apparently at the request of the bank due to negative equity but who is to know.

TheDriver

I had someone ask for more after sale agreed and its terrible behavior, house is still for sale

Mr.McLovin

NinjaTruncs wrote: »

Are prices going up so much that the vendor will make a sizeable increase in their sale prive after a month?

has your friend tried to negotiate with the seller? I work with someone who went sale agreed in november last year, and ended up needing to pay about 8% more than the agreed price to get the house 7 months later, this was apparently at the request of the bank due to negative equity but who is to know.

I reckon it was the vendor 8% isn't a hell of a lot of money to banks unless your friend bought a mansion of some kind. do you know which bank?

NinjaTruncs

Mr.McLovin wrote: »

I reckon it was the vendor 8% isn't a hell of a lot of money to banks unless your friend bought a mansion of some kind. do you know which bank?

No I don't know the bank, just that the bank refused to let the sale go through at the agreed upon price and wanted about 30K - 40K more before allowing the sale, the house was obviously in negative equity, or so my friend was told anyway.

Mr.McLovin

NinjaTruncs wrote: »

No I don't know the bank, just that the bank refused to let the sale go through at the agreed upon price and wanted about 30K - 40K more before allowing the sale, the house was obviously in negative equity, or so my friend was told anyway.

its a horrible system particularly when all you have is somebodies word

pablo128

The same thing happened my folks about 10 years ago, deposit paid and all. The scummy b@stard put it back up for sale at a higher price with a different EA.
As it happened, the folks bought another house through the original EA the guy had used. Upon hearing the story, the EA got onto the new EA there and then in front of my folks. The upshot is he was told to sell the house himself by the new EA.

This was in Wexford. I guess EA's down there have morals.

Ray Palmer

Zamboni wrote: »

Yep. Thought so.
I'm sure he'll deal with it in some way or another!

I take that as a threat to damage somebody's property either agent or the home seller.

odds_on

NinjaTruncs wrote: »

No I don't know the bank, just that the bank refused to let the sale go through at the agreed upon price and wanted about 30K - 40K more before allowing the sale, the house was obviously in negative equity, or so my friend was told anyway.

The vendor should have agreed with the bank how much was required between the sale price and the vendor's own cash input.

When I bought my property, the vendor and his solicitor knew that with the sale price, the vendor had to come up with the other 30% of the sale price.

It seems that the vendor and his agent did not do their homework.

sherrif

Happened to myself & my wife last November, vendor pulled out of agreed sale & gave some half arsed excuse for doing so. 3 months later house went back on the market & sold for 100K more than previously agreed, this was beyond our reach & were fairly gutted at the time. In hindsight the vendor got himself an extra wedge for holding out & that's the free market for you. It's ****ty but no one died.