house buying dilema..!

[gcpeters]

meh what a pain!

ill set the scene, made an offer on a house 184k ( up for 210) all was going well offer accepted, etc etc

then the recent stock market crash where a big chunk of my deposit was coming from

so was due to sign the contracts next week with the solicitor and decided that due to the recent finance situation etc i would ask for 5k off, to get it for 179k, so ask the seller for this discount due to a) having a mortgage approved b) no chain for me c) ready to buy and prices going down, etc etc

so the seller offered a 2.5k drop but i want the 4k off, its only 2% so i said unless we could drop to 180 then there is a very big possiblity i cant continue! now this is where it gets interesting...

the home is in repossession and being managed by the court of protection as the guy basically went loopy and is now in a home/care etc!! so there solicitor has now got back to my estate agents and said that they wont except the offer and to take the house of the market!!!!!! losing me costs on fees, solicitors etc!! they apparently told the solicitor that they might rehouse the chap there, BUT!!...

1) how will he pay the mortgage?
2) if its reposed surely u cant just get it back? and pay what is left as its not his house?

my solictor is sure that they HAVE to sell the place for the repossession and they are just cutting there noses off to spite there faces, and expect me to ring back the estates agents telling them to do a deal at 181,500!

soooo views? advice? anyone had a situ like this !Lol

GP

[esselte]

You went in low, they declined, what's the problem.....pay what they want or find somewhere else,it's not like there's a shortage..

[schmalex]

Good. Don't gazunder - you wouldn't like it done to you. Man up & complete the deal you shook on

[gcpeters]

well the issue is there isn't a deal as they "say" the house is off the market! lol

[anonymous-user]

If you could spell accept we might take you seriously

[BlackMagic *tree]

I'd walk away and look for something else.

Find something you like, go in stupid low and you'll make back some of the money you've already laid out.

[schmalex]

Your attempted gazunder is the reason why there is no deal anymore.

[outlaw biker]

Its that karma thing again. Its a bh

[aspender]

There was a deal agreed and you decided that you needed money off because you may not have the readies to proceed.

They laughed and said no. Tough. They may just be doing you a favour.

[Vee]

Aah, what a shame.
No sympathy here.

It's most likely you're being stuffed by the agent who is getting a better 'deal' from someone else.

Edited by Vee on Thursday 16th October 21:26

[VTECMatt]

Vee said:

Aah, what a shame.
No sympathy here.

It's most likely you're being stuffed by the agent who is getting a better 'deal' from someone else.

Edited by Vee on Thursday 16th October 21:26

Ding

[B17NNS]

I'd tell you to piss off on principle.

You agreed a deal and now you want to change it? You deserve to lose the costs you have incurred. Just a shame the law doesn't allow vendors to sue time wasters.

[gcpeters]

digimeistter said:

If you could spell accept we might take you seriously

sorry, am i missing something? where did i spell accept wrong?? there are plenty of other typos but not that as far as i can see... infact i dont think i even used the word....


as for the other comments, well to be honest its not that much to lose if the deal does'nt come back!! Anyhow, buyers market and all that i just wanted to see if people have had experience of this, i refuse to believe that on the whole of piston heads no one has done this..

we shall see what happens

GP

[Maxf]

Don't worry about it - prices will slide further (as might your shares if you still have them). They probably did you a favour.

[Zeek]

Good for them.

If "only 2%" makes such a big difference to you, then perhaps you can't afford to buy it anyway?

You had a deal. Either stick to it, or walk away. It's most likely to your benefit now anyway!

[wildoliver]

I hope your losing a lot in fees.

Ar**hole.

[esselte]

gcpeters said:

sorry, am i missing something? where did i spell accept wrong?? there are plenty of other typos but not that as far as i can see... infact i dont think i even used the word....

No,you didn't,you used "except" which is the wrong word entirely....

Edited by esselte on Thursday 16th October 21:37

[MrVelox]

Let me get this straight.

You signed a contract for a specified amount for a specified piece of property.

Then, through no action on the part of the seller, you decide you want to renegotiate and the seller tells you to basically go away.

They are within their rights to do that I think. I had a similar situation happen to me once. Had a flat for sale for, IIRC, $325k. Buyer offers $315k, I accept, then they retract offer and come back at $295k, they felt that since I accepted they went too high.

Mine was the only flat for sale in a desirable building, and one of a handful of 1 br units. It tickled me pink to tell the buyer Not only NO but that we were going with another offer.

[diesel head]

I have been in the sellers position a few weeks ago in a situation like this. I was almost at the end of the process having agreed a much reduced price based on the current housing market, on the day of exchange the buyer came up with a list of demands to lower the price, for a week they came back virtually every day with further reasons to reduce the price. I was so cross and just said NO. It my be a buyers market but as you have found out once you get to this stage the buyer has paid out a fair bit in fees, seaches surveys etc, it is not so much in their interest to pull out, eventually the sale completed two weeks later than planned and at the agreed price but its was two weeks of incredible stress.

Therefore I have no symapathy at all.

[Alex97]

It's funny how so many people hate the current way of buying and selling property (gazumping/gazundering) yet rather than deal with this, the government decide to add rubbish like HIPs into the equation.

MrVelox said:

Let me get this straight.

You signed a contract for a specified amount for a specified piece of property.

No he didn't.