Jump to content

Viewing / Buying a house


Don_Simon

Recommended Posts

Doss anyone know about property auctions?

Wifes selling her flat in aunction price agreed and buyers paid full deposit signed it. Done a survey and survey reports come back showing damp. Now they sending a damp surveyor specialist in and i suspect the buyer is now going to try drop price more.

My question is with auction sales can she pull out at this stage? I know with normal house sales she could  before exchange of contracts but im not sure about this situation?

Online it says she will lose deposit if she pulls out but she might try say we didnt tell her about damp (we didnt know about it either as it was rented and been empty for 6 months) so wondering if on that scenerio if she can?

Link to comment
Share on other sites

47 minutes ago, Demitri_C said:

Doss anyone know about property auctions?

Wifes selling her flat in aunction price agreed and buyers paid full deposit signed it. Done a survey and survey reports come back showing damp. Now they sending a damp surveyor specialist in and i suspect the buyer is now going to try drop price more.

My question is with auction sales can she pull out at this stage? I know with normal house sales she could  before exchange of contracts but im not sure about this situation?

Online it says she will lose deposit if she pulls out but she might try say we didnt tell her about damp (we didnt know about it either as it was rented and been empty for 6 months) so wondering if on that scenerio if she can?

I guess it’s on you whether to lower the price because of the damp?

If she pulls out of the deal then she’ll lose the deposit. That’s the point of the deposit. From your side if you keep the deposit you can fix the damp and maybe have some left over?

Link to comment
Share on other sites

34 minutes ago, Genie said:

I guess it’s on you whether to lower the price because of the damp?

If she pulls out of the deal then she’ll lose the deposit. That’s the point of the deposit. From your side if you keep the deposit you can fix the damp and maybe have some left over?

That's the thing usually when its a normal house sale you can do this but with a auction price is already agreed

The auction price on the sale was 25k lower than asking price so i feel dropping anymore is abit of a insult for abit of damp on a old flat!

Link to comment
Share on other sites

Posted (edited)

@Demitri_C

 

There are 2 main types of auction.  You need to check the T&C for the actual auction. 

Traditional Method =  It's up to the buyer to make any checks before bidding.  If they win the bid they pay a deposit.  That deposit is lost if the sale doesn't proceed. 

Modern Method = The successful bidder pays a smaller deposit.  They get a period of x days to arrange surveys.  They can pull out within x days but lose some of the deposit. After x days they lose all the deposit. 

If the buyer pulls out you have a few options. 

1. Agree a price drop

2. Stick to your guns and retain their deposit.  But you will probably have to pay the auction fees out of the deposit. So there may not be much left. 

3. Ask the auction if they know the losing bidders details and approach them. 

 

Edited by Mandy Lifeboats
Added details
  • Thanks 1
Link to comment
Share on other sites

47 minutes ago, Mandy Lifeboats said:

@Demitri_C

 

There are 2 main types of auction.  You need to check the T&C for the actual auction. 

Traditional Method =  It's up to the buyer to make any checks before bidding.  If they win the bid they pay a deposit.  That deposit is lost if the sale doesn't proceed. 

Modern Method = The successful bidder pays a smaller deposit.  They get a period of x days to arrange surveys.  They can pull out within x days but lose some of the deposit. After x days they lose all the deposit. 

If the buyer pulls out you have a few options. 

1. Agree a price drop

2. Stick to your guns and retain their deposit.  But you will probably have to pay the auction fees out of the deposit. So there may not be much left. 

3. Ask the auction if they know the losing bidders details and approach them. 

 

Thanks mandys life boats thats really helpful ill have a read but im 99% certain its traditional method. Its through purple bricks - god they are shite

Link to comment
Share on other sites

Posted (edited)
15 minutes ago, Demitri_C said:

Thanks mandys life boats thats really helpful ill have a read but im 99% certain its traditional method. Its through purple bricks - god they are shite

I can't help further because Purple Bricks offer both types of auction.  

Check the T&C carefully and you should get the answer. 

 

Quote

Most of our properties are offered for sale using Conditional Auction terms.

This means that the fall of the electronic gavel secures the
winning bidder with an exclusive ‘right to exchange contracts’ on the property within the prescribed time frame – usually 56 days from the
issue date of draft contracts, but this will be confirmed in the terms and conditions of sale and/or legal pack. Unlike the traditional,
immediate exchange of contracts, this method gives the bidder additional time to carry out surveys and secure mortgage finance before
exchanging contracts, whilst the seller undertakes not to sell to anyone else during this period.


Please note some properties may be offered for sale by unconditional auction which requires and immediate exchange of contracts.
Always check the terms and conditions including in the property documents and listing prior to proceeding.

 

https://purplebricks.gotoproperties.co.uk/

 

Edited by Mandy Lifeboats
Added details
  • Thanks 1
Link to comment
Share on other sites

So I'm selling my house. It's been since last year I agreed a sale price. I got the completion statement finally through about a month ago and since then it's basically been "we are waiting for the buyer or buyers solicitor and then an exchange date can be confirmed."

 

Is this normal. What is the hold up possibly and why the buyer doesn't seem that arsed. I keep getting fobbed off and honestly I'm close to telling them to stick it and taking it off the market.

Link to comment
Share on other sites

1 hour ago, rodders0223 said:

So I'm selling my house. It's been since last year I agreed a sale price. I got the completion statement finally through about a month ago and since then it's basically been "we are waiting for the buyer or buyers solicitor and then an exchange date can be confirmed."

 

Is this normal. What is the hold up possibly and why the buyer doesn't seem that arsed. I keep getting fobbed off and honestly I'm close to telling them to stick it and taking it off the market.

Are they in a chain? Maybe there is a delay on their house sale and they dont want to disclose that with you in case you decide to pull out as its taking so long?

  • Like 1
Link to comment
Share on other sites

1 hour ago, rodders0223 said:

So I'm selling my house. It's been since last year I agreed a sale price. I got the completion statement finally through about a month ago and since then it's basically been "we are waiting for the buyer or buyers solicitor and then an exchange date can be confirmed."

 

Is this normal. What is the hold up possibly and why the buyer doesn't seem that arsed. I keep getting fobbed off and honestly I'm close to telling them to stick it and taking it off the market.

The buyer could be a landlord with multiple properties in which case they aren't in any major rush, it's just a business transaction to them.

Link to comment
Share on other sites

Update buyer won't sign and complete until they find a new job, and then serve their notice period. It's been 6 months + since I accepted.

I'm so angry and so close to telling them to Jack it, but that'll be another 6 months of finding a buyer and paying a mortgage etc on a home I don't even live in anymore!

Link to comment
Share on other sites

1 minute ago, rodders0223 said:

Update buyer won't sign and complete until they find a new job, and then serve their notice period. It's been 6 months + since I accepted.

I'm so angry and so close to telling them to Jack it, but that'll be another 6 months of finding a buyer and paying a mortgage etc on a home I don't even live in anymore!

I’d still tell them to f-off, they aren’t serious people and will more than likely mug you off down the line. 

I’d also give the estate agent a rollicking for sending people round, and taking offers off people that aren’t ready to buy.

  • Like 2
Link to comment
Share on other sites

1 hour ago, Genie said:

I’d still tell them to f-off, they aren’t serious people and will more than likely mug you off down the line. 

I’d also give the estate agent a rollicking for sending people round, and taking offers off people that aren’t ready to buy.

+1 for this. Shove it back on the market. There's a slim possibility it might give the 'buyer' a kick in the arse, but it's doubtful.

And get an explanation in writing from the estate agents as to what they think happened, and how they'll avoid the situation happening again if you decide to continue with them.

  • Like 3
Link to comment
Share on other sites

4 hours ago, rodders0223 said:

Update buyer won't sign and complete until they find a new job, and then serve their notice period. It's been 6 months + since I accepted.

I'm so angry and so close to telling them to Jack it, but that'll be another 6 months of finding a buyer and paying a mortgage etc on a home I don't even live in anymore!

They'll mug you off later down the line, or try and lowball you at the last min. Put it back on the market. 

I wouldn't sell to the buyer now out of pure principle.

  • Like 2
Link to comment
Share on other sites

Another vote for back on the market, you don't know how long their notice period might be, their mortgage company probably won't offer their mortgage if they find out about the new job unless it's the exact same line of work and they have a few years experience in that field, and I think the mortgage company offer will only last for so long anyway, at which point they'll need to reapply anyway because the product is very likely to have been withdrawn.

And, them finding a new job isn't your issue, that's on them.

  • Like 1
Link to comment
Share on other sites

Posted (edited)
5 hours ago, rodders0223 said:

Update buyer won't sign and complete until they find a new job, and then serve their notice period. It's been 6 months + since I accepted.

I'm so angry and so close to telling them to Jack it, but that'll be another 6 months of finding a buyer and paying a mortgage etc on a home I don't even live in anymore!

Dump them mate they aint serious- they taking the piss

T dog is 100% right

Edited by Demitri_C
  • Thanks 1
Link to comment
Share on other sites

Posted (edited)
On 31/05/2024 at 13:50, rodders0223 said:

Update buyer won't sign and complete until they find a new job, and then serve their notice period. It's been 6 months + since I accepted.

I'm so angry and so close to telling them to Jack it, but that'll be another 6 months of finding a buyer and paying a mortgage etc on a home I don't even live in anymore!

Sack them off. This is not the done thing (their actions - not yours) when buying houses . Taking the micky expecting you to wait until they find a new job - no chance. I’d be relisting and make sure the agents properly vet the prospective buyers. I’d be fuming if I was you. 

Edited by villan-scott
Link to comment
Share on other sites

Scratch that, they work within the NHS they're waiting for a relocation placement in Birmingham so it's a bit better???

Still **** angry. Agent said I can pursue a new buyer and keep this one 'open' should we be ready to complete.

I'll have a think today.

Link to comment
Share on other sites

1 hour ago, rodders0223 said:

Scratch that, they work within the NHS they're waiting for a relocation placement in Birmingham so it's a bit better???

Still **** angry. Agent said I can pursue a new buyer and keep this one 'open' should we be ready to complete.

I'll have a think today.

But i dont understand if they work for nhs they will still be getting paid by them if they are still employed ?

For me thats even wirse as if they getting money coming in there is no reason to take the piss like this. Id still re advertise. If they really want the house or paid for survey they will push to complete quicker. They probably thinking markets quiet you wouldnt pull out hence why taking their time. 

Link to comment
Share on other sites

8 hours ago, Demitri_C said:

But i dont understand if they work for nhs they will still be getting paid by them if they are still employed ?

They are probably waiting for confirmation they will have a job in Birmingham before moving there. 

No point completing on a house then the transfer doesn’t happen.

Still shitty though, I’d put it back on the market and if available when this person is ready then they are welcome to make a formal offer again.

Link to comment
Share on other sites

×
×
  • Create New...
Â