buyers pulled out

J

johnnyg

Registered User
Messages
600
Hi,

Just checking if i have any comeback with my situation: Put house up for sale, sold to couple selling there own house, this subsequently fell through so it had a domino effect with ours, they put there house back on the market and asked us to hold off as they still wanted to buy our house, we agreeded,now 2 months later they have sale agreed on there house and ready to close on ours when they pulled out, as far as i know they bidding on another house in the mean time and won...have i any comeback on the expenses i have incurred on waiting?

Cheers
 
no, each time we pressured them for signing they pulled out...i want them to sign a conditional contract when they first pulled out and they want us to hold off, but i was told it wasn't worth the paper it was written on, in hindsight i wish i had, atleast i would have something
 
fairly guessed so but was just wondering if there were similar cases out there and they got reimbursed

Thanks
 
You surely feel disguted at this point , and i would feel the same....

I feel the basic "principles" of buying/selling in Ireland are rotten.
"deposit" means nothing as it is refundable,
"sale agreed" mean nothing as either party can pull out...
one party can sign and is bound (i am not even 100% of that actually)while the other drags their heels .

"binding" should take place very early in the process, penalties shall be applicable if either party pull out, etc.... Gazumping/Gazundering would not be possible.
 
Absolutely agree Bacchus. I suppose vendors/purchasers should have a clause in their contract that the signed contract will only remain in existence for X amount of weeks. Failing to sign or pay full binding deposit within that time frame and the vendor should put the house on the market while the purchaser is allowed to pull out. I think the problem arises when a situation like the one above happens. Purchaser has problem with chain and vendor, rather than letting them go, falls for it and holds on. In the case above I'd feel that my house had been kept on the back burner just in case the one they're bidding on now hadn't come through.
 
Very unfair for the OP. System does need to be reviewed to prevent such scenarios, however to be fair I should point out that if the OP had insisted on a signed contract he would now be in a different position. The system CAN work if everyone knows where they stand. Every time I have a vendor or purchaser the first thing I point out is without a signed contract there is nothing binding either party. Despite this many people rely on goodwill and promises. Sad to say but often people will not honour bargains made unless they are legally bound to do so.
 
i agree lightweight, our house was the fall back for them...very dishonest, because this delay, house prices have fallen in our estate and there is about 5/6 for sale now and nobody seems interested as they are waiting for the buget to see if stamp duty will be changed. In the mean time i have to pay both mortgages which is crippling me finacially...totally annoyed that they went back on there word, especially after asking us to wait for them....if they had been upfront, fair enough, very backhanded...a pity you couldn't have a list to black list people like that..
 
I know its not much but as you say people are waiting on the budget plus seeing what will happen in the new year so its unlikely you will get any sale until around April. I suggest you go ahead with the move as planned and try to get a short term let (up to 6 months) on the old house. That way you have a year for which you will not be liable for capital gains and at least you have some income. Scant consolation I know .
 

I think renting the house out in the hope that the market will pick up in April is not a good idea. There is no magic house buying fairy that will suddenly appear in April to snap up any unsold property. Stamp duty speculation is one of the issues but the main reason the market is slowing is rising interest rates which are now expected to continue rising into next year. My advice would be to secure a sale by ensuring that the asking price and expectations are in line with the market.

The exact same thing happened to us so we lowered our asking price and managed to secure a sale. Prices have since fallen further. It's very disappointing when a buyer lets you down but I would move on and work hard to secure a sale.
 
I think that's good advice from Whathome.

We offered 5k below asking price on a house several months ago and the vendor would not accept. We were given the impression they were holding out for offers above asking price so we "walked".

Things have changed since then and we've decided to stay out of the market.

That house is still for sale. It is now priced 25k below original asking price.
 
i've dropped the price by 20K to what we originally got, so can't do no more but wait, wouldn't rent it out as its in immaculate condition and don't want to ruin it with tenants.

Elcato, mentions CGT, would i be liable for that if i don't sell the house within a certain amount of time?
 
The first 12 months after vacation as your PPR is still CGT exempt if you sell later than that then some portion of any resale gain will be assessable for CGT.
 
how can they tell when you moved out, we have had the keys since august, but only moved in last week..which do they take?
 
Tarquin, thanks for that, i have till april before the year is up so fingers crossed it will sell by then.
 
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