Sale agreed (not)

S

servergirl

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Guys, looking for some advice here...

After 1.5 years of looking for a house, I went sale agreed 2 weeks ago. We bidded for a week, even when I was the last bidder left at €20k above the asking price the vendors wouldn't settle. They said if I increased my bid by €5k they'd sale agree immediately and were looking for a quick sale - closing in 3/4 weeks. So I increased my bid, gave the esate agent the deposit cheque and smiled for a few days....

This week, the vendor has gone AWOL. Before doing so, he told the EA they were selling to someone else. Estate agent says he can't contact him to find out what's going on.

Obviously the personal inconvenience isn't a big issue, but the more serious part is... I've cashed in a lot of shares - in excess of €100k to finance the house. I'm at a loss as I've disposed of these shares which provided significant income in dividends and also disposed of them in a hurry in order to release cash for a quick settlement thus not getting the best price for them.

I know that sale agreed means nothing, it's not legally binding but surely there must be something i can do to recoup losses. Anyone been through this and every got compensation? What about the small claims courts? If it's another year before I get house, the loss could be quite great.

Any help appreciated.
 
i can understand how frustrated you must feel but how you raise capital to purchase a house is not the vendors issue. Lots of people have been in your position ( after selling thier own property) and have to get bridging loans till vendor decides they are ready. untill contracts are exchanged i dont think there is much you do.
 
servergirl said:
Guys, looking for some advice here...

After 1.5 years of looking for a house, I went sale agreed 2 weeks ago. We bidded for a week, even when I was the last bidder left at €20k above the asking price the vendors wouldn't settle. They said if I increased my bid by €5k they'd sale agree immediately and were looking for a quick sale - closing in 3/4 weeks. So I increased my bid, gave the esate agent the deposit cheque and smiled for a few days....

This week, the vendor has gone AWOL. Before doing so, he told the EA they were selling to someone else. Estate agent says he can't contact him to find out what's going on.

Obviously the personal inconvenience isn't a big issue, but the more serious part is... I've cashed in a lot of shares - in excess of €100k to finance the house. I'm at a loss as I've disposed of these shares which provided significant income in dividends and also disposed of them in a hurry in order to release cash for a quick settlement thus not getting the best price for them.

I know that sale agreed means nothing, it's not legally binding but surely there must be something i can do to recoup losses. Anyone been through this and every got compensation? What about the small claims courts? If it's another year before I get house, the loss could be quite great.

Any help appreciated.
Click to expand...

A similar thing happened to myself at the end of last year and basically there is nothing you can do, as far as the vendors are concerned , its theire house and they can sell it to whoevr they like and the ea cant do anything either.
 
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