Buyer just pulled out!
 

I could scream!!!! Our house buyer has just pulled out and we are now back to square one... so frustrating cos you think its all in the bag and then poof the dream is miles away again!

Please please please send us some karma... and everyone else who is stuck in the same rut!! :(

Re: Buyer just pulled out!
 

So so sorry. Happened to us yesterday.
I know what you mean about back to square one.
Hope you get another buyer very quickly and can then carry on with the rest of your lives.
Tina

Re: Buyer just pulled out!
 

Sorry to hear your news... we just want to get out of here so badly now...and start a new life!
Hope you get another buyer soon too...

Re: Buyer just pulled out!
 

Oh dear. Huge commiserations going (both) your way!

I'll also send some of our house selling karma your way. I'm not sure you'll be all that thrilled with it though, since we managed a grand total of £6.24 profit on the house. Still, it sold and we're out of it so no regrets.

Re: Buyer just pulled out!
 

I'm soo sorry to hear that.....i hope you get another buyer soon:o

Fingers crossed and all that....Karma on the way;)

Re: Buyer just pulled out!
 

So sorry to hear that the_connors76. It must be completely maddening for you. Everything crossed you catch another buyer soon.

dejah...well done...really pleased for you...and you didn't lose money either so that's something to celebrate...just not too lavishly eh...maybe invest the equivalent of that £6.24 in your first Tim Horton's over here! :)

Eamonn & Janet.

Re: Buyer just pulled out!
 

Re: Buyer just pulled out!
 

Gutted for you both - karma on its way over.

Re: Buyer just pulled out!
 

Sending good karma to you both and hope you find new buyers soon so that you can start your new lives in Canada.

Re: Buyer just pulled out!
 

sorry to hear this, it must be gutting, hope you get a new buyer really soon:)

Re: Buyer just pulled out!
 

Another indication of how much change is required to the real estate system in the UK. People should not be allowed to make an offer, have them accepted then pull out of the deal at the last minute, without a financial penalty.

Re: Buyer just pulled out!
 

Why not?

I doubt very much that the OP had signed contracts. If not, then the "sale" was no such thing but an offer. The same applies in Canada. Until an offer is made and that offer is accepted (in writing due to the Statute of Frauds) it is not legally binding in Canada either. A contract is not a contract until it is legally binding.

The main difference between England/Wales and Canada, is that the legally binding stage is usually reached earlier in Canada, but it is not legally binding until it is legally binding. I am sure you have put conditions on offers you have made in Canada. If those conditions are not met, your offer collapses just as it does in England/Wales.

None of which, of course, provides any comfort to the OP.

Here's hoping you have some good news soon

Re: Buyer just pulled out!
 

Sorry to hear about the sale falling through. It happended to us last year so I know how upsetting it can be. Good luck in finding another buyer.

Re: Buyer just pulled out!
 

The main difference between England/Wales and Canada, is that the legally binding stage is usually reached earlier in Canada, but it is not legally binding until it is legally binding. I am sure you have put conditions on offers you have made in Canada. If those conditions are not met, your offer collapses just as it does in England/Wales.

I have never known anyone in Canada claim the "buyer just pulled out" after an acceptance of offer has been signed and the appropriate deposit made, without the purchaser facing a loss of part/all of their deposit. If the Offer to Purchase has conditions attached then the property remains on the market, and should a better offer be made by another potential buyer, then the first offerer has 24 hours to withdraw his/her conditions or firm up the original offer. If they withdraw, then their deposit is returned.
The problem with the England/Wales system, as I understand it, is that someone can offer to buy, and on the date set for closing, state they are not exchanging contracts, thereby leaving the seller hanging out to dry with no penalty to be paid for the buyer's actions.. Presumably they can have as many purchases on the go as they like at any given time and leave any/everyone on the hook.
If this is not correct then I am happy to be shown the way. A deposit of minimum 10% would give a reasonable indication that the buyer is serious. As a seller I would never accept less than that.

Re: Buyer just pulled out!
 

Get the Timmies in when you get here.

Re: Buyer just pulled out!
 

It is as rare for a buyer in England and Wales that has signed a contract to pull out as it is, I would assume, in Canada. At that stage in England and Wales the buyer pays their deposit which is forfeited upon default, as it is in Canada. The deposit is usually contracted to be 10% of the purchase price, rather than the standard $10,000 in Alberta.

If both deals were legally binding, I would rather have a buyer pull out in England than in Canada, as the seller is likely to have a larger deposit in England and the legal system is much faster to the point of getting to trial in England that in the common law jurisdictions of Canada.

Only fools in England and Wales exchange and complete on the same day. Most exchange 14 days before completion.

The problem that arises is that sellers usually assume that they have a deal when they verbally accept a verbal offer from the buyer. They have no deal until the contracts have been exchanged, just like there is no deal in Alberta until both parties have signed the offer to purchase contract and all conditions have been met.

As I said before, in either country, the deal isn't binding until it's binding. As a solicitor in England and Wales, I always advised clients to keep their property on the market and continue to market it until they had exchanged contracts. Usually they didn't and were then very upset when their buyer pulled out.

The other huge issue in England and Wales is the chain. Everybody wants to exchange and complete on the same day and so, when one deal tanks, they all do. This doesn't happen as much in Canada as, usually, the deals are not interdependent, usually because of bridging loans. These are available in England and Wales as well but very few use them.

Re: Buyer just pulled out!
 

Thank you, I stand corrected.

Re: Buyer just pulled out!
 

The BIG problem is the LONG, LONG wait between accepting an offer and being in a position to exchange contracts:frown:
This can last for weeks (even months) while
1. The buyer arranges a mortgage
2. The mortgage company arranges a survey
3 Both sets of solicitors communicate (or not!) with each other over endless questions - both important and trivial.
4. Both Solicitors exchange contracts.

If you are lucky this happens without one (or both) set of solicitors going on 2 weeks holiday without informing their clients:ohmy:

Re: Buyer just pulled out!
 

Yes this is precisely what happened - the long wait and the never-ending amount of calls we made to and fro estate agents and solicitors... its just frustrating - but hey ho its back on the market again so this time we'll just have to be extra savvy! :)

Re: Buyer just pulled out!
 

I am so sorry to hear this, people SUCK! I really hope that you get that profitable sale soon. Karma coming your way!

Re: Buyer just pulled out!
 

oh no im sorry about that, I hope you get another one soon. Karma sent. actually I have absolutely no idea how to send karma????:o could anyone help???