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Re: OMG Devastated house sale fallen through
Originally Posted by Danny B
(Post 5564089)
No there is a huge difference.
In Scotland you view a house, if you like it you get a survey, if the survery is OK then you make an offer, if the offer is accepted it then becomes legally binding. In England you view a house, if you like it you put in an offer, if the offer is accepted you get a survey, if the survery is OK you wait for 6-8 weeks for all the other paperwork to be sorted, then you exchange contracts and it becomes legally binding. What tends to happen is between making an offer and exchanging contracts people view other houses and change their minds, or they cannot get their funds toghether, or their house sale falls through and cannot commit to buy yours. If England adopted the same law as Scotland and made an offer when the survey was done and when their house had an offer on it, there would be no chain to break. I assume that this is less of an issue in Canada and Scotland and other such places. So in reality what you are asking for is a sea change in people's attitudes to the whole process. If people did this, the process would pretty much reflect the systems you prefer. Just a thought:ohmy: |
Re: OMG Devastated house sale fallen through
Originally Posted by Biiiiink
(Post 5564193)
Edit: Almost Canadian types faster than me ;)
-- That isn't true, it's not binding until missives are complete. And that can be quite late in the process sometimes. Our Scottish solicitor told us it was a myth that there is a binding contract when an offer is accepted. Having said that, the myth must be doing some good as I've never heard of a Scottish deal falling through. But the system isn't perfect. To get any real idea of an expected price, you have to have a survey before you bid. It's usual to put your "offers over" price tens even hundreds of thousands below what you actually want to achieve. WHen I last paid one, a full survey was iro 500 GBP. My brother had to have about 10 done on various first time buyer flats before he had a successful bid :unsure: Anyway, best of luck to you Manghams. If there's anything I can do at this end (like stave off the builders with a box of donuts or something!) just let me know :thumbup: Cheers Biiiink; :wub: we are hoping that because they are so far over the projected completion (20-08-07) that we can hold them off for a bit; if we could have closed sooner we probably wouldnt have had this problem. :unsure: Crossing fingers and toes again. |
Re: OMG Devastated house sale fallen through
I found this info on a website and it shows a fundamental difference between buying property in England and Scotland:
http://www.hastingslegal.co.uk/Legal...es/buying.html |
Re: OMG Devastated house sale fallen through
Originally Posted by Yes-can-do
(Post 5564252)
I found this info on a website and it shows a fundamental difference between buying property in England and Scotland:
http://www.hastingslegal.co.uk/Legal...es/buying.html I am not disputing that the systems differ up to the point they become legally binding, what I mean is that they are not legally binding until they become legally binding. This tends to happen quicker in Canada/Scotland. What people should do is refuse to take their houses off the market until contracts are exchanged. The seller can then allow interested parties to race to exchange. No doubt you will all say that no purchaser would do this, but isn't this exactly what happens in Scotland, the first one to complete their survey and decide to put an acceptable offer in gets the property. The others that have had their survey and either dithered or not put a high enough offer in lose out. What about all the money they have wasted reaching that stage ? Too many people watch Kirsty and Phil and demand exclusivity after putting an offer in. In a buyer's market they can do this, in a seller's market, they can't. |
Re: OMG Devastated house sale fallen through
Originally Posted by Almost Canadian
(Post 5564316)
It looks like the information on that site was referred to above.
I am not disputing that the systems differ up to the point they become legally binding, what I mean is that they are not legally binding until they become legally binding. This tends to happen quicker in Canada/Scotland. What people should do is refuse to take their houses off the market until contracts are exchanged. The seller can then allow interested parties to race to exchange. No doubt you will all say that no purchaser would do this, but isn't this exactly what happens in Scotland, the first one to complete their survey and decide to put an acceptable offer in gets the property. The others that have had their survey and either dithered or not put a high enough offer in lose out. What about all the money they have wasted reaching that stage ? Too many people watch Kirsty and Phil and demand exclusivity after putting an offer in. In a buyer's market they can do this, in a seller's market, they can't. Tried to persuade out Agent to keep the property open to enquires while waiting for our purchaser, who has messed us about. The Agent wouldn't - listed on Rightmove SSTC. I personally took an enquiry which I have held and not passed on to them, that is the one whom I now hope will want our home enough to push a sale through. The whole system seems flawed to me. But them I am an aggrieved party just now so possibly biased. |
Re: OMG Devastated house sale fallen through
Originally Posted by manghams
(Post 5564418)
Tried to persuade out Agent to keep the property open to enquires while waiting for our purchaser, who has messed us about. The Agent wouldn't - listed on Rightmove SSTC.
I personally took an enquiry which I have held and not passed on to them, that is the one whom I now hope will want our home enough to push a sale through. The whole system seems flawed to me. But them I am an aggrieved party just now so possibly biased. Best of luck with the other lead :thumbsup: |
Re: OMG Devastated house sale fallen through
Originally Posted by Almost Canadian
(Post 5564316)
It looks like the information on that site was referred to above.
I am not disputing that the systems differ up to the point they become legally binding, what I mean is that they are not legally binding until they become legally binding. This tends to happen quicker in Canada/Scotland. What people should do is refuse to take their houses off the market until contracts are exchanged. The seller can then allow interested parties to race to exchange. No doubt you will all say that no purchaser would do this, but isn't this exactly what happens in Scotland, the first one to complete their survey and decide to put an acceptable offer in gets the property. The others that have had their survey and either dithered or not put a high enough offer in lose out. What about all the money they have wasted reaching that stage ? Too many people watch Kirsty and Phil and demand exclusivity after putting an offer in. In a buyer's market they can do this, in a seller's market, they can't. Not every seller sets a closing date for bids. If an acceptable offer comes along then they sell but most of us want as much money possible (who wouldn't). You can also put in an offer subject to satisfactory survey so that saves on surveyors fees. New homes and some sellers will advertise homes at a fixed price. It's a seller's market for sure and its very common for many homes to be sold for 50,000 GBP over the asking price (some are sold 100,000 GBP over the asking price). I wouldn't want to be a buyer having to bid in Scotland. I was a seller though ;) |
Re: OMG Devastated house sale fallen through
Personally i feel the main benefit of the canadian system is the fact that a reasonable size deposit has to be put down by the purchaser to me this makes it less likely that the purchaser will have a change of mind, because it will hurt them in the pocket.
steve |
Re: OMG Devastated house sale fallen through
Originally Posted by manghams
(Post 5562074)
We should be signing just about now; but no.
Solicitors rings 11am, purchaser pulling out, not even got a reason to give us! :cry_smile: So here we are, house in Canada now finished and the builder wants his money. :ohmy: This house empty, we sent to stuff in the contained last Tuesday; so not really in a saleable condition, at the very least we will have to buy a bed to stop it looking like a student doss house! :thumbdown: Looks like Christmas has just been cancelled. :cry_smile: Oh forgot, got no money either coz we bought a forward contract last week with all our cash, and guess what the $ is now up. :curse: And as of last night hubby and I are not talking, that was before this good news! :mad: Dont you just love the UK. :frown::confused::unsure: We are putting ours on the market soon and am dreading it, at least having read so many problems with the house market on hear has made us decide to sell first, wish you all the best hope you get sorted soon sue |
Re: OMG Devastated house sale fallen through
So I have been on the phone this morning to the Agent, coz Rightmove is stilling showing STC! :thumbdown:
They have a "technical problem" with their server and so there is no chance of getting it updated til at least Monday am. A whole weekend now lost to any potential buyers. :curse: How do expect to sell houses if they dont market them properly, and lets face it, it is not cheap 1.5% of sale plus VAT is a big chunk of money. So we wait yet again; they say moving house causes the highest stresses next to a bereavement; they should factor in emigration just to see the gibbering wrecks trying to survive the process. :rofl::rofl: |
Re: OMG Devastated house sale fallen through
Originally Posted by Yes-can-do
(Post 5564443)
Unfortunately losing out on a house using the bidding system is a downside for any buyer in Scotland but at least when its marked SOLD after seller accepts the offer then it is legally binding.
Not every seller sets a closing date for bids. If an acceptable offer comes along then they sell but most of us want as much money possible (who wouldn't). You can also put in an offer subject to satisfactory survey so that saves on surveyors fees. New homes and some sellers will advertise homes at a fixed price. It's a seller's market for sure and its very common for many homes to be sold for 50,000 GBP over the asking price (some are sold 100,000 GBP over the asking price). I wouldn't want to be a buyer having to bid in Scotland. I was a seller though ;) Deepest sympathies to Manghams even so!!! |
Re: OMG Devastated house sale fallen through
what is it with people pulling out at the 11th hour!! how frustrating for you!!
i wish more solicitors/agents would actually mention to sellers that it is possible to ask for a deposit which would be forfeited in the event of the buyer pulling out without reasonable cause (yes I know this can be a bit subjective but I'm sure the solicitors can come up with something that works!) the following was taken from hints and tips to avoid gazumping but I'm sure can be used in general: Make a pre-contract deposit agreement. This involves both parties paying a deposit of 1.5% of the agreed purchase price to a stakeholder, and signing an agreement saying that contracts will be exchanged within four weeks. If one side withdraws from the sale, the other party receives both deposits. If you are a gazumped buyer you therefore get some compensation. This is not a water-tight agreement as either party can pull out if they are willing to lose the deposit, but it definitely reduces the risk. |
Re: OMG Devastated house sale fallen through
Originally Posted by thundercat600
(Post 5567216)
what is it with people pulling out at the 11th hour!! how frustrating for you!!
i wish more solicitors/agents would actually mention to sellers that it is possible to ask for a deposit which would be forfeited in the event of the buyer pulling out without reasonable cause (yes I know this can be a bit subjective but I'm sure the solicitors can come up with something that works!) the following was taken from hints and tips to avoid gazumping but I'm sure can be used in general: Make a pre-contract deposit agreement. This involves both parties paying a deposit of 1.5% of the agreed purchase price to a stakeholder, and signing an agreement saying that contracts will be exchanged within four weeks. If one side withdraws from the sale, the other party receives both deposits. If you are a gazumped buyer you therefore get some compensation. This is not a water-tight agreement as either party can pull out if they are willing to lose the deposit, but it definitely reduces the risk. One party is always in a stronger position than the other (buyer in a buyer's market, seller in a seller's market) so one party is always going to be in a position to refuse to become party to such an agreement. Would you, if you were the party in the stronger position ? Having worked in a real estate practise here for some time now, I can tell you that plenty of Canadian deals tank even though they are legally binding. Whilst, on balance, I think the Canadian system is better than the English one, it is not uptopian at all. Just ask all in Calgary that currently have their house on the market - it has definately swung back to favour buyers |
Re: OMG Devastated house sale fallen through
Originally Posted by Almost Canadian
(Post 5567440)
Just ask all in Calgary that currently have their house on the market - it has definately swung back to favour buyers
My son and his wife currently have their house up for sale in Calgary, lots of viewings, averaging three or four per week but so far only one offer and that was a lowball effort. They've just this week reduced the asking price by $10,000 so we'll see if that generates any more offers. I think what is most frustrating for them is that they have two little ones (two and a half and a one year old) and for every viewing they are asked to leave the home. On the other hand we got an unsolicited phone call the other day from a real estate agent, wanting to know if we had considered selling our house. I told her to p*ss off.:mad::curse: |
Re: OMG Devastated house sale fallen through
Sorry to hear your news.
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