CJ Posted January 26, 2008 Share Posted January 26, 2008 I have been feeling left out due to not having had a rant about a personal issue and so this is my effort: In May of last year, I put a house up for sale that I owned in Wales. The house was a 2 bedroom ex local authority which was ideal for the first time buyer or for the rental market and after having a very quick viewing, I accepted an offer of the full asking price. This was great news as I already knew I was leaving in June and this gave me extra "security" money should I not like the job I was going to. Things seemed to be moving along nicely and we were due to exchange contracts at the end of July when the buyer suddenly pulled out. He gave no reason (in fact, he didn't even contact us but told his solicitor) and no apology. So, In August, the house goes back on the market. I then get a property developer / landlord looking at it and he offers £5k less than asking and wants the remaining furniture to be included in the deal. I reluctantly agree as he says he can complete quickly. August, September and November go by and we still haven't completed. I talk to my estate agents weekly and they say he is in and out of the office and is definitely going ahead and they recommend me waiting another week, and another week.... I then tell the agency that if this doesn't complete by the time i get back to the UK on 14th December, I am pulling out. They tell the buyer and apparently he panics and comes clean that he has overspent on another property and needs to raise funds off that (via another loan) to put the deposit down on mine. I once again reluctantly agree as the agents say it is a formality for him to get the funds. In the beginning of January I get confirmation that he has had the extra funds and after the cheque clears he will place that with his solicitor as a deposit. Now, almost 3 weeks later he still hasn't done it. He is not returning calls from his solicitor or my agent and it now seems as if he has walked away. So that leaves me still with no sale since May despite having agreed twice. What a stupid waste of time eh? Oh, and get this. The house is for sale at £69k - not exactly huge dosh eh? Thank you for reading and rant over Quote Link to comment Share on other sites More sharing options...
Matt H Posted January 26, 2008 Share Posted January 26, 2008 Sounds a right sh*tter CJ, and that £69k is ridicously cheap for a house. suprised no you are having problems shifting it Quote Link to comment Share on other sites More sharing options...
michael Posted January 26, 2008 Share Posted January 26, 2008 Thank you for reading and rant over Thanks for taking the time to share this with us, I hope the emotional wounds heal in time Can't you pull out and market the house again? Surely it's value has increased since you agreed to sell at the last price? Quote Link to comment Share on other sites More sharing options...
CJ Posted January 26, 2008 Author Share Posted January 26, 2008 Sounds a right sh*tter CJ, and that £69k is ridicously cheap for a house. suprised no you are having problems shifting it That's the thing, I haven't had problems selling it. I have had problems completing Quote Link to comment Share on other sites More sharing options...
CJ Posted January 26, 2008 Author Share Posted January 26, 2008 Thanks for taking the time to share this with us, I hope the emotional wounds heal in time Thank you. I knew I could count on you for a shoulder to cry on Can't you pull out and market the house again? Surely it's value has increased since you agreed to sell at the last price? I just have. Apparently another landlord type is looking this weekend and says he can complete in 4 weeks. Fingers crossed eh? Quote Link to comment Share on other sites More sharing options...
Havard Posted January 26, 2008 Share Posted January 26, 2008 Thats a bummer Col. I thought about getting involved in property but it just doesn't seem worth the hassle..... Quote Link to comment Share on other sites More sharing options...
CJ Posted January 26, 2008 Author Share Posted January 26, 2008 Thats a bummer Col. I thought about getting involved in property but it just doesn't seem worth the hassle..... I still feel that as an investment, property offers the best return over a longer period. I will reply to your PM this afternoon BTW. Quote Link to comment Share on other sites More sharing options...
Havard Posted January 26, 2008 Share Posted January 26, 2008 I still feel that as an investment, property offers the best return over a longer period. I will reply to your PM this afternoon BTW. Thanks mate, no rush!! Quote Link to comment Share on other sites More sharing options...
ivan Posted January 26, 2008 Share Posted January 26, 2008 Fingers crossed the sale goes through this time Col. Did you ever get yourself a winter job sorted? Lin suggested maintenance - do most of the guest houses and hotels carry out winter maintenance while the place is shut? Quote Link to comment Share on other sites More sharing options...
CJ Posted January 26, 2008 Author Share Posted January 26, 2008 Fingers crossed the sale goes through this time Col. Did you ever get yourself a winter job sorted? Lin suggested maintenance - do most of the guest houses and hotels carry out winter maintenance while the place is shut? Unfortunately no, I didn't get anything. The problem is that almost all of winter jobs will go to the Greeks. - especially the winter maintenance work. Quote Link to comment Share on other sites More sharing options...
Charlotte Posted January 26, 2008 Share Posted January 26, 2008 That's crazy Col. I'd give them an exchange deadline - if he doesn't deliver get it back on the market. And get the solicitors to chase! It's difficult when you're not in the country though I guess. Quote Link to comment Share on other sites More sharing options...
CJ Posted January 26, 2008 Author Share Posted January 26, 2008 That's crazy Col. I'd give them an exchange deadline - if he doesn't deliver get it back on the market. And get the solicitors to chase! It's difficult when you're not in the country though I guess. That's the biggest problem - I am so far away, I am reliant on others to do the chasing. My solicitors have been very good and have done just about all they can do. I get an email update from them twice a week even if it's to tell me they have no news. I have told the agents to now show the house again and will advise the next buyer of the deadline condition. Quote Link to comment Share on other sites More sharing options...
Charlotte Posted January 26, 2008 Share Posted January 26, 2008 That's the biggest problem - I am so far away, I am reliant on others to do the chasing. My solicitors have been very good and have done just about all they can do. I get an email update from them twice a week even if it's to tell me they have no news. I have told the agents to now show the house again and will advise the next buyer of the deadline condition. We have clients abroad who feel the same, it's a pain when you think something will happen and it doesn't. Good idea about the deadline. Surely if it's a developer/investor they won't need a mortgage so that should make things quicker. Quote Link to comment Share on other sites More sharing options...
CJ Posted January 26, 2008 Author Share Posted January 26, 2008 Good idea about the deadline. Surely if it's a developer/investor they won't need a mortgage so that should make things quicker. Thats why he is saying 4 weeks to completion. Plus the fact that he is talking about using the same solicitor as the last guy and they have already completed all the searches etc and he can then buy those "off the shelf" so to speak. Quote Link to comment Share on other sites More sharing options...
Charlotte Posted January 26, 2008 Share Posted January 26, 2008 Thats why he is saying 4 weeks to completion. Plus the fact that he is talking about using the same solicitor as the last guy and they have already completed all the searches etc and he can then buy those "off the shelf" so to speak. Absolutely, the whole 'pack' will be ready to pass to the next buyer. The searches should be in date etc. Quote Link to comment Share on other sites More sharing options...
RobSheffield Posted January 26, 2008 Share Posted January 26, 2008 Ill be looking at buying a house in the not too distant future and i just wish more people did as you do and price realistically Quote Link to comment Share on other sites More sharing options...
CJ Posted January 26, 2008 Author Share Posted January 26, 2008 Ill be looking at buying a house in the not too distant future and i just wish more people did as you do and price realistically I took the view that I wanted a reasonably quick sale and so priced accordingly. DOH! The silly thing is the last "buyer" had already agreed to let it to some nurses at £400 pcm so not completing really doesn't make sense. I need some of the funds for a project out here in Kos otherwise I would just rent it out myself. Quote Link to comment Share on other sites More sharing options...
RobSheffield Posted January 26, 2008 Share Posted January 26, 2008 Maybe its too cheap CJ, may be putting folks off? Quote Link to comment Share on other sites More sharing options...
Dnk Posted January 26, 2008 Share Posted January 26, 2008 Could you send me the details as im looking to buy rentable properties and have cash sat in the bank, i cant gaurantee its what im after but i'll have a look if your buyers are messing you around. Quote Link to comment Share on other sites More sharing options...
CJ Posted January 26, 2008 Author Share Posted January 26, 2008 Maybe its too cheap CJ, may be putting folks off? It's Wales Rob - nothing is too cheap Like I say, it isn't the interest that's been a problem, it's the completing. Quote Link to comment Share on other sites More sharing options...
CJ Posted January 26, 2008 Author Share Posted January 26, 2008 Could you send me the details as im looking to buy rentable properties and have cash sat in the bank, i cant gaurantee its what im after but i'll have a look if your buyers are messing you around. I don't have details here with me (no pics etc) but can send you the estate agents details if you wish? Or, if you PM me your questions, I can answer them. Quote Link to comment Share on other sites More sharing options...
Max Headroom Posted January 26, 2008 Share Posted January 26, 2008 Pity they don't use the Scottish system down here, once you agree the sale it legally binding and there is no backing out. I can sympathise with you, looks like the 2nd buyer has taken you for a ride, if he keeps on saying he will have it it means if "funds" do become available he can buy it or walk away and do another one Quote Link to comment Share on other sites More sharing options...
Dnk Posted January 26, 2008 Share Posted January 26, 2008 I don't have details here with me (no pics etc) but can send you the estate agents details if you wish? Or, if you PM me your questions, I can answer them. Estate agents details and the address of the property would be enough for now and i'll make contact with them to get the info. [email protected] Quote Link to comment Share on other sites More sharing options...
Charlotte Posted January 26, 2008 Share Posted January 26, 2008 Pity they don't use the Scottish system down here, once you agree the sale it legally binding and there is no backing out. You can still back out, you lose your deposit though. Quote Link to comment Share on other sites More sharing options...
CJ Posted January 26, 2008 Author Share Posted January 26, 2008 Estate agents details and the address of the property would be enough for now and i'll make contact with them to get the info. [email protected] PM and email sent Quote Link to comment Share on other sites More sharing options...
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