[Archived] Purchasing a House

[Iceman]

Would like to know, what are my rights, if I'm almost 6 months into a sale of a house and the deal has been pulled, because the sellers bank wants more money, after a deal had been agreed upon.

I entered into the agreement with both myself and seller agreeing to the initial price. Everything was going well, with only some outstanding monies of the existing owners that needed to be cleared. The property was going on auction, but was stopped after the agreement was reached. The bank only wanted an x amount, but was somehow privy to what my bank had offered me, and pulled out of the deal. This has seriously ###### me off.

After much haggling, I was then given a new price, and also 1st refusal if I wanted to go ahead and pay more. We didn't want to lose out on this property, as we feel is a pretty good price for the house and area. Its now been 2 further weeks since this agreement has taken place, and still no reply from the sellers bank to accept the new offer, which is the amount that they are asking for. We are getting really frustrated with this, and it has clearly angered us. Is there any sort of protection for the buyer, as it just feels like a legal binding agreement has been removed. We are not happy with this. We also don't want to walk away from the deal, as everything is in place, but still waiting on the bank to accept again. If we walk away, we will ultimately be liable for admin costs, attorney fees etc, and that would mean we are left with having to pay money, and not getting the house.

[Ste B]

Would like to know, what are my rights, if I'm almost 6 months into a sale of a house and the deal has been pulled, because the sellers bank wants more money, after a deal had been agreed upon.

I entered into the agreement with both myself and seller agreeing to the initial price. Everything was going well, with only some outstanding monies of the existing owners that needed to be cleared. The property was going on auction, but was stopped after the agreement was reached. The bank only wanted an x amount, but was somehow privy to what my bank had offered me, and pulled out of the deal. This has seriously ###### me off.

After much haggling, I was then given a new price, and also 1st refusal if I wanted to go ahead and pay more. We didn't want to lose out on this property, as we feel is a pretty good price for the house and area. Its now been 2 further weeks since this agreement has taken place, and still no reply from the sellers bank to accept the new offer, which is the amount that they are asking for. We are getting really frustrated with this, and it has clearly angered us. Is there any sort of protection for the buyer, as it just feels like a legal binding agreement has been removed. We are not happy with this. We also don't want to walk away from the deal, as everything is in place, but still waiting on the bank to accept again. If we walk away, we will ultimately be liable for admin costs, attorney fees etc, and that would mean we are left with having to pay money, and not getting the house.

i'm sure theres lots of experts in south african law, but in England you have no rights until contracts exchanged

[SAS]

Don't you have to get a fooking prawns blessing first?

[Ste B]

Don't you have to get a fooking prawns blessing first?

Is that here or in South Africa. Trying myself, but god its painful.

[Alan75]

in England you have no rights until contracts exchanged

Very true, less than 24 hours before contracts were due to be exchanged, the buyers of our house pulled out, leaving us with all our worldly goods packed away in boxes and having to disappoint people down the line that we couldnt progress with our new house purchase.

[SAS]

Is that here or in South Africa. Trying myself, but god its painful.

SA but only in district 9.