Ok, so after finding out dream home, paying deposit on full asking price just been informed that the seller has accepted a higher offer 1 week on..... any advice or info on this situation. We are devastated today
Posted: Fri Nov 17, 2017 10:55pm
This is what we were told. They took off market when we put offer in. Our solicitor did all necessary checks on land etc and after agreeing that everything good to proceed they went to release deposit and couldn't get receiving party to give details when eventually said that the seller had another offer where they have accepted .
Posted: Fri Nov 17, 2017 11:38pm
Very helpful member
You've not lost out and didn't actually pay a deposit. Your solicitor still has hold of it. Totally sucks but this happens in the UK all the time. Buyer gets head turned by better offer and drops first offer. At least the seller was shrewd enough not to accept the deposit. Tie a knot in it and move on.
Posted: Sat Nov 18, 2017 2:22am
This post that was quoted has been deleted.
No but was in client account and they accepted our offer of FULL ASKING price
This is unfair and was one of the reasons why England stopped the deposit process years ago...it ended up meaning nothing as deposits were paid and gazumping still took place!
Be careful that they don't come back and ask for you to make a better offer as that could be a ploy to get a higher price. If so don't do it....there will always be another house and often a better one and you will be glad you walked away!
It's still a good buyers market in Spain and bargains are to be had! Those who mess prospective buyers about like this often come off worse in the end.
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Surely your solicitor should know the law, once an offer is accepted whether verbally or otherwise that is when the contract begins. Verbal contracts are binding and even better if their is correspondence via email.
They can't do that legally although to be honest it just may not be worth the time, cost and hassle to chase it up.
Plus if you have handed over any money then you should be entitled to twice the deposit back. They need to be told that and maybe it is better to get a second solicitors advice. But you need to push them on the double money back thing at least.
Posted: Sat Nov 18, 2017 11:48am
Very helpful member
As said before you have no legal challenge to this. Contracts were not exchanged. They never received the deposit. You paid the Solicitor to pay them, but they never accepted it. So they don't owe you twice the deposit value. In fairness the seller has played a blinder. Accepted your offer but not signed a contract or accepted the deposit which enables them to market the property whilst having you on the sidelines as a fall back position. Yes it's a shit..tty trick, but from the seller's point of view they will get more money and they don't know you from Adam. Worst case scenario is it falls thru and they come back begging to you. At which point I would reduce my original offer by 5k.
Posted: Sat Nov 18, 2017 3:02pm
Sounds like you know this case personally. Yes well good on them for playing a blinder. Hope it doesn't fall through as we now have saw another couple properties and like you said last message tie a knot and moved on.... simple and easy as that. Plenty properties and I'm sure plenty sellers who are up front not playing games. Lesson learned though so good shout to these people.
Posted: Sat Nov 18, 2017 3:06pm
Jan wrote on Sat Nov 18, 2017 10:17am:
This is unfair and was one of the reasons why England stopped the deposit process years ago...it ended up meaning nothing as deposits were paid and gazumping still took place!
Be careful that they don't come back and ask for you to make a better offer as that could be a ploy to get a higher price. If so don't do it....there will always be another house and often a better one and you will be glad you walked away! ...
Read more...
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It's still a good buyers market in Spain and bargains are to be had! Those who mess prospective buyers about like this often come off worse in the end.
Thanks Jan yes we have parked it as a lesson. We will get a better property and be happy this happened.
Posted: Sat Nov 18, 2017 3:40pm
Helpful member
leighadamson wrote on Fri Nov 17, 2017 7:02pm:
Ok, so after finding out dream home, paying deposit on full asking price just been informed that the seller has accepted a higher offer 1 week on..... any advice or info on this situation. We are devastated today
If you signed a compra-venta agreement and paid the 10% deposit to the seller you are entitled to claim back 20% - get a GOOD lawyer. If your deposit was not paid to the seller then you may have a case against the intermediary who failed to pass on the deposit thus compromising your rights. I am totally unfamiliar with the English process - they don't use notarios I believe - I have seen on TV that they do little more than shake hands - NOT very secure!
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