Frankly Brian would rather walk away now and look to the future. I am beyond anger...I just want to get back on the market and start trying to sell this again.
these are not new buyers....they couldnt get a mortgage as madam had cancer 7 years ago...the banks are refusing to lend as she has not been clear for 10 years...they are an older couple.
you are right Robert.....in a way, I dont want to profit from this. I feel for them too...though still think they should have got their mortgage first...though I take on board what Nick has said....it seems unreasonable that we have had to spend over 600 euros on diagnostics...and getting quotes for moving etc....and there is almost no prep on the buyers part. I am chewing bricks here..probably because as I said...we have been on the market for 2.5 years......next time, if there is a next time....not even considering an offer till we know there is a mortgage...guess its a learning curve!
Sorry to hear that Carol, very frustrating for you. Nil desperandum x
OH sucking through teeth behind me. Other agents on her team have houses where the people went to court, that takes a couple of years to work its way down the list apparently and then, if the buyers who have dropped out have good reason, puts vendors well out of pocket. She also added that if a notaire phones the bank to check somehow or another they get enough to make the suspended sale stick so that letting it go actually makes life easiest. Bah!
Oh I am so sorry Carol…how annoying and disappointing, but onwards and upwards I am sure you will get another buyer soonxx
It's not enough to "say" they can't get a mortgage - they have to send the letter of refusal to the notaire. The problem I often see is that buyers have a verbal agreement from their branch for a mortgage, but the application has to go to head office for approval. And that can't be sent without a signed copy of the compromis de vente. Head office then refuse the loan, for whatever reason.
As Graham says, you need to make sure:
1) that the compromis was signed with the condition suspensive of obtaining a mortgage and
2) that they can provide the notaire with a copy of the official rejection letter.
If the answer to both is yes, they can walk away and owe nothing. If they can't fulfil both of these conditions, they forfeit their deposit if they back out and you can try to force the sale to go through via the courts (very lengthy process, so you'd be best taking the 10% and finding another buyer)
Graham,
My Notaire explained it to me as if it were a new law. To protect in principal, new, first time buyers presumably...this was a couple of years ago mind you....
Carol
It sounds like "cold feet" however unless it is written in the get out clause (Compromis )they cannot pullout. Do not accept what the agent says and ask for the proof that they applied for a loan and that it was refused. Send a letter LRAR
Whenever I sell a property and a loan is involved I always insist on a written offer before a compromis with a condition that the loan is agreed in principle at a fixed percentage rate max within 14 working days. The Compromis is then signed without this condition.
That’s true, there may have been a condition suspensive written into the contract, with which their deposit is protected.
I hate to be the bearer of bad news but I seem to remember that in the Compromis de vente the deposit is safe from a buyers perspective in the event of being unable to secure a mortgage. Check it out and good luck
Oh bl**dy NO!
News from OH from her lot is that in this part of the world the offer is vast, the prices down and offers under those too but buying is picking up.
aïe, aïe, aïe, was there last summer, Carol, and know just how frustrating it is (plus all our business plans depended on the sale at the time!) BUT take heart, we found another buyer and the sale went through. They are few and far between, but there are buyers out there at the moment.
Courage et bonne chance ;-)
Sorry to hear that Carol. That’s really annoying, but yes, when I offered on my flat in Paris, I had already been to my bank and was armed with an “offer in principle” on a loan. And it’s that that swung it for me with the vendor, as there were several offers on the table.
It’s a different situation as the market is more bouyant and the boot is on the other foot as I was the buyer, but in answer to your question, yes the system is a bit skewed.
I have heard though of banks wanting you to go to them with a “project” ie having made an offer, subject to loan, before they will get cracking with the simulation to see if you can have a loan.
I hope you hear something more positive soon.