Browse Forums Real Estate 1 Jun 01, 2010 5:30 pm Ok - let me start at the begining. House sells to a cash buyer, unconditional offer subject to deposit being paid when the money was transfered from UK to Aus - Monday last week. Up until Monday the buyer is constantly in contact with agent, organises to buy my furniture, agent says they are the most motivated buyer they have seen in a long time. As settlement was so soon we pack up the house, turn off foxtel, arrange a storage unit for furniture and then things started to go wrong Come Monday buyer disapears, doesnt return phone calls from agent, settlement agents, other phones. Just disapears. Friday we decided we couldnt wait as settlement was due next week so we send out a default notice that says they have until midnight tonight to pay the deposit or the offer is terminated.... Still hear nothing. We are going to have another offer put in tomorrow but its going to be at least $10,000 less than the first offer. My finance advisor and my property lawyer (until now I have never had a property lawyer) have advised that I should write a letter to the first buyer demanding they pay the deposit as compensation for pulling out of the offer..... My question is - what would you do???? THE LIGHT OF MY LIFE IS 495 SQM OF BEACH SAND AND WEEDS! http://missvintageshouseofpain.blogspot.com/ Re: What would you do ??? Selling Drama - Buyer disapears 3Jun 01, 2010 6:21 pm Hi Miss Vintage, I read your post in your building thread too. It seems to me that the Agent is partly responsible for this situation as they didn't ensure that the deposit was paid...isn't it normally meant to be paid when the contract is signed. Therefore I would be putting it to the agent that they should forgo some of their commission. If they had done their job you'd have the deposit already, which you would be entitled to hold onto in this situation. Just my two cents worth 'chelle We have a hand-over date...15/10...but I won't hold my breath! http://people-in-glass-houses.blogspot.com/ Re: What would you do ??? Selling Drama - Buyer disapears 4Jun 02, 2010 11:57 am MissVintage My question is - what would you do???? As the other poster said.. move on. It is probably a valuable lesson to learn. Get the deposit when the contract is signed. Have clauses in the contract that protect your interests if settlement falls through, ie retain all or part of the deposit. Seemingly your agent and solicitor/conveyancer offered very poor support in regards to this. Also, an overseas buyer should have started the alarm bells ringing. Need help with travel insurance? Visit my site: Travel Insurance Reviews Re: What would you do ??? Selling Drama - Buyer disapears 5Jun 02, 2010 8:15 pm MissVintage unconditional offer subject to deposit being paid when the money was transfered from UK to Aus - Monday last week. MissVintage Come Monday buyer disappears, doesnt return phone calls from agent, settlement agents, other phones. Just disappears. The way I read that, the deposit was not paid by Monday, therefore the sale fell through. Legally OK IMO. You can't pursue the first purchaser, as they left a "get out" clause and exercised their right to it IMO. It's the same as putting a "subject to finance" clause in, then getting knocked back by the bank - the purchaser can simply walk away as one of the conditions of the contract was not met. What you can do is inform your solicitor and real estate agent that the terms are a minimum 10% deposit on contract signing no matter who they are, and that the purchaser forfeits the entire deposit if they withdraw from the contract. At least this will protect you from history repeating itself. Built a Tribeca 44 with the Big M Sales Accept 15/06/09, Contract Signed 24/09/09, Site Start 23/11/09, Slab 11/12/09, Frame 12/01/10, Roof 20/01/10, Lock-up 30/03/10, Fixing 30/04/10, Handover 27/08/10. Re: What would you do ??? Selling Drama - Buyer disapears 6Jun 03, 2010 11:41 am Thanks Guys I was leaning towards to moving on bit as well. I think every one else was just upset at what we had to go through and of course the property lawyer was rubbing his hands together at the idea of more money trying to get our money back. We will move on and hopefully its all happened for a reason. We have changed agents though and hopefully the next one is more switched on than the first. THE LIGHT OF MY LIFE IS 495 SQM OF BEACH SAND AND WEEDS! http://missvintageshouseofpain.blogspot.com/ Not much in this responce. My suggestion is, what are you looking to build and why. This will all be impacted by the local councils planning scheme. Familiarise yourself… 6 5858 Bought in Nov 21 at the height of the market (classic). Good area, atrocious floor plan. BUT has land out to the left-hand side that we can extend out on (see second… 0 8770 Thanks mate. Yeah good points! Leaning towards Option 3 to get a bit extra space in the cabinets but not going too crazy high (and expensive). Would require a mini… 13 39683 |