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Question
Posted by: Thandeka | 2010/10/07

house issue

I am selling my house and has found another one the thing is that I have signed a purchase to offer and now I dont want the house anymore and I dont want to disapoint my husband what must I say, or do I tell my agent will this not have bad implications.

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Our expert says:
Expert ImageCyberShrink

I have no idea ! I think you may need a legal opinion. I don't know what the legal implications are of signing an ofer to purchase - read the document, it should probably say what happens if you change your mind and don't want to proceed to purchase, and if there are any penalties, etc. YOu probably need to discuss this with your agent, who should be helpful - unless the new house you've found without the agent's help, so the agent might lose his fee if you changed.

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6
Our users say:
Posted by: Mrs K | 2010/10/11

Tell them the you can''t raise enough Deposit &  they know Banks required deposit these days.

Reply to Mrs K
Posted by: Liza | 2010/10/08

If you''ve signed an offer to purchase - you usually have a 7 day cooling off period. During those 7 days you can cancel without penalties. After the 7 days however, you are legally required to pay the commission that the agent would have received.

People do try to get out of it with various means (like waiting till the offer to purchase has expired), but this is by no means a definite way out. The agent can still sue you on the grounds that you didn''t try hard enough to get a bond in the required time. Another problem is that in today''s difficult property market, agents and sellers alike are prone to extending the offer to purchase until the buyer has gotten a bond.

The only way I can see to get out of it, is to ensure that you put all of your monthly expenses on the bond application - perhaps with some extra padded expenses so that you don''t qualify for the bond.

Good Luck
Liza

Reply to Liza
Posted by: Unique | 2010/10/07

Just double check the contract. I know some people just let the contract reach the expiry dates (offer to purchase has an expiry date) and that''st the end of it. This is not really fair ''cos the agent has to wait for the expiry date. I do know of a few cases though where the buyer changed their mind and they had to pay the agent fee. Check under which circumstances are you liable for the agent''s fee.

Reply to Unique
Posted by: Hlamalani | 2010/10/07

I had signed the docs but told the agent that i had changed my mind about buying and they sold the house to someone else. You dont wanna do something to please anyone because you will regret averyday,emagine how long it takes to re-pay the bond and eveyday you will wake up with the guilt of buying it. tell the agent you changed your mind the sooner the better

Reply to Hlamalani
Posted by: JP | 2010/10/07

Its easy just tell the agent that your bond was declined or i am failing to get a buyer or straight talk i dont want that anymore change of mind.

Reply to JP
Posted by: cybershrink | 2010/10/07

I have no idea ! I think you may need a legal opinion. I don't know what the legal implications are of signing an ofer to purchase - read the document, it should probably say what happens if you change your mind and don't want to proceed to purchase, and if there are any penalties, etc. YOu probably need to discuss this with your agent, who should be helpful - unless the new house you've found without the agent's help, so the agent might lose his fee if you changed.

Reply to cybershrink

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