Estate Agent trying to cancel deal

3WA

Executive Member
Joined
Sep 25, 2012
Messages
8,745
Buying a house is no small thing.

It's not really money for jam, having that ripped out from under you by a cocksucker estate agent.
Yeah, sure, it’s the admin burden, but if the new price is R50k higher, they can ask for R25k to walk away. Any deposit is presumably in an interest-bearing trust and will be refunded (if that's not in the OTP, obviously the buyer shouldn’t walk away). Stipulate that the estate agent cannot charge any fee of any kind from the deposit or anywhere else.

I don't know about others, but I don’t really believe in the “dream-home” thing. They'll find another house.
 

Snyper564

Executive Member
Joined
Oct 1, 2008
Messages
5,816
Yeah, sure, it’s the admin burden, but if the new price is R50k higher, they can ask for R25k to walk away. Any deposit is presumably in an interest-bearing trust and will be refunded (if that's not in the OTP, obviously the buyer shouldn’t walk away). Stipulate that the estate agent cannot charge any fee of any kind from the deposit or anywhere else.

I don't know about others, but I don’t really believe in the “dream-home” thing. They'll find another house.
I agree to a certain extent but we looked at about 15 houses and about a year or so before finding one, its def not a rushed thing etc.
 

D tj

Expert Member
Joined
Jul 8, 2012
Messages
1,026
Do not give up too easily.
Tell your friend to quieten down and calmly step by step go through the OTP.
If the seller/ estate agent is "trying" to get them to pass on the sale, it very likely means the seller must sell and can't back out or possibly risk penalties...otherwise there would be no trying just a " Sorry, goodbye"
Then depending on contract, fight or walk.
 

jambai

Senior Member
Joined
Oct 18, 2007
Messages
936
She is an emotional wreck right now and she asked her husband to stay out of it because he just wants to knock someones block off.

I dont think she's ready emotionally to fight this one. They are just disappointed that the perfect place gets pulled out from under them so easily.
There is lots of properties for sale . They will find a good deal
 

ToxicBunny

Honorary Master
Joined
Apr 8, 2006
Messages
89,921
Step through the OTP, and also request the agent to involve the EAAB to mediate this impasse as they do not want to cancel the OTP.

Its understandable that your friend is an emotional wreck, but she really needs to calm down and look at things rationally. The agent is asking for them to cancel the deal because the substantive clauses very probably do not allow them to get out of the deal at this point.
 

rodga

Executive Member
Joined
May 9, 2007
Messages
9,698
I agree with everyone else in this thread. Doesn't having to re apply for another bond now after this deal is cancelled, affect the rates that she will be offered too?
 

berrypi

Well-Known Member
Joined
Dec 12, 2012
Messages
371
back n forth... yet emotional? Its a bloody house?! be factual. If contract says "A", and they in the wrong, use it.

Why the back n forth and emotional drama? Its not that hard? Yes its tough you do not get your dream home/car/bike/shoes... but move on.... if there is a contract, evaluate it... check your options... then move forward. Do NOT be in a position where they renegade and YOU end up in breach of contract. Kla. Case closed.
 

marco79

Expert Member
Joined
Sep 18, 2008
Messages
3,735
So the estate agency director sent an email to the bond lawyers saying the owner doesn't want to sell anymore. The agent is nowhere to be found.

I told my friend even though they are going to look for another house, that they should take this story up with the EAAB.

Thanks for all the advice. I'll follow up next week if she takes further steps.
 

Daruk

Honorary Master
Joined
Jul 18, 2008
Messages
45,534
So you think escalating this to the agent's boss could potentially resolve this situation?
Not necessarily but these people need to see effect of their dodgy dealings and realise that people remember. I'd blog it and link to that the next time a pushy agent from that agency tries to sell to you. I believe in doing stuff about stuff regardless of the perceived outcome. Doing nothing sends the wrong message
 

Slootvreter

Honorary Master
Joined
Aug 7, 2008
Messages
29,336
Not necessarily but these people need to see effect of their dodgy dealings and realise that people remember. I'd blog it and link to that the next time a pushy agent from that agency tries to sell to you. I believe in doing stuff about stuff regardless of the perceived outcome. Doing nothing sends the wrong message
I believe telling them just how KACK they are, and I do believe that they will be personally offended by my language, but I am 100% that it will not change their ways. All about money.
 

droidx

Expert Member
Joined
Sep 24, 2011
Messages
1,666
Name and shame. If they approach me to sell my house I'll send them a link to this thread. I don't want to deal with shady agents. When someone I know couldn't fulfil a signed OTP the agent tried to sue for lost commission, might not be the same agents but I'm sure if tables were turned they would do what they can to pressure the buyer into going ahead.
The buyer wouldn't just be able to change their mind.
 

ToxicBunny

Honorary Master
Joined
Apr 8, 2006
Messages
89,921
So the estate agency director sent an email to the bond lawyers saying the owner doesn't want to sell anymore. The agent is nowhere to be found.

I told my friend even though they are going to look for another house, that they should take this story up with the EAAB.

Thanks for all the advice. I'll follow up next week if she takes further steps.
Owner doesn't have that luxury if they signed the OTP.

Owner is contractually bound to the process now.
 
Top