Should the buyer not accept your terms, the contract will automatically terminate and you will not have to sell your house to them. The loan or appraisal contingency in the buyer's offer must get fulfilled in a set time period. Should the buyer does not remove the loan contingency in writing within the time frame specified, you can refuse to sell your property to him. Appraisal contingencies work the same way.
Should the home not appraise for the sale price or the time passes without an appraisal, you are within your rights to cancel escrow with no penalty. If someone is buying your house on an all-cash basis, he usually has a set time to document to you that he has the cash necessary to close the transaction.
Should that buyer miss the deadline or be unable to provide adequate proof as stated in the contract, you are well within your rights to cancel the deal. When the buyers fail to perform tasks required under the contract by the specified deadline, you will have to send them a "Notice to Buyer to Perform" form which reminds them of their obligations and requires them to submit proof within a specific time frame from receiving notice.
If the buyer doesn't give you any opportunities to cancel the deal, you have another option. You could refuse to sell him the property. Doing this would be a breach of contract for which the buyer can either sue you or take to you arbitration, depending on what your contract says.
The court or arbitrator could force you to sell the property to the buyer, pay him damages and pay his attorney fees. If you dispute the amount the estate agent is charging, you should consult an experienced adviser, for example, at a Citizens Advice Bureau. When you agree a sole agency with an estate agent the contract will usually state how long this period of sole agency will last.
At the end of this period you are free to use one or more additional estate agents. If you use one or more additional estate agents before the period of sole agency has come to an end, you are breaking the contract with the original estate agent.
This means that if the new estate agent finds a buyer for the house you would have to pay commission not only to the new estate agent but also to the agent with whom you had the sole agency agreement. If the original agent found a buyer, the amount of commission that the seller would have to pay to the new estate agent would depend on the type of agreement you had with them.
However, you may be able to negotiate changing the sole agency agreement to a joint sole agency agreement with the original estate agency. For information about different types of agency agreements, see Selling a home. You may want to change your estate agent. You should check the terms of the agreement you have with the estate agent to see if this is possible. If it is possible you may still have to pay some charges to the estate agent to cover costs, such as advertising, that the estate agent has incurred.
You may have found your own buyer for the property who has not come through the estate agent, for example, a friend may want to buy the property. You are entitled to sell to a buyer who has not been found by the estate agent but you may find that you will still have to pay the estate agent.
What you have to pay will depend on the contract. You may wish to consider complaining to the estate agent in writing or changing to a different estate agent. If you are not satisfied with the estate agent's response to your complaint, you can complain to their independent complaints body.
All estate agents dealing with residential property must belong to a government approved complaints redress scheme. The approved schemes are:. If you have a complaint about an estate agent when you buy or sell property, you will be able to refer the complaint to whichever scheme the estate agent belongs to.
Estate agents that refuse to join a scheme can be fined. Estate agents aren't allowed to discriminate against you for a number of reasons. For example, they can't refuse to show you a certain property because the owner doesn't want to sell to people of a certain religion or belief. If an estate agent discriminates against you, you can complain to the estate agent's company.
If you are not satisfied with the response, you could also complain to the complaints redress scheme the estate agent belongs to. If you think that you have lost money because of the estate agent, you should consult an experienced adviser, for example, at a Citizens Advice Bureau. If you are a buyer, you may not have had your own survey carried out but relied on the valuation report prepared for the mortgage lender.
If problems occur later with the property, which you feel should have been identified at the valuation, you should seek legal advice. As a general rule, the valuer can be liable if faults occur after you buy the property. This is because the valuer owes a duty of care to the person applying for the mortgage.
For the valuer to be liable, you must be able to show that a surveyor employed by the valuer has been careless, for example, by not identifying problems that they should have. Sometimes, the valuation will contain a statement saying that the valuer isn't liable for faults which are found after the valuation. However, if this is just a general statement and does not refer to a particular problem, it probably can't be used by the valuer to avoid liability.
The circumstances in which a valuer can be held legally responsible for any financial loss suffered by the buyer as a result of the valuation are limited. If you think the valuer is responsible, you may need to consult an experienced adviser, for example, at a Citizens Advice Bureau. You may have arranged for your own survey to be carried out and then found you have a problem with the property after you bought it.
For example, you found that part of the roof needs replacing. In a case like this, you may be entitled to damages compensation from the surveyor for the difference between the value of the property in good condition and its value in bad condition. However, whether or not the surveyor may be held responsible will depend on whether the survey included information on all the points which the surveyor had agreed to inspect and what is in the report. For example, the surveyor may be held responsible if they:.
If you want to claim damages from your surveyor, you should write to them saying why you think they are responsible for the money you have lost and giving details of how much you think you have lost. You may also be able to make a claim for damages for other related costs such as temporary housing because you are unable to live in your property while repairs are carried out.
Your surveyor could say that there was a disclaimer on the report stating that they aren't liable for faults which are found after the survey has been carried out. However, your surveyor must carry out a survey with reasonable care and can't use a disclaimer to avoid this responsibility. For more information about taking a case to court, see Courts of law. The circumstances in which a surveyor can be held legally responsible for your financial loss as a result of a survey are limited.
If you want to make a claim against a surveyor, you may need help from an experienced adviser for example, at a Citizens Advice Bureau. This is one of the professional bodies for chartered surveyors. As the buyer, you may be having difficulty in getting a mortgage, for example, your salary is not enough or the property is unusual.
Different lenders have different rules about giving mortgages and it may be worth you trying some other lenders. It's unlawful for a lender to discriminate against you because of age, disability, gender reassignment, pregnancy and maternity, race, religion or belief, sex or sexual orientation. For example, a lender can't refuse to give you a mortgage because you are pregnant, or to give you a mortgage on worse terms than someone else because you're pregnant.
For more information about discrimination when providing goods and services, see Discrimination in goods and services. The lender may decide that the property is worth less than the amount that you have agreed to pay for it. This means that the lender will not lend as much money as you had requested. You may therefore try to negotiate a lower price with the seller. If the seller will not drop the price and you still want to go ahead with the purchase, you may have to borrow the difference from elsewhere if you do not have the extra money available.
If the seller will not lower the price or you cannot pay the difference, you may consider if another lender would give the house a higher valuation. There may be a delay in the lender making a formal mortgage offer to you.
Until the mortgage offer is made, contracts cannot be exchanged. You should contact the lender to find out if there is any reason for the delay, for example, the lender is waiting for salary details from your employer. It may be possible for you to do something about the problem, for example, contacting your employer yourself.
If there is a delay in getting a mortgage, you can apply for a bridging loan to pay for your new home until the mortgage comes through. You can apply to a bank or other financial institution for a bridging loan. The loan is usually given for a fixed amount of time and the rate of interest is always higher than the interest rates normally charged on mortgages. You should always check what the interest payments will be before taking out a bridging loan.
Most reputable agents will not charge a fee for taking your house off the market. Deciding what to do next all depends on pricing, market conditions and seasonality. If you have to do a price reduction, your home might sit on the market longer and ultimately sell for less.
Keep in mind, though, that every market is different. According to Zillow research, the first half of May is the best time of the year to list in the U. The price difference varies by market, of course. Of course, some of that variability is due to the difference in home prices across markets. Here are the steps. Your agent has full power to cancel the listing on the MLS quickly and easily, but you need to talk it over with them first and agree on any financial penalties.
Take inventory of any other places you posted your listing online — like on social media channels, in community groups and on Craigslist. Remove these posts quickly to avoid confusion among buyers. Message and data rates apply. I agree to receive a one-time text message containing a link to download the Zillow 3D Home app at the mobile number I provide above, and I confirm that the mobile number is mine.
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