He won't buy the house (update on my mother-in-law)
July 23, 2016 5:26pm CST
Recently I posted a discussion about my mother-in-law who wanted to sell her house. A man wanted to buy her house. He wasn't willing to pay the full price, but my mother-in-law talked to her bank and they agreed to lend her money that she needed to cover the rest of her debts. We thought that everything would work out. She would get a very tight budget, but she would be able to move. We were very happy. I don't know what it is like in other countries but in Denmark you are allowed to change your opinion when you buy a house. The limit is 6 days. 5 days after the buyer signed the contract he told us that he couldn't afford to buy the house anyway. We knew the rules, but we didn't expect it to happen. At that time my mother-in-law had already paid the deposit for an apartment. We managed to get the money back because she didn't move in yet. That it is a big relief. My mother-in-law is very upset. She really wanted to move and it will hard to find another buyer.
8 people like this
• Worcester, England
23 Jul 16
So you can change your mind AFTER signing a contract? That sounds mad, pretty sure you can't do that here although not totally as I've never bought a house, also it may be different in scotland as the law is totally different.
23 Jul 16
Yes, it is possible to change your mind after you sign the contract. The limit used to be two weeks, now it is 6 days. The buyer usually has to give compensation to the seller if they change their mind (1 % of the price) but if they can't buy the house because the bank said no the seller doesn't receive compensation. Unfortunately my mother-in-law won't receive compensation
25 Jul 16
He said that the bank wouldn't let him buy the house, and they asked him to find a cheaper house. It was a big disappointment for my mother-in-law because she really wanted to move, but we are trying to cheer her up. Hopefully another buyer will come.