He won't buy the house (update on my mother-in-law)
By Porcospino
@Porcospino (31366)
Denmark
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
6 responses
@Porcospino (31366)
• Denmark
25 Jul 16
She is so disappointed. She already had an apartment, but at least we managed to get the deposit back. I hope that another buyer will show up. If nothing happens we will try a different real estate agent.
1 person likes this
I hope that things will work out.@JudyEv (325793)
• Rockingham, Australia
25 Jul 16
@Porcospino Good luck with it all.
1 person likes this
@Mike197602 (15487)
• United Kingdom
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.
1 person likes this
@Porcospino (31366)
• Denmark
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 
1 person likes this
@Mike197602 (15487)
• United Kingdom
23 Jul 16
@Porcospino over here you have to have a mortgage in place before you can sign as far as I know.
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@Porcospino (31366)
• Denmark
23 Jul 16
@Mike197602 That is the way it should be. Here it is possible to sign the contract before the bank has approved it. That is strange.
1 person likes this
@GardenGerty (157551)
• United States
23 Jul 16
On most large purchases you have a week to change your mind, I think. I am sorry that at this time it is not working out.
1 person likes this
@Porcospino (31366)
• Denmark
25 Jul 16
We hope that another buyer will show up, but it might take a while. It is hard to sell houses in that area.
@allen0187 (58444)
• Philippines
24 Jul 16
Sounds like the man just gave you the run around there. Did he give a reason why he changed his mind all of a sudden?
I can understand why your mother-in-law was upset. i'd be upset as well if the same happened to me.
1 person likes this
@allen0187 (58444)
• Philippines
25 Jul 16
@Porcospino hopefully, another buyer does show interest and actually pushes through with the sale.
@Porcospino (31366)
• Denmark
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.
1 person likes this
@Porcospino (31366)
• Denmark
23 Jul 16
He thought that he would be able to afford the house, but the bank said no and they didn't approve the contract. It was a big disappointment for my mother-in-law because she was ready to move and she had already found an apartment.
@Porcospino (31366)
• Denmark
23 Jul 16
It was a shock, we thought that everything was okay.
1 person likes this
