AIBU to take my house off the market

[flipflopping]

Long story short- we've been thinking about moving house. The market is terrible at the moment- almost nothing is selling in our price bracket- but we thought we'd stick the house on and see what happened.

Eventually someone made an offer- rather low. Also he wasn't proceedable as he still hasn't sold his own house. Given the state of the market however we said that we would accept in theory but that our house would stay on the market until he was proceedable, in case a higher offer came along.

Three weeks later and nothing has changed- the guy still hasn't sold his house.

DH and I had a think over the weekend and decided that maybe we should just stay put for now. Waiting until next year before we move makes more sense- it would be good to know what happens with Brexit etc before taking on a load of additional debt.

So I called the agent yesterday to let her know. Since then the agent has called or emailed me around 20 times (no joke) to say what a bad decision it is, how keen this potential buyer is etc etc. Her last message was that this potential buyer has actually paid for searches already, despite not having sold his own house yet.

I feel bad about this if so. However, paying for searches when you can't proceed with the purchase is a bit odd, no? Why would anyone do this?

I can see why the EA is pissed off with us- it's a rotten time to be an EA in London- but I'm hardly the first person to market a house then decide not to move.

Just wanted to get people's views, especially on the point about this guy paying for searches as I don't want to waste a stranger's money. But really, who pays for searches at such an early stage?

[krustykittens]

The EA is just desperate not to lose business. If you think it would be a mistake to move, then don't move. you told the buyer your house would be staying on the market, if he chose to pay out to get searches done when some one who was in the position to proceed could have bought the house instead, that is the risk he chose to take.

[Strongmummy]

You must do what you feel is best. The “buyer” is in no position to buy at all as he actually can’t afford your house without selling his own.....which he hasn’t. If he’s already paid for searches he’s a tool and that’s not your problem. The EA is desperate because the market is dire and he wants commission so will be using bullying tactics. Please ignore. By taking your house off the market you will literally be hurting no one so please don’t feel bad

[Junkmail]

I’m really surprised they are taking his offer seriously if he hasn’t sold his own house yet?

We moved recently and made the decision to keep our old flat and rent it out instead as the market really is terrible. I don’t know if this is an option for you? If not you’re well within your right to stay put for now and disregard the money the man has paid because it’s really nothing to do with you, his choice to waste money like that especially if the offer he put in was too low for you to accept anyway.

When we put an offer in on this house initially the sellers stated that they couldn’t even consider it as we hadn’t sold our own property—bad communication with EA meant they hadn’t been told we had no intention of selling our flat. So again, I’m really surprised that your EA is pushing you to wait for this man?

Just do what’s right for you. It’s your house and your choice.

[Bluelady]

People change their minds all the time. It's pretty stupid to spend money on a purchase before you're in a position to proceed.

We're in the same boat and have resigned ourselves to being stuck where we are until at least the middle of next summer. The market's dead as a doornail right now.

[flipflopping]

Thanks, everyone. Just wanted a bit of a sanity check.

[Uncreative]

The estate agent is lying. Searches are initiated by a solicitor. No solicitor would advocate doing that until their client was also able to proceed.

Have you formally instructed a solicitor yet? I’m guessing probably not. So why would he?

[LittleOwl153]

All this is assuming of course that the 'buyer' has paid for searches... I think that is unlikely as this would I assume involved engaging a solicitor which is a costly expense without any confirmation!

I smell an EA trick.... But then I'm cynical over these things!

[Awwlookatmybabyspider]

Your EA is just desperate not to lose the commission. I'm not cAlling him/her. We've all got bills to pay.
However it's not because they have your best interests at heart.

[flipflopping]

Thanks. He has engaged a solicitor so it's possible that the EA is telling the truth. All really odd.

[DerelictWreck]

Ask your EA how they know he has paid for searches, and whatever answer they give, ask them for proof of that today!

[CoughLaughFart]

It will be a pain in the arse for the buyer who has paid for searches, but that really isn’t your problem. It happens. Either of you could pull out up until the day of exchange - and no one would realistically expect you to sell your house just to appease a buyer.

Tell the agent your decision is final and that the discussion is over.

[Awwlookatmybabyspider]

Why does he need the EA to hold his hand to search for properties.

[LondonJax]

People pull out of house purchases for all sorts of reasons.

The buyer knew you were keeping the house on the market so, if a higher offer or an offer from someone in a better position came along, it was pretty obvious you'd go with that buyer instead.

If he's been silly enough to pay out for things in that position that's his problem (I know that sounds harsh but that's always the risk you take if you put in an offer whilst you're not in a position to move fast).

Even if he were in a great position to proceed, he could have lost his buyer, lost his job - all sorts of things can happen. Then he'd have to leave you high and dry. It's not great but it's life and, if you're buying or selling, you have to understand that.

If you need to take the house off the market, you need to take it off the market. What would your estate agent advise if you'd lost your job so couldn't afford to move? Carry on with the sale because it'd hurt your buyers? They work for you, they do what you instruct.

[JessicaJonesJacket]

If he feels a sale of his own property is imminent then he may have wanted the searches to confirm whether your property was a possibility or not.
However, whether he has paid for searches is irrelevant. You either want to sell or you don't.

[Wildheartsease]

If he had offered the asking price - you might feel bad about changing your mind... but you would still be entitled to do so.

[PinkHeart5914]

But his not a potential buyer as he doesn’t have the money so I’d take the house off the market without a shed of guilt tbh!

I have sold many properties over the years and I never accepted the offer unless they have cold hard cash or are about to complete on the sale of there own home.

People that don’t even have the money are just time wasters

[Yellllllllllow]

The EA is just desperate not to lose business.

^This.

Prices are tanking at the moment because of Brexit. I just sold my house a couple of months ago and took 25K less than what I could have go if I'd sold last year. They are going down fast and it will get a lot worse after brexit.
If you can stay put and ride it out.

[Puggles123]

No not at all, it isn’t legally binding at this point anyway- and he isn’t in a position to buy until his house has sold. We are having the opposite problem, fallen in love with a house so offered the asking price (a gamble with Brexit looming!)- they aren’t part of a chain but there solicitor hasn’t engaged with ours yet and we have been waiting for months now. If they have changed their mind I would rather they just say, similarly if they are having issues causing delays; as is we are looking to withdraw and look for something else. As long as you communicate when you decide what to do no issue.

[AhhhhThatsBass]

A low ball offer from someone who has not sold their own house?
I wouldn't worry.

Bearing in mind the agent cares about his ever dwindling pot of commission, not what is right for you or the potential buyer.

[sprinklesandsauce]

If he has paid for searches before getting an offer on his own house, then that is his problem not yours. Maybe he was trying to save time, but it has backfired on him. (if its true).

You are entitled to do what you want, even if it pisses them off.

[OVienna]

Eventually someone made an offer- rather low. Also he wasn't proceedable as he still hasn't sold his own house. Given the state of the market however we said that we would accept in theory but that our house would stay on the market until he was proceedable, in case a higher offer came along.

You've done nothing wrong. We've pulled out of a sale once too. We wouldn't let them book a survey and didn't exchange lawyers' details until we knew what's what in terms of our circs. I find it odd he would have started the searches w/o this happening. I also suspect it's bollocks.

[Mushroomsarehorrible]

Ignore the EA, he's just trying to make you feel bad. We are part of a long chain currently, we have found a place we love, we have met the owners, they know how much we want it, but the people who love our house haven't sold yet. So it's a waiting game. Even though we have met the owners of our 'dream home' and they know how much we love it, are they under any obligation to sell it to us? No, of course not! We know that someone in a better position might come along and take the property. That's the nature of house selling.

We did pull the plug on a rental once, and the EA piled on the pressure that the tenants had paid (extortinate) reference checks so we offered to pay half their costs. Legally we didn't have to but we thought it was morally the right thing to do.

Your case is different. You owe this (frankly, crazy) man nothing. His risk to take (not that I blv the EA anyway)

[Smallinthesmoke]

Check your EA contract carefully. Some include a clause that you have to pay the EA fee if they introduce someone who is ready and able to buy but you just change your mind.
Yours may not have that clause but do read it carefully. If it is not there then you have every right to change your mind but can expect lots of pressure from the desperate EA.

[Bluelady]

Even if that clause is there, this prospective buyer isn't ready or able to proceed.

[Smallinthesmoke]

agreed bluelady- but you don't want them to become proceedable within the lifetime of the EA contract either. I know that is unlikely but since this is a London home the estate agent fee is likely to be megabucks so it will be reassuring to know there is no chance of it being sprung on OP!