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When does the house get taken off the market(30 Posts)
We have just had an offer accepted on a house (in a different location) and have been informed by the estate agents that it will stay on the market right up until we exchange contracts....
In my town it gets taken off the market as soon as the offer has been accepted,
what happens where you live?
Am really not happy about this as it seems a really good way to get gazumped...
Sounds very wrong to me. I would insist on it being taken off the market, or I would not proceed. That is standard in the 2 places I have lived. You'll be paying out money on a survey, solicitors, mortgage arrangement fees etc and you may stand to lose it if they decide to take another offer.
I have heard of an estate agent that actually allowed gazumping to take place. They justified it by saying the initial proceedable offer that was accepted was very low so they felt justified in reselling! Are they unhappy with your offer?
Threaten to pull out unless it is taken off the market immediately and all advertising is pulled and check the website, windows and local press to ensure it. This is crap and you don't need to take it. They either want your money or they don't.
There is no obligation to remove it from the market prior to exchange although personally I would n't proceed wuith a purchase unless they did. tbh it makes them sound greedy and that attitude may only get worse, with them pulling out at the last minute anyway.
In London, where buying is allways highly competitive whenever we have bought property the vendors have allways taken the property off the market on agreeing a price. If the vendor isn't prepared to do this then I wouldn't persue it any further as it sounds as if they are waiting for a better deal. Think of all the money you will lose in fees etc if you get gazumped at the last minute. They are being unfair. Once an agreement on price has been made the decent thing to do is take it off the market. Did you offer close to the asking price? The Estate Agents should be able to indicate as to why the vendor won't take it off the market. If it is a buyers market in your area or you are chain free push for them to take it off. Goodluck it's a horrible business
I agree. You should make it a condition of the offer that they remove it from the market. If they refuse, then you know that they are looking for a higher offer and that the chance of the sale actually going through is small. Worth knowing before you start spending money on surveys/solicitors etc.
it is a good way to get gazumped <<speaks from bitter experience>>
hope you get this sorted
Thanks for the replies - my DH is fuming..
I don't think that it is the vendor that has decided this but the estate agent..
We were originally told that our offer was only accepted provisionally until we had a survey done (which we thought was bad enough) and now had letter saying it will stay on the market until exchange.
Our first offer was accepted, which we didn't expect, round our way most 1st offers are turned down and then you come back with another offer...
I am getting I told you so from DH at the moment as we had planned to go in after we had sold ours and had the cash in the bag - but of course I got interested, then found a house I loved etc etc...
Would you guys really pull out over this - as I am pretty sure DH is thinking the same...
It can takes weeks until we are ready to exchange, even if everything goes smoothly it would take 5 or 6 weeks I believe...
When we have moved house normally a property is taken off the market once the buyer is in a position to do something, i.e. they have a mortgage agreed in principle (not for the actual property but a BS/Bank has agreed that they can borrow the money given their finances) and they have a buyer for their own place if they have something to sell.
If you have all that I would insist that the property is taken off the market. They may well have had their fingers burned with people who have made them take their property off the market and then pulled out several weeks up the line but thems the breaks in house buying. They just have to trust you. Leaving it on the market means you risk being gazumped.
I think we have, in the past, made it a condition of an offer that the property is taken off the market.
Hope it all works out for you soon.
the offer should be subject to house being taken off the market
anything else isn't worth the paper it isn't written on
you should say to estate agent that if they aren't willing to take it off the market you will withdraw the offer
hang on is your house under offer or not?
if you haven't sold yours yet (ie accepted an offer) then maybe vendor is just saving himself heartache
ah if you aren't actually under offer/sold yourselves then they haven't really accepted yours so can continue to market it. You aren't "proceedable", and therefore your offer viable, until you are in a position to progress the chain. Someone else may have nothign to sell and therefore have their offer accepted, which isn't stricly speaking gazumping.
we accepted an offer on our house about 4 weeks ago, although I understand that someone pulled out of our chain at the bottom, but they have another offer on the table..
Got an mortgage offer in principle (going through now (just transferring the same mortgage so won't be a problem)
thanks for your advice, sounds like DH was right..
Do the EA's know you have a complete chain below now. Worth telling them and asking that it is now taken off then.
For the house to be taken off the market, it must all be "proceedable". If you have got an offer on your house, it must either be from a first time buyer or there must be a first time buyer/someone with nothing to sell lower down the chain. Otherwise, they are right to keep the house on the market if you are unable to proceed immediately. You don't actually need the cash from your sale immediately, you just need to be proceedable.
for added info this is the letter we received today from the estate agents
We thank you for your offer of *** which has provisionally been accepted by our clients. If you have not already done so would you please confirm in writing your financial status including the deposit you have available and the financial advisor you ahve intructed.. Please also provide details of any property to be sold (including having your name removed from a current mortgage) in order to fund this purchase, or state clearly if you do not have a property to sell.
As soon as we have confirmation you have submitted mortgage forms and the survyeor made contact we will formally confirm the sale and instruct your solicitors. If we do not alreayd have the name and address of your solictor would you please confirm in writing the details asap.
The property will be marketed freely until exchange of contracts, but as stated above the sale will be confirmed once the surveyor has made contact, if therefore important that you keep up informed of all developement.
Please note this is a standard leffer sent to all potential purchasers..
"The property will be marketed freely until exchange of contracts, " doesn't seem standard to me although I can understand them doing so until your financial viability has been checked, which is normal ime.
ok so maybe I should hold fire until the whole chain is sorted..
What makes this worse is that when we made an offer last week, our chain was ok and we were expecting to exchange sometime this week or next, but now that the bottom person 1st timebuyer has pulled out it does make things more complicated.
Am getting our EA to check if the person at the bottom of the chain has accepted an offer yet (there was one on the table from an investor but was 6k under the previous offer, we have all agreed to put 2k towards to make up the difference)..
again thanks for all your replies, it seems that once our chain is complete again we will have more clout to shout..
All that other stuff in the letter means nothing at all if they insist on 'freely marketing' until exchange!
Every time we have made an offer we have asked fro confirmation in writing that the house would be taken off the market - and have got it.
Of course, until the dotted line is signed any vendor can simply take thier house off the market, thereby trashing the offer acceptance anyway - but it is more of a risk if the EA is still showing buyers round. i don't think this is on - i really don't.
I would say 'yes we have made contact with mortgage provider, yes this is our solicittor and we are asking them to act for us in this purchase, yes we have commissioned a survey but we will not proceed unless we have confirmation that the house is off the market'.
But you need to have made an accepted ofer in order for the rest of the chian to proceed....all extremely stressful.
Why do you have to put in £2k? Surely the people selling the property underneath you have to get the buyer to up their offer by £6k?
tbh I offered to put some money in, as we were told that it was only 4k (so around 1.3k each) and I just wanted it to be over!
the others in the chain agreed to put the same in and then we found out it was actually 6k difference (hence the 2k)
It seems having spoken to our ea just now - that no offer has actually been made for the house at the bottom of our chain, but the investor is interested - they can't get hold of him to confirm one way or another..
Am hanging on until tomorrow when we will then have to decide whether to put ours back on the market again (or the person buying ours needs to)...
I thought it would be quite a quick turnaround as only 3 in the chain below us - it seems not!..
re comments about the rest of the chain to proceed - no we don't as we actually marketed our house asno chain - as were were planning on renting after moving out - it is only because we saw this one for sale and thought we were in a position to go for it!
so our problem with the house we want won't affect the rest of our chain - but of course the problem with the bottom of the chain effects all of us!
OMG excuse my language but what the fuck ......... i am in estate agency and this is NOT standard practice.
If your offer has been accepted, you have accepted an offer on yours and your mortgage is sorted then the property you are purchasing should be taken off the market.
sorry but i would pull out if if is being freely marketed until exchange as you could find yourself losing your house and having spent a fortune in fees, solicitors etc, and you wont have a leg to stand on.
We are in log with a house not in a chain it has been stressful so far before we were unable to even view with a mortgage in principle which we got a decision in principle we put in offer of asking price and been asked by estate agent to provide proof of address I'd and bank statement to show proof of funds and solicitor details they have everything except solicitor details as we are waiting on this from London & Contry they won't take it off the market is this fair?
Pull out. That’s not normal.