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Original poster

Keep house on market till exchange or not?

24 replies

GalaxyInMyPants · 30/07/2014 17:28

I've sold my house in a day to the first viewers for the asking price.

Estate agent has emailed and asked me do I want to keep my house on the market until the point of exchange or not??

Buyers are cash buyers, chain free and seem serious. But I suppose there's a chance they change their minds.

If its kept on the market do the agents still show people round?

OP posts:
Original poster
GalaxyInMyPants · 30/07/2014 18:30

Anyone?

OP posts:
LadyRubyPenhaligon · 30/07/2014 18:32

Yes. They may have undervalued your property to achieve a quick sale. By leaving it on the market you may receive higher offers, maybe more than one.

Bowlersarm · 30/07/2014 18:33

Have the agents confirmed they are cash buyers? Via bank statements or similar?

I would say take it off the market.

But....the agents won't want to give themselves more work by having to market something they have effectively 'sold' so maybe they are suspicious of the buyers for some reason?

Original poster
GalaxyInMyPants · 30/07/2014 18:37

Yes, they've confirmed they have the cash.

I must admit I'm beginning to fret it was undervalued. Though three estate agents valued it at that price. Its quite an individual property so not really anything to compare it to.

OP posts:
MillyMollyMama · 30/07/2014 18:37

Higher offers are pretty worthless if they come from people who are yet to sell! Also it is easy for vendors to know the value of their property due to prices on Zoopla and others. I would take it off the market. You run the risk of the buyers going elsewhere and why would you want to annoy cash buyers? If I was your purchasers I would have insisted it was taken off the market. Have they asked for a survey to be done?

Original poster
GalaxyInMyPants · 30/07/2014 18:46

I don't know if they've asked for a survey. I think I will take it off the market, I want the sale to go through ok without annoying the buyers.

OP posts:
ABlandAndDeadlyCourtesy · 30/07/2014 18:51

Haven't the buyers asked?

With our purchase, we agreed that the vendors could leave it on the market until we did our survey, but usually buyers ask for it to be taken off once offer accepted.

ABlandAndDeadlyCourtesy · 30/07/2014 18:52

So you could compromise with that?

cricketpitch · 30/07/2014 19:02

Assuming you think the price is fair ..

Some of it depends on timing. If the buyers do the survey very quickly and get organized then easier for you not to have to do any more vewings with a sale in the bag. If they drag it out then you will need to keep it on the market or risk wasting time.

Once survey done I agree with PP then take it off the market if the offer still stands

Original poster
GalaxyInMyPants · 30/07/2014 19:06

I haven't met the buyer yet but will tomorrow. I'll ask her if/when she's getting the survey done and see what she says. They do seem very keen, etc and were instructing a solicitor the next day.

OP posts:
Mintyy · 30/07/2014 19:13

LadyRubyPenhaligon
House buying doesn't really work like that. If a vendor accepts an offer then they have accepted an offer, they are not holding out for a better one. Of course, we all know there are rogue vendors out there who are prepared to gazump for a bit more cash, but the convention of selling in the UK is that house goes "off the market" to give the buyer time to show serious intentions (get survey done, solicitor appointed, mortgage finance in place if needed).

I would withdraw any offer on a property if I found out it was still on the market, and I wouldn't view or offer on a property if I knew a sale was in progress.

Op, you should ask your EA why they have suggested this to you? It is dodgy practice, even in a profession that doesn't have the best of reputations.

Original poster
GalaxyInMyPants · 30/07/2014 19:31

I honestly don't know why the ea suggested it. I assumed it was off the market and then I got an email this afternoon asking what I want to do. I've emailed back now saying take it off. I assumed the estate agent was thinking keep on with viewings, etc incase this buyer drops out?

OP posts:
Mintyy · 30/07/2014 19:41

Well that's unconventional. An offer has been made and you have accepted it. I am sure the buyers would be annoyed to find out that you were inviting other offers (which is what you would be doing if still inviting viewings), perhaps to the point of withdrawing. I think you are quite right to tell the EA to take it off the market for now.

Thefishewife · 30/07/2014 19:44

Me too I only made my offer on the bais It was taken off the market I think if they offered asking price then I can't see how your home is being undervalued if they are cash buyers the sale should be quick you may hold out for higher and end up with someone who's in a endless chain or pulls out

Thefishewife · 30/07/2014 19:45

Mitty I also want to suggest you can only really do this in London were prices are mad and people will do anything

Pobblewhohasnotoes · 30/07/2014 20:26

As a buyer I'd really pissed off if my offer was accepted and the house wasn't taken off the market.

vinoandbrie · 31/07/2014 10:44

I'm in this position. It is horrible, god knows why they're insisting on not taking it off the market. I am stressed to bits (I've got a thread about it!)

Hong888 · 31/07/2014 17:07

If you feel that you can get more than the asking price, then don't accept the cash buyer's offer that early.

If you accept it and he is a cash buyer that means both parties can move forward and proceed quite quickly.

In London, I guess there are vendors who will leave the property on market due to other valid reasons and greedy reasons if its a really sought after area.

TBH, having a cash buyer who wish to offer the full asking price is every vendor's dream IMO. I would take it off. Otherwise you are giving the buyer a reason to keep viewing other properties.

warmmeup · 31/07/2014 17:09

Yes. They may have undervalued your property to achieve a quick sale. By leaving it on the market you may receive higher offers, maybe more than one.

Isn't this called gazumping? Hmm

Usually when an offer is accepted it is on the basis that the house is taken off the market.

warmmeup · 31/07/2014 17:11

I honestly don't know why the ea suggested it. I assumed it was off the market and then I got an email this afternoon asking what I want to do.

Because most EA are greedy and unscrupulous b....tds who will do anything to get more money- for themselves.

Zoe22222 · 19/05/2021 17:39

Enenyone in lincolnshire with a 4 bed house who wants a large 3 bed house in west yorkshire need to be near my sick dad

Zoe22222 · 19/05/2021 17:42

House exchange to lincolnshire eneny county side need a 4 bed and who want to move to west yorkshire

SpeakingFranglais · 20/05/2021 06:49

@zoe22222 I think you need to start your own thread.

Andthenanothercupoftea · 20/05/2021 07:20

I wish I'd been given that option - we accepted and offer from a cash buyer who didn't want a survey and pulled out three weeks later for spurious reasons. My position is now that it stays on the market until the survey is booked.

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