Estate Agent and houses with offers accepted?

[fuctifino]

Are estate agents bound by law to tell people interested in viewing a property if an offer has been accepted on it?
We accepted an offer on 27th of March and I said I still wanted the property marketed. We have gone from multiple viewings every week to nothing since offer accepted.
In the 4 intervening weeks, our buyers appointed a solicitor last week and have yet to sort out finance.
The property we are buying has gone from 'under offer' on the internet due to our estate agent telling them about our buyers position. We were still plodding along with buying, it's a business, so finance has been more complicated, accountant required etc.

I am completely fucked off with my EA as he appears to have scuppered our property whilst still maintaining to me that our guy will come through.
I want to sack the agent off as I feel he's been duplicitous and certainty hasn't done us any favours!

I think they are but sometimes they don't. My dad tried to buy a flat a couple of years ago and they were clearly fobbing him off.

I'd get a friend to phone up with a budget and see if your flat is suggested. All the better if it's a friend who is genuinely looking as they ask so many questions. THey could smell a fishing expedition.

I thought if an offer was accepted the property was removed from the market. It's a bit shady to keep marketing when your poor buyers are spending money on surveys etc

I think the problem is that the buyers are not proceeding with surveys etc and don't seem like serious buyers.

Can you talk to the estate agent about setting some deadlines e.g. Survey executed by the end of next week etc or you won't proceed with their offer.

They should act on your instructions and still show it as you have asked them to.

Although I don't think you should ask them to still keep it on the market.

1. The buyers will be shelling money out on buying it 2) people aren't really interested in wasting their time viewing properites which have a solid buyer proceeding. It's all too messy.

The buyer has done nothing in 4 weeks, no money has left his wallet!
He had the cheek to ask for another viewing, it'd be his 3rd. I said once he'd had a survey he could view again.

I'm angry that we'd only been on market 2 weeks, accepted his offer and although he says he's still interested, his inaction says otherwise.
Estate agent is telling prospective viewers it is under offer, so no viewers
How the bloody hell are we meant to sell?!

I'm upset we've possibly lost our chance to buy a business and this guy doesn't give two hoots about the other people he is impacting. On top of that, the estate agent appears to be anything but straight and homest!

Unfortunately the law and consumer protection regulations are not exactly helpful on this. Firstly - it is normal practice for all estate agents to take a property off the market once a sale has been agreed. This should only happen once a buyer has demonstrated an ability and willingness to go ahead - if not, the property should remain fully on the market. However the law says that estate agents must report any offers that are made - even once a sale has been agreed and the property taken off the market - and these offers have to be put in writing to the owners at the first opportunity. If you think about this is quite right. As an owner you would be very upset if your agents didn't tell you about someone making an offer on your house - even if you have no intention of letting your current buyer down.
If an estate agent agrees a sale on the property (and usually against their better judgement) are told by an owner that they are to keep the property on the market, the new consumer protection regulations make it clear that the property must be marketed as on the market but sold subject to contract. You cannot leave a property on the market without making this clear on any advert or website.
The problem of buyers agreeing to purchase a property and then doing nothing about it is a very old one. We don't take deposits these days and buyers suffer little or no penalty for a last minute change of mind. There a few places where buyers are asked to pay a "Reservation Fee" which goes towards the sale price or is lost if the buyer withdraws but this has not yet become common practice.

I would be furious if after I had an offer accepted on a property it was still on the market. That's not how it's done. It should be taken off as a condition of having it accepted.

However! If he's done nothing, not even a survey in four weeks I would question his intention to buy and put the property formally back on and refuse the offer.

Thank you Essexagent for a detailed answer.
Doesn't make me think that the agent has acted in our best interest. The only thing he has seen is a customer care letter from a solicitor, absolutely no financial details have been forthcoming, yet he sees fit not to market the property.