Viewing a property with an offer already accepted by the vendors

[TurquoiseDress]

We viewed a property at the weekend, is within our budget and the area we would like to live in.

That evening, I contacted the vendors & asked for a second viewing this weekend coming.

A couple of days later I noticed that the property was now listed as "under offer" on Rightmove.

When I got back in touch with the vendors, they admitted that they had accepted an offer but were more than happy for us to come back for a viewing.

I'm completely new to this property buying game, so please bear with me.

To my mind, if they've accepted an offer that's kind of it, isn't it?
I guess they want us to view again, so that we hopefully offer & then they can decide whether ours is better than the one they already have on the table.

Is this normal practice to have a property under offer but viewings are still going ahead?

If it was me & I'd had my offer accepted on a property, I'd be quite annoyed if the vendors continued to have viewings & possibly reject my offer later down the line.

So, forgive my stupidity, but is this how the property game works?!

Ourblanche - as a buyer currently trying to get to exchange, it's very normal for the estate agents to ask for the AIP and details of appointed solicitors when you make the offer so if a buyer has to do all of that, surely it's unreasonable for the vendor to keep showing the property?

Absolutely kirinm, I have bought and sold eight times in the past ten years and we have had to show an AIP prior to putting forward the offer or having it considered.

No money in place can be confirmed until the mortgage is approved, this is after approx £700 on surveyor just for a basic valuation (where I am anyway), also solicitors fees will have accrued by then too. I am just heading towards exchange on another property and my mortgage took ten weeks to be finalised. My broker says at the moment most are taking six weeks.

?? I haven't said of I think it is reasonable or not, just that it is not unusual or in any way devious practice!

If you don't like it as a seller, then instruct an agent to stop viewings at offer. As a buyer make it part of your offer.

Just because you don't like the sound of it doesn't make it illegal.

Who an earth said it was illegal .

I think it's devious, so do a few other people. That's that really, matter of opinion, it wouldn't occur to lots of people to ask because it wouldn't occurs to them that it was still being actively marketed.

I wonder if you'd get a straight answer from the vendors if you asked them why they're still taking viewings whilst under offer? It could be that they've been messed about a bit by their buyer and have got fed up with nothing happening so have decided to keep marketing it, or that the buyers have to find a buyer for their property. Or they could just be hoping for a better offer. I wouldn't rule things out entirely, people can be so funny about buying selling a house. Definitely insist on it being taken off the market if you do decide to go ahead.

Well, you insinuated it ^but then estate agents are always honest aren't they?

And I don't think it is devious either, it is what it is. As I said, many of the TV house shows tell buyers to ask for viewings to stop as part of the offer, it is another way of the agent and vendor knowing a buyer is serious and can make a timely exchange.

Why on earth should a vendor wait around for weeks/months for a buyer to get themselves into a position to complete? A single could put offers in on 4 or 5 houses, reserving them into their own personal shortlist... that would also be devious, unfair etc.

Again, just because you don't like it doesn't mean it is devious, dishonest, illegal etc.

There is no 'rule' about displaying under offer versus sstc either. Some estate agents (such as Strutt and Parker) use 'under offer' right up to completion. This makes it even more confusing for purchasers.

This article is quite good about the ombudsman's view.

'The Property Ombudsman has said that estate agents should use the term Under Offer, rather than Sold Subject to Contract.

Christopher Hamer said that, for consumer purposes, Under Offer is a more accurate description.

Hamer said: “My own opinion is that the term Under Offer is a fair and informative description that lets interested potential buyers know that the property currently has an offer accepted on it.

“SSTC, however, could wrongly imply that it has been sold and the transaction is complete, when in reality there has been no exchange of contracts.

“Agents appear to use Under Offer and SSTC as meaning the same thing.

“I think Under Offer is a better description of the status. Sold Subject to Contract could be misleading, as no property is ‘sold’ until contracts have been exchanged.”

The TPO’s new Code of Practice for Residential Estate Agents, which came into force on August 1, does not go so far as to say which term – Under Offer or SSTC – should be used, and yesterday Hamer stressed that he is not a regulator.

On Rightmove, properties appear as both Under Offer and SSTC.

We asked the portal whether it thought there was any difference.

A spokesperson told us: “We provide agents with the chance to use either status, as it could depend on what terminology they are most used to.

“Some agents would say there is a difference but to the majority it means the same, and the majority of buyers and sellers would take it to mean the same thing.

“For some, Under Offer could mean there is an offer but the conveyancers are not yet instructed and it has not been totally checked out, and once instructed then it is all agreed and becomes Sold Subject to Contract.”

However, Strutt & Parker use only Under Offer as policy across their entire network – and for CPRs-related reasons.

A spokesperson said yesterday afternoon: “We use the term Under Offer, as it is clearer to the consumer than the term Sold Subject to Contract, which implies that a property has been contracted.

“Under Offer is more transparent and explains the scenario better to a purchaser.”'

ourblanche how it normally works is that an AIP is shown, then the estate agent asks for details of the solicitor instructed. If a solicitor is instructed, the offer is accepted as being serious.

Unfortunately it's not a matter of the buyer 'getting them self into a position'. A mortgage cannot be formally offered without a valuation survey, this takes time.

Unless it's a cash buyer, it will take several weeks.
The estate agent will be in contact with the solicitor and sometimes even the mortgage broker.

And none of that has anything to do with the timing of either sign!

But much of it says what I have been trying to explain. Thanks

Jeremy I think we must be talking at cross purposes. Something we are both saying means something different to one of us!

You have just posted info that says what I had previously posted. Then you have a post that also says what I have been posting.

The only thing we disagree on is whether or not it is 'devious' for the vendor to keep on having viewings in the period between an offer being made and its viability being confirmed!

No it contradicts everything that you have said actually. A completely different situation.

I feel as if I am banging my head against the wall but once an offer has been accepted and solicitors instructed (which happens within a day or so), in my opinion, you shouldn't be marketing it still.

It's basic decency.
Read the article and then read back about your statements and use of signs with such authority

Then you have misunderstood everything I have posted.

And I have read your post and it does offer the same variations as I did. My 'statements' were the same as those in the article you posted.

I think ask the estate agent what's going on. It may be there is a special reason e.g. They've accepted the offer but it's from a buyer whose own house has not yet sold, so they've accepts the offer but told them that he house is still on the market in order to get them to hurry up. When we brought our flat then house we always made sure that we stayed that no more viewings etc were allowed whether the estate agent/vendors stuck to that I have no idea!

Still banging my head.

An AIP is shown before an offer is accepted, the vendor accepts or not. There is no protracted timing of looking into finances and fussing around with swapping signs over. This happens within a day. Some estate agents won't even take viewings without seeing your AIP first.

Then it proceeds to full mortgage and the buyer starts incurring significant costs. You seem to be suggesting that a full mortgage offer needs to be in place first, which can't happen.

That's it.

Bang away. You have misunderstood me. I doubt we will unwind it.

Ours didn't seven, I got a friend to call up and ask to book a viewing. This was after the offer we out in was accepted .

Looks like me and at least one other poster 'misunderstood' you Blanche.

You mean seven's post? Odd, she said exactly what I have been saying.

No , kirinm.

I used to work part-time as an estate agent part-time back in 2008.

There was no legal requirement for the vendor to take the property off the market after accepting an offer, in fact I knew of one case where the paperwork was ready to be signed at the solicitors but the vendor cancelled the sale as someone else was willing to pay £15k more.

No stop this type of thing happening, most buyers would put in the offer, when the amount was agreed they would also say that the offer is "subject to the vendor taking it off the market until completion", most vendors are happy to do this, but it is not a legal requirement.

• ignore extra "part-time" No stop this should be Now to stop this

I don't think that anyone has said its a legal requirement though have they?
It's about basic decency and behaving in a reasonable way.

I have been gazumped and gazundered on the day of exchange, neither is illegal.

There is no estate agent- it's all being done via online agent, so we deal directly with the vendors.

We are really keen as it's a 3 bed and suits our needs now/in the medium term.

However, I wanted to gauge things a bit by asking on here.

All I know is that they have accepted an offer- no idea what amount this is for or what the other buyers situation is.

TurquoiseDress If after the second viewing you really, really want it then you should put in an offer.

If your offer is higher than the first buyer then the vendor/online agent will tell you. The first buyer will then either pull out or increase their offer.

It should then go to "full and final offer" stage for both buyers to stop it going back and forward, the vendor will then accept the highest (although not always).

Asprilla
OK that all makes sense & seems reasonable.
I guess we'll just make the offer that we would have done anyhow & see how that goes.

If it's not good enough, we'll then just go with our best offer.
If it's not enough then so be it!

We're in a position to move v quickly- are in rented accommodation, have deposit in the bank, mortgage AIP & are currently checking out local solicitors...

I hope that this will count for something with the vendors & not just them seeing more £££s in front of their eyes!