In buyers favour??

[OwlyLady]

Hi,

Posted on here a few times now rather recently about house buying!

Anyway we've had an offer accepted and when we asked if the house come off the market the estate agent said he will mark it with "in buyers favour". My OH was the one who dealt with this phone call and he seems to have the impression that means the offer is in our favour and no one can out bid us. I'm rather sceptical about estate agents and I think it's a way to mark out that we've offered below asking price so people know they can easily out bid us?

Does anyone on here know what it means?

Whatever that's meant to mean, it doesn't sound like the house is off the market and solicitors instructed. I'd make it clear that you want it of the market if you're willing and proceedable yourselves.

Yup we have instructed our solicitors but vendors have said they need to wait till they've decided on a place to buy?

Vendors aren't making sense imo. Just because they haven't found a house there's no reason why theirs shouldn't be taken off the market as you've made a firm offer. Sounds to me like they're hedging their bets hoping for another buyer to offer more.

Yeah that's what I think! Maybe we should hold off until we feel more secure then and carry on looking

You shouldn't be spending money until the chain is complete anyway, not unless you're willing to risk them never finding anything and losing the cash you spend.

Don't spend any money on legal fees or surveys. And I'd keep looking assuming there's anything else on the market you want to see. They are hoping for a bidding war!

Don't instruct a survey or solicitor or incur any expenses until the property is no longer being advertised and the estate agent confirms that they will not allow any more viewings. Until this has happened they have not actually accepted your offer. Keep looking and feel free to make another offer elsewhere - you can withdraw your offer on this place any time you like, there is no commitment.