Property being kept on market after offer being accepted

[user1471474782]

Hi.
This is our third time buying/selling a propertye and this is not something we have come across before.
We viewed a property and offered the full asking price, which was accepted the next day. The following day when speaking to the EA, he mentioned the vendors would be keeping the property on the market and viewings etc would be going on until the survey has been been done by our bank.
After contacting the bank, we were told there's no availability for at least the next few weeks.
Would you be comfortable with this? DH thinks the EA is playing games with us..

Did you make your offer conditional of being put off the market?

We assumed that was always the case. But after the conversation with the EA, DH went back to the EA to let him know we are not happy with this and would like the property to be taken off the market and were told this would not be possible until the bank has done their survey.

You should have made your offer conditional on it being taken off the market.

I have always made offers conditional on the property being taken off the market. Call the estate agent and tell them you are serious buyers and if they don't take the property off the market you will withdraw your offer. You are spending money on surveys, searches etc now in good faith and the vendor should reciprocate by taking the property off the market.

Then you withdraw your offer. They sound like chancers!

The agent will tell purchasers there is an offer proceeding which is usually enough to but potential viewers off.

Usually take off the market once survey is booked. Otherwise you leave yourself open to time wasters.

@Dazedandconfused10

Hmm... I disagree. Knowing an offering is proceeding is more encouraging for other potential buyers as they will know the home is desirable if there’s competition.

Maybe they actually thought you didn't mean it by offering the full asking price?
Surely you always offer a little below and go up if necessary, conditional of putting it off the market, etc.

I’d agree with the previous comments, you always make an offer conditional on it being taken off the market immediately and no further viewings. If you don’t then they are perfectly at liberty to continue to market it ans see if they can get a better offer.

@Dazedandconfused10 I disagree... offer already in place with viewings continuing can mean that potential buyers will increase their offer to gazump original offer. Win win for vendor.

Op tell EA you are withdrawing your offer if property not taken off market.

Thanks for the responses so far. It's very helpful to get the opinions of others to see whether we are being unreasonable or not.
We are going back to the property today for a second viewing (but have been told by the EA other viewings will also be taking place today and over the weekend). We plan to show the EA we have instructed solicitors and have spoken to the bank and have asked them to get the ball rolling with the purchase of said property. The appointment next week with the bank will then determine when they have availability to conduct the survey (fingers crossed it will be a desktop one).
We plan on asking the EA to take the property off the market now that we are able to provide proof we are not wasting anyone's time and are serious buyers. If we dont come to an agreement, we will have to (unfortunately) withdraw the offer. I absolutely adore the property so will be gutted if we have to do this.
I would just like to add that we have sold our property (sstc) and our buyers are waiting patiently for us to find something. We have made it very clear to all parties involved, from the beginning that any sale/purchase is on the condition that completion will take place in time to take advantage of the stamp duty break.

@Lweji

Maybe they actually thought you didn't mean it by offering the full asking price? Surely you always offer a little below and go up if necessary, conditional of putting it off the market, etc.

When we called the EA to make an offer, we were told they already had an offer for the full asking price from first time buyers. We said we'd go 5k above asking price and he came back to us and said the vendors are going with the first time buyers as they are chain free. We said we completely understood. Later on that evening, the EA called to say the first time buyers have had a problem with their funds/mortgage and would we like to offer the asking price.. which we did and was subsequently accepted the following morning

I am not buying or selling atm so have no skin in the game. However, I have never understood this idea of "I'll make an offer if you take it off the market".
A verbal "I'll make you an offer" means nothing. As we all know, there is many a slip twixt cup and lip in the conveyancing game (especially in these Covid times). If the vendor takes the house off the market and the offer falls through then they are left with a property that, apparently, has not sold for several months. People will start to wonder what is wrong with it.
I think that I would suggest that I would only take it off the market when the potantial buyer has shown some commitment eg putting down a deposit or shelling out on a survey.

Also, it's a sellers' market at the moment.

Later on that evening, the EA called to say the first time buyers have had a problem with their funds/mortgage
I rest my case.

You should be proceedable (which the op is) if you are making offers. The agent should check this when you register. Your offer is i will buy this property for x but you must take it off the market. As a buyer you will be spending hundreds maybe thousands of pounds on surveys and solicitors at this point.

Having just had my sale fall through for the 4th time, I am very tempted to do just that if I get another offer soon. I will accept an offer on condition that house stays on market.

We fell foul of this recently. Seller was on with 3 agents, his first sale fell through due to buyers not being able to get a mortgage (it used to be you had to be fully procedable before you could view so I dunno wtf some estate agents are doing)

Anyway, the vendor promised faithfully to not sell to anyone else, but said he was just worried he would lose out again and would not take it off the market until the mortgage company survey was in. The estate agent we were buying through refused to do any further viewings but he merrily carried on with the other 2, not even telling them he’d accepted an offer.

Yeah, he took a higher offer. And STILL didn’t tell the other east ate agent! What a twat.

Luckily so far our chain have swallowed it, and we are moving forward with another (nicer and bigger) house.

But I do occasionally check the first one, secretly hoping his current sale falls through. I know, pathetic.

As soon as you provide a DIP and a your conveyancer’s details it should have been sold subject to contract.

I’d be very unhappy about this, almost to the point of withdrawing my offer. At the very least if you do allow it then make it very clear that you will be continuing to view other properties.

We have told the EA we will also be viewing other properties if he is doing other viewings. House buying/selling is already stressful enough, I just feel like so much more could go wrong if the property remains on the market...So many "what ifs.."

Their approach makes sense given they’ve been let down before, and many mortgage lenders will value under the amount offered so they will have the safety net that there may be other buyers if you’re not able to proceed. I think you would be putting your chances of getting the house at greater risk by issuing an ultimatum.

I think you should tell him to do one and find somewhere else. He’s keeping his options open and you are at his whim until exchange.

As you say, it’s stressful enough without buyers/sellers pissing about.

The market is so lively at the moment I think estate agents are a bit flighty again. We’ve found ‘yeah, they’re ready to go’ actually means they haven’t started looking or sorted a mortgage. Flexible on dates means as long as the flex is in their favour, and I’ve lost count of how many times I’ve had to explain I cannot predict how much oil will be in the tank as of a yet to be named completion date. You can only order in 500L increments so it’s still difficult to predict!

In the old days properties seemed to be taken off the market automatically once an offer was accepted. Now it seems to be when there's evidence of solicitor nominated and mortgage offer and then only with vendor's consent. I suppose it depends on how desperate you are to sell/extent prepared to piss off the buyer.

I assume you've had the memo of sale sent to your solicitors ? It doesn't really seem to start until that happens. Did you have a DIP from the mortgage company or are they worried you won't get a mortgage ?

I thought it was the norm that property was only sold STC after evidence of funds and ID. We couldn’t even view property until my house was under offer. Saves time wasters when the market is moving as quickly as it is.

Before you pay any money out for anything or instruct solicitors get them to take the property off the market or you will withdraw your offer. Do you have a DIP? That should be enough for them to see you’re serious and can get a mortgage.