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..

[user1471474782]

Hi, it's me again!
I just thought I'd let you know (if anyone's interested!), that the house is no longer being shown to prospective buyers and is now SSTC. It's such a normal thing but was a huge relief for us!
Speaking to the bank this week and searches have been booked, so it looks like things are finally happening!

[RainingBatsAndFrogs]

There is a very king wait for surveys at the moment.

I am selling. I would want to ensure and honour that the original offer was the one I would proceed with but want others waiting in the wings in case the survey made them change their mind.

Times are not usual atm.

[donquixotedelamancha]

I'm pretty sure this isn't normal practice.

It certainly isn't. Perfectly reasonable to want to see your mortgage offer/finances first but once that's confirmed it should come off Rightmove and no more viewings should occur.

As it stands they haven't accepted your offer at all, they have just said you can spend your own money on a survey and they'll keep marketing it.

I'd show your mortgage offer, give them 48 hours to decide and then pull out.

[EdgeOfACoin]

We told our estate agent that our offer was conditional upon the house being taken off the market. Our estate agent confirmed that it was their policy anyway not to conduct viewings on a house where the vendors had accepted an offer.

When we accepted an offer on our flat, the estate agent not only stopped accepting viewings but took the listing down from Rightmove entirely. This is a different EA from the one we're buying through.

I would not spend any money on a house that had not been taken off the market. The vendors are clearly hoping to get a better offer.

I'm pretty sure this isn't normal practice.

[Burnthurst187]

I would be very unhappy with a property I'd offered full asking price on and which had been accepted staying on the market

It wouldn't surprise me at all if the seller is hoping somebody will offer more which is why the house is still on the market

I would walk away. I wouldn't want to deal with somebody like this and I'd expect further issues down the line as this is just the first step

[Loftyloft]

Don’t pay any money to solicitors or surveys till it is taken off the market! They are unlikely to find a buyer who offers without it conditional on being taken off the market.

[Caeruleanblue]

Does proceedable mean you are in a chain - because that is a huge problem at the moment as banks have changed their mortgage rules so buyers struggle and buyers think they will get a bargain due to stamp duty rules, not realising it is main home only (I think). And solicitors seem to move at a snail's pace - leaving lots of time for chains to collapse.

If an offer to buy means that, and is a legal commitment, like in Scotland then you will take the house off the market, but if it means an offer to buy when I have sold my own house which is in a chain, it's different surely.

[JumpingJamboree]

@user1471474782 I'm sorry OP but it sounds like you are being taken for a mug. You have offered full asking price and so they should take it off the market.
I would go back to the EA and say that you will not be proceeding with the sale unless it comes off the market otherwise you risk loosing money that could go towards buying another house. If they still won't take it off then walk away as they are just being greedy fuckers who will just keep marketing it in the vain hope of getting more money throughout the sale. Make it very clear now before you have spent thousands with a solicitor trying to buy a house that they appear to have no intention of selling to you.

[CatAndHisKit]

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.

Me too! Two buyers wasted my time - as a vendor it's a nightmare to keep your house back on rightmove, also because you need to reduce the price for it to show as fresh listing (rightmove rules). It looks really bad with house either showing old dates being listed or keep being reduced! That's apart from all the stress and ebdless waiting for them to get going.

BUT I'd be happy to just leave it on rightmove but not allow viewings while buyer starts putting money in with solicitors or surveys. I saw this before as a buyer too - they agent saying that property is on but they don't do viewings for now as its under offer and waiting to progress. At least this way they'll have a list of people wanting to view if there is a failure with buyer.

[laudemio]

OP seriously walk away, do not spend money on solicitors and surveys for this house. There will be another house for you.

[Mumoftwo1990]

@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..

I used to work in an EA's and a lot of the time it's at the vendors request but the agent can't say that because vendors can get funny about things like, very very weird.

But I would call and just explain that you don't feel confident in the vendors keeping it on the market, but the agents will tell people that there has been an offer accepted if that helps at all

[Darkestseasonofall]

Perhaps there's an issue with the survey that they know will come up. Perhaps they've been messed around before. Perhaps they are just crazy. How much do you want the house, are you happy to invest money and emotion and potentially not get it?

[user1471474782]

When we went to view it for the second time, (after our offer of the asking price had been accepted) there were 2 other lots of people there to also view the property.
We have provided the EA (ours and theirs) with all the details showing we are definitely proceedable.
DH spoke to the EA whilst at the viewing and made it very clear been weren't happy with the ongoing viewings even though our offer has been accepted and he said that's just the way they work. It wouldn't have been as bad if they kept the property on rightmove but didn't carry on with showing the property to other potential buyers!

[Roselilly36]

Sounds odd to me, the vendors are clearly hedging their bets, I would walk away.

[NotTodayMaybeTomorrow]

We had the same experience as some poster have mentioned, property remained on right move etc (didn’t show as under offer/STC), until memorándum of sale.
They said they’d cancel other viewings, but to be honest I don’t think they did.

[JoJoSM2]

I wouldn’t proceed as they sound like they want multiple buyers and to see who gets there first.

If you’re SSTC and your offer been accepted + you’ve provided paperwork that you’re proceedable, they should take it off the market.

[catsrus]

I had an offer on my property on the Friday, on the Monday I offered on a property I'd already viewed twice. I'd done all the ID with my own EA, did it with the sellers EA the same day as I made the offer. Solicitor already appointed, docs all filled in and sent off that day (Monday). Both properties were off the market the next day.

I certainly wouldn't be proceeding with a survey if the property I was buying was still on the market! I had three properties I'd viewed that were in the running, and I had an order of preference, all the same price, but quite different. Happy to move down the list to the next property if needs be.

[WombatChocolate]

In my experience. EAs won't take off the market u til the memorandum of sale has been produced.
To do this, they need actual evidence that the offer is proceedable via evidence of deposit, mortgage in principle and a solicitor appointed.

Serious buyers will often show EAs most of this stuff before doing viewings or at the same time and if they haven't, within 48 hours of an offer being accepted. And at this point the memorandum of sale can be produced and it marked SSTC.

Some buyers have no sense of urgency and lots in reality are not proceedable. They either lack the necessary deposit or won't get the mortgage. They are essentially time wasters. And it's understandable that people don't want to lose other potential buyers if this is the case.

So, what I think is reasonable is that buyers make an offer subject to it being removed from viewings immediately the EA has seen the paperwork...evidence of funds, details of appointed solicitor and mortgage in principle.

If a seller cannot provide these things, then to be honest they aren't proceedable. If a seller and their EA won't pull the property from the market at that point (assuming they accepted the offer because the EA had been able to fully ascertain the buyers financial position and advise the seller if they were not just proceedable but good candidates (ie short or no chain, decent equity or large deposit etc) based on evidence, then I wouldn't be prepared to continued the process.

It is a 2 way deal. Buyers need to have their ducks in a row and to be able to sow evidence very speedily. Sellers need to accept when they have a strong buyer and take it off the market.

Op, have you showed the EA all the necessary paperwork? Have you had a memorandum of sale? I suspect these things haven't happened yet. If not the best thing you can do is to get that stuff to the EA and appoint solicitor and show evidence that the survey is booked.
Go into the EA with all this stuff if you haven't already and have a conversation with them. Make clear you are proceedable and serious and that you expect the evidence to be enough to have it removed from the market.

To be honest, until the memo of sale is actually produced (and it often takes a week) you are vulnerable to other people looking and offering more. It's why it's so important to show as much documentation upfront or have it ready before you start viewings, so that when you do see the right property, you are ready to head straight to the EA with it all. It makes a massive difference in both securing a property with an offer and also helping prevent others maki g higher offers. Slowness and a lack of being fully on the ball is often a cause of people losing properties to someone else in the early stages.

Of course, you can't totally mitigate against it happening and sometimes a significant oh higher offer will appear really early on or sellers will be arse holes and holt for more.....but most will accept a good, supported offer on the advice of their EA once the EA has seen all the evidence with their own eyes.

[HapHap]

I'd withdraw the offer, and keep looking, if it's starting off this stressful then I'd be worried the vendor will keep messing you about, it's unfair to put you in this position.

[mountains76]

keeping it on the market until you have a survey done is nonsense, as by that logic it could be a race to see which of the multiple interested parties get's their survey done first.

Are the estate agents establish and been around for a while or are they new and a bit wet behind the ears?

Most dencet EAs will want evidence of funds (ie depost, mortgage in principle etc) prior to accepting an offer, that's all you should need, then it should be taken off market.

[Elsiebear90]

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.

[Dogdaysarehere]

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.

[cloudchaos]

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 ?

[romatheroamer]

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.

[Bunnyfuller]

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!