Sale agreed but EA still letting me view the house

[Milkywayaway]

4 days ago I enquired about a house that had been on the market for 2 weeks. When I phoned to arrange a viewing the EA said a sale had been agreed the day before and they were just waiting on paperwork to be sent over but that the house was still available and I could view it. He said he'd let me know if anything changed but hasn't and the house is also still available on rightmove. I'm seeing it tomorrow but just wondered if this is normal practice? Just seems a bit odd, particularly if the offer was accepted 5 days ago and the buyer still hasn't sent over their documents. I had an offer accepted on a flat 2 years ago (purchase fell through after 3 months) and I sent over my docs the same day (ID, decision in principle, solicitors details). What exactly would they need to send over other than that and why would it take so long? I'm wondering if they've had a low offer and want to see if there will be a bidding war? Just guessing...

Bump

Some sellers stipulate that they’ll only take the property off the market once they’ve seen evidence the buyer can genuinely proceed: i.e. an actual mortgage offer. An AIP isn’t really anything more than a lender saying “if everything you inputted on this form is 100% true, all your other circumstances are acceptable to us, and our underwriter agrees with the desktop valuation, we might be prepared to lend you up to £X”

In the current market, lenders are being cautious with both buyers’ affordability calcs and property valuations - hence some sellers may opt to continue allowing viewings until they have confirmation of a proceed-able offer.

Or, the people who offered might have a property of their own which they need to sell in order to be able to move which isn’t currently under offer - which essentially makes them window shoppers.

Everyone needs a backup option these days. If you are theirs, it's not a bad position to be in. Lots of folks can't borrow what they thought they previously could, lots of people are getting cold feet, and a lot of sales are falling through.

I wouldn't accept an offer unless they had evidence they had the funds to proceed and an offer if they had a property to sell. I wouldn't take the property off the market until they had had a survey and appointed a solicitor. Fingers burnt.

There is literally nothing to stop someone messing you about making offers in the UK. You have to protect yourself against timewasters.

They may not have submitted their official ID documents yet, their solicitors details or their proof of funds. The owners have clearly indicated they are still open to viewings until this has been done and a memorandum of sale issued.

It’s slightly unusual I think because most buyers will stipulate “the property must be taken off the market immediately “ when their offer is accepted. But maybe they haven’t done that in this case & the Seller or the EA has some reason to feel that they aren’t demonstrating much motivation to get the deal done, hence they are still accepting viewings.

In my experience, properties used to be marked under offer as soon as an offer was accepted but now, if the buyers haven't already got a solicitor, agents wait till one's appointed....can hold things up if buyers want to shop around.

Hi, appreciate you sharing this. This is happening more and more. Houses are coming back to market because the actual buyer can’t get the mortgage. There’s a huge affordability factor - people cant afford a mortgage with high interest rates and houses are overpriced . Mostly houses come back on with about 30k knocked off.

Personally I believe banks have tightened their borrowing knowing there will be a crash eventually. It might not be sudden but it will be eventual. The trend going forward will be houses depreciating over time. Buy A house today? Go into negative equity within 5 years!

Your EA is just putting you on a list of potential ppl they can go to if or when sale falls through lol. It’s ludicrous!

and no this is not normal. Normal is taking it off the market once a sale is agreed. Sellers on MN will make you think it is because they’re worried this will happen to them.

i would pull out of a house sale if the vendor was still allowing viewings. Everyone should.

And yeh, you might be right. They may actually be preparing to guzump their current accepted buyer, who may be unaware at this time. I would avoid these vendors. I think buyers are being cautious as it is, then you get this behaviour! Ludicrous!

I understand why you’d do that, but you’d find it very difficult to sell, I would not proceed with anyone who expected me to pay for a survey etc and not take it off the market, I’d assume looking for a better offer and not genuine on their acceptance.

any time I’ve bought I always put the condition it’s taken off the market immediately on acceptance, if the seller ever declined, which has never happened, then I’d walk.

a verbal agreement must be confirmed in writing to allow them to take it off the market. there are quite a few who have verbal agreements and never proceed with the written docs so the seller can lose out

Yes I agree with this. It’s fair enough to insist buyers instruct a solicitor straight away and provide proof of funds.

But to keep a property on the market until the survey has been done is going too far in my opinion @Greenberg2

some of the sellers responses just confirms how the market is going down and they are struggling to sell. resorting to tactics like allowing viewings to go on and one person above saying they'd keep doing viewings until a survey report was paid for by the buyers, just shows the desperation in the market that sellers are feeling.

I wouldn't take the property off the market until they had had a survey and appointed a solicitor.

There’s no way in hell I’d be paying for a survey if the house was still on the market; you’d be hard pressed to find anyone who would to be honest.

I don’t think waiting for a survey to take it off the market Is desperate sellers , quite the opposite, as it’s likely to deter the overwhelming majority of buyers, you’d actively have to be thinking you had a desirable property lots wanted to do that approach and even then most buyers wouldn’t touch it.