Am I over reacting? EA has taken 'under offer' sign down on house we are hoping to buy..

[ouchitreallyhurts]

I know I mentioned this in Fizzylemonade's thread but wanted to get some views/advice from you lovely MN ladies/gents

Basically, our offer was accepted 3 weeks ago and we accepted one on our house.
Sold STC board and label went up on house and rightmove/Ea website for our house and on the house we intend to buy it said 'under offer'.
2 days ago I was looking at right move and noticed our new house was no longer 'under offer' and activally being marketed again. Phoned EA today who has told me that the bank selling said house asked for that to be removed until exchange - I have said (possible kneejerk) that we might reconsider our offer unless house is taken off market as exchange is happening quite soon and |I feel that they are actively seeking a gazumper!. what's more we have written a chq for surveyor of £600 so are seriously going for this house (not to mention other searches etc we have shelled out for)
Is this all the norm or have they messed up a bit?

It is standard practice for banks/repossession companies to continue marketing the property until exchange.
I work in an Estate Agents one day a week and they all do this. Not one has ever been gazummped.
In reality once the EA tells a prospective viewer that the house is under offer and a sale is proceeding people don't want to look at the property anyway (and the EA want them to look at other properties so they get more than one sale).
I know it's easy to say, but try not to worry and try and push through Exchange with your Solicitors.

Thanks Lizzylou - that makes sense about EA pushing them to other properties for more sales (phew!)
am waiting for solicitor to call back now to push that exchange.

I think it if had never been listed as 'under offer' I wouldnt' have reacted in this panickymadwoman way when it was not listed that way any longer!

It's OK, I would be the same, I only know of this through my Saturday job!
Good luck and get that Solicitor moving

Isn't there a duty placed on the bank to seek the best possible price for the repossessed house? I suspect that this is why it is still being marketed. If you are in a good position to proceed to exchange I wouldn't worry about it.

I think they just cover their own back by stil marketing. A lot of houses are being down valued at survey and banks just want money in asap, they don't want the house hanging around empty making them nothing.

Ouchitreallyhurts - I know it must be stomach wrenchingly awful to see it being actively marketed but the good news is you have a 3 week headstart on anyone so they would have to move like the wind to catch you up

At least they waited 3 weeks, if you had offered on it and they just left it on then I would be a bit more panicked.

I think anyone would feel physically ill until exchange when the house is left on the market.

Good luck, and when you do exchange let us know as it gives the rest of us hope

My sister has just been gazumped on two reposessions so it does happen but the bank is going to try to get as much money as possible and so it is slightly different from a normal sale.

Looks like it will be about 10 days till exchange - expect shares in cadbury's and southern comfort to go up in that time whilst I anxiously pace and drive oh mad!

the EA says that she spoke to the group who own the house and its their policy to leave iit on but this lady has apparantly said nnothing will happen and we are not to worry (!)

Thanks Fizzy - when you put it that way it does make me feel less worried :0)

I got very anxious about no sold sign on our house - asked the agents and nothing happened. Eventually I really pushed it and found that the poor vendor 9having been let down about 5 times before) wouldn't let them put sold on - she thought it was causing them bad luck! So after that i didn't care as long as they didn't let anybody else through the door - which they didn't!

Can I hijack for a minute - I have just had a conversation with the EA representing the people who have accepted an offer from us. I was concerned the house is still being marketed as for sale. They tell me it is their policy not to indicate that the property is under offer until "near to completion". They said they will inform any enquirer that the house is under offer and not accept any viewings.

Our EA has a policy that sold stc is indicated on websites and there has been a sold sign outside our house almost since day offer accepted.

This disparity in practice is making me nervous. Do I have cause or am I worrying for nothing?

10 days until exchange?
No worries (but don't let that stop you on the Southern Comfort and Cadbury's front, moving house is stressful ).
As Fizzy says, a Bank/Repossession company would be daft to go with another offer now when you are so close to exchange, only a cash buyer/developer could turn the sale around in 10 days and I'd have thought that they'd have snapped the house up in the first instance anyway.

unavailable - that's exactly the same position as us. Our own house had a 'sold' sign stuck up within hours (literally) of us accepting the offer and the website has sold stc on it - this is partly why I got confused about our vendors house being still on the active market.
seems its different policies all round. I 'think' our new house will be a repossession but I am getting confused because they keep referring to it as a relocation agency selling it but the bank owning it

Ouch - I have told sellers EA that we are not happy, but they wont budge. We are doing everything we can to move things on, and booked the surveyor within days of offer being accepted. I'm beginning to wish we hadnt now, as maybe we seem over eager. The feeling I am getting is that they are doing us a favour (accepting our offer)but are still holding out for a better one.

Why isnt there a EA code of practice about this sort of thing?

I dont know if my nerves can takes this for another 6(ish) weeks.

Hope it all works out for you..

unavailable - there is nothing to stop you looking at other houses so you have a fall back plan should the worst happen. Chances are it won't though - how many people are there looking in your area who have already sold their house and offered enough to have the offer accepted? Probably very, very few. It is unbelievably stressful but, if it makes you feel better, why not get a friend to ring the EA and enquire about the house that you are buying. I'm pretty sure that they will say it is under offer because, in this market, they would be crazy to jeopardise a deal that is 90% done and dusted.

Lala, I was thinking of doing that. Now I just need to find someone with a yorkshire accent, so as not to arouse suspicion !

(When I queried their policy of keeping it on the market yesterday, I was told (I paraphrase) "well, you're not from these parts, so its no surprise you dont understand our ways.")

Oh, my husband's parents are in Skipton and I can do a passable Dales accent - let me at them .

unavailable - I'm in West Yorkshire I can assure you they stick SSTC on their website the second a house is sold and on their boards, but they leave their boards up to show their success in selling.

Usually all the details of the house go so it is just the picture of the house but no room sizes etc

They may leave them to hopefully get an asking price offer in which case why would it stay advertised?

I think you should name them!

I don't think by being proactive in arranging a surveyor you look desperate, you look like someone who is serious. Hang on in there

Thank you Fizzy. I will take you up on the wine!

I am getting a bit (alot)obsessed/overly stressed about the whole business and need to take a step back or I will never make it to completion.

I am now telling myself that if it all goes terribly wrong, it was not meant to be.

Its not the only house in the world (or even Yorkshire.)

Hope it all goes well. I would feel just as stressed if I were you.

Fingers crossed. We've put off moving for another while as whatever happens moving and completion time are always stress inducing.

I think that's a good idea to get someone else to phone and ask for a viewing! I suggested to hubby that we did that on ourhopefullynewhome and he said "no, bad karma" however...I'd like to know if the reason it is on the active market is likely to leave us upset (and homeless seeing as it took 2 years to sell our current home and we aren't going to drop these buyers !!)