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Offer accepted - vendor won't take off market

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FTBFun
FTBFun Posts: 4,273 Forumite
in House buying, renting & selling
Hi, i'm in a bit of a pickle. I'm an FTB and have had an offer accepted on a property, however the vendor won't take the property off the market until the survey has been booked.

The EA seems to think this is ok because the vendor had a problem with an offer previously being accepted and the then potential buyer pulling out after a couple of weeks, so wants to make sure I'm serious.

At the moment my offer is in place, but does anyone have any opinions on what to do?

Thanks for your help.
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Comments

  • Colincbayley
    Colincbayley Posts: 579 Forumite
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    FTBFun wrote: »
    At the moment my offer is in place, but does anyone have any opinions on what to do?

    Thanks for your help.

    Speak to your mortgage advisor and get the survey booked in tomorrow.
  • RX-78
    RX-78 Posts: 223 Forumite
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    I dont think its unreasonable. We had a buyer who after offering became uncontactable and after 2 weeks of hussling finally emailed the EA to say he is withdrawing the offer. No explanations, no apologies, nothing. We were foolish enough to take the home off the market and lost out on 2 weeks viewings.

    So on the second offer we refused to take the house off the market until the buyer has read the survey report and he is happy with it. Of course that will always run the risk of loosing the buyer but I explained to the buyer the reasons for it.
  • tux900
    tux900 Posts: 410 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
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    FTBFun wrote: »
    The EA seems to think this is ok because the vendor had a problem with an offer previously being accepted and the then potential buyer pulling out after a couple of weeks, so wants to make sure I'm serious.

    Seems fair enough - once bitten twice shy and all that.
    At the moment my offer is in place, but does anyone have any opinions on what to do?

    Do what you can to convince them you're not like their previous buyer. Demonstrating financial commitment should be enough. As Colin says, just get your survey booked asap.

    This is particularly beneficial if you've no reason to hang around as the smaller the window of opportunity you can create pre-exchange the less chances there are of the whole thing collapsing for other reasons.

    Mathew
  • xyellowx
    xyellowx Posts: 570 Forumite
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    was the offer much less than asking price? they may be hoping for a better offer
    could understand it if you had to sell but your a first time buyer
    tell them likewise you dont want to spend on a survey /solicoter fees when its still on the market put your foot down its a buyers market
  • FTBFun
    FTBFun Posts: 4,273 Forumite
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    Offer was 10k less than the asking price, so not really much less (about 8% below asking).

    I'm a little more worried the vendor could be ruthless as its a property development company selling.
  • evening_all
    evening_all Posts: 90 Forumite
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    It doesn't take a long time to sort out a survey, infact a couple of days. Get it booked asap and once you have the report back, it will put you in a decent position if you want to continue or not.

    Lets face it, by the time the vendor has got someone else booked in to have a look around then they make an offer you'd have had your survey done by then.
  • SusieT
    SusieT Posts: 1,267 Forumite
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    I have accepted an offer on my property and its still on the market until the survey is done and approved. Simply to protect myself IF anything goes wrong.
    I would not take another offer on the house and the agent is not actively marketing the house. Hopefully it will soon be tagged as SSTC and will be off the market!

    I would not worry about it, just get the survey done and hopefully agreed asap and watch it disapear from the EA. Hope it all goes through quickly for you.
    Credit card debt - NIL
    Home improvement secured loans 30,130/41,000 and 23,156/28,000 End 2027 and 2029
    Mortgage 64,513/100,000 End Nov 2035
    2022 all rolling into new mortgage + extra to finish house. 125,000 End 2036
  • RX-78
    RX-78 Posts: 223 Forumite
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    Make sure you have it in writing that the vendour will take the property off the market when the survey is booked.

    Did you put your offer in writing? There was a thread here before about formalizing an offer and you can put that as part of the condition of offer.
  • FTBFun
    FTBFun Posts: 4,273 Forumite
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    I haven't, just verbal. I'll do that tomorrow then.
  • POPPYOSCAR
    POPPYOSCAR Posts: 14,897 Forumite
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    RX-78 wrote: »
    Make sure you have it in writing that the vendour will take the property off the market when the survey is booked.

    Did you put your offer in writing? There was a thread here before about formalizing an offer and you can put that as part of the condition of offer.


    This will not mean a thing.We paid a £500 non-refundable deposit and had it in writing that the property would be taken off the market and the EA came up with another offer just as we were about to exchange contracts.
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