Pulling Out of House Sale

chickmug

Claremac wrote: »

As a buyer I would be very unhappy if a property was not taken off the market when my offer was accepted. I will be committing my money to a survey, mortgage arrangement fee and solicitor's cost. You are presumably saying, Chickmug, that the vendor would morally be free to sell at a higher price to someone else even though he had agreed to sell to me? Otherwise why would he be leaving it on the market?

Don't put words in my mouth as you presume wrong!!!!

Much of the trust has diminished from what used to be a lot more of an honorable transaction. I took plenty of time to explain to the offerers why it could not be taken off the market.The reality was it was marked SSTC and once new people knew this they rarely wanted to view. And if they did it would be on the basis of going on a cancellation list NOT on the basis of inviting a higher offer. I did have some unique ways of handling sales to try and get fairess in the proceedings.

I never advised sellers to take the property off the market because the seller had the most to lose waiting for a buyer not knowing if the buyer would proceed or, at any time, pull out.

At the same time, uniquely I felt, I had an anti gazumping clause in my terms and this was put in after some bad seller experiences who did pull out after agreeing to sell. I did not like gazumping any more than I like gazundering and if I had a seller suggest they may gazump I told them to find another agent who would play their game. I also refused to deal with contract races again refusing to deal with such sellers.

I don't see why the agents can't sort themselves out to try harder to make the process easier all round - that's why I usually agree with many on the forum that more agenst are rubbish than not. But there are some good ones but hard to find.

devilot

mlz1413 wrote: »

I think that the HIPS packs should have had been just the searches and surverys, these things have to be done for mortgage requirements and it would make sense for them to be done once and be available for prospective buyers to see.

That would give buyers security that no problems will be found and then if a buyer wants a house off the market the seller can fairly ask for security like a deposit of £500 to £1000 to stop time wasters.

Thats a good idea actually re the survey, one of the things currently worrying me is that the survey the buyers have had done will throw up some unknown to us problem and make them get cold feet. You should be an advisor for the Government!:D

chickmug

charliee wrote: »

as far as i am aware they leave it on the websites generally marked as sold STC and if anyone calls the estate and registers an interest they will take their details for if it falls through..

Yes see my post a few minutes ago

Claremac

Chickmug, sorry to cause offence which was not my intention. If I had an offer accepted, I would have no objection to it being marked on Rightmove etc as SSTC and any potential interest being noted in case the transaction fell through. I thought that you meant that it would be listed as still available until the sale went through. Clearly, this would make me as a buyer very nervous and I would be unwilling to go through with it that way. Hope that clears things up!

Rick62

I also would expect a property to be taken off the market. And no, not because 'I've seen that phrase on a TV show'.

chickmug

Claremac wrote: »

Chickmug, sorry to cause offence which was not my intention. If I had an offer accepted, I would have no objection to it being marked on Rightmove etc as SSTC and any potential interest being noted in case the transaction fell through. I thought that you meant that it would be listed as still available until the sale went through. Clearly, this would make me as a buyer very nervous and I would be unwilling to go through with it that way. Hope that clears things up!

Yes all good and thanks for taking the trouble to come back on this.

GDB2222

Banks selling repos insist on continuing to market the property. It does NOT mean they will accept a higher offer, but it puts them in a better position if the original buyer gets cold feet or chooses to gazunder.

Taking the property off the market is a gazunderer's charter.

chickmug

mlz1413 wrote: »

if a buyer wants a house off the market the seller can fairly ask for security like a deposit of £500 to £1000 to stop time wasters.

So many times over so many years I have wished for this but especially in latter years no one wants to pay any deposit even where we used to suggest it was paid to the sellers solicitor.

The sellers solicitor started quoting a tightening of their rules on such matters and even those who used to hold this type of payment said no. Then on top of which as soon as a buyer spoke to their solicitor they were advised NOT to consider making any such payment.