Should house still be marketed after accepting offer?

Rockefeller

Hi everyone
I really need some advice about what to do.
I have accepted an offer on my house and the estate agent (who is also arranging a mortgage and insurance for the buyer) has taken the house off the market. I believe that he should continue to market the property in case the sale falls through. He says that the buyer has already paid money for the survey etc and it would be unfair to continue to advertise. Can I force him to continue advertising?

Giraffeseeker

It's usual for offers to be conditional on the EA ceasing to market the house. It would be unfair for someone to spend money on survey's and solicitors and then to find you have accepted an offer from someone else, IMO.

Not sure if you can force him to continue to advertise.

Claremac

I would have thought that would depend on what you mean by "advertising" and "marketing the property". My local agents will keep a property on Rightmove marked as Sold Subject To Contract so that it is obviously sold but I assume that the agent would take details of any interested parties to action if the sale fell through. As a prospective buyer myself, though, I would not be interested in proceeding with the purchase of a house which was still being actively marketed.

googler

Is the EA an OEA member, or NAEA?

Rockefeller

Thanks for your replies! I didn't mean that I expect the agent to actively promote the property, just that he should still have the details on his website and therefore on the rightmove website. The last time I accepted an offer (it fell through) the agent told other interested buyers that the property was sold. I just don't want the same thing to happen again.

The agent has OEA on his letterhead so I assume that he is a member. Does that make a difference?

chickmug

Here are the relevant bits from the NAEA Code of Practise for their members. Especially note 5e. It smells very much of the EA providng insurance and finance services for which they (the EA) will probably earn more than the commission the house sale. So the EA is deviously trying to stick with this particular buyers to ensure a really fat pay out. Any new buyer may not use their services so cut their earnings.

It smells and I would complain.

Not sure what the rules are for OEA but can email you their codes if you PM me.

Copies from NAEA : -

b) You must not discriminate, or threaten to discriminate against a prospective purchaser of your
client’s property because that person refuses to agree that you will (directly or indirectly)
provide services to them. Discrimination includes the following:
• Failing to tell the client of an offer to buy the property.
• Telling the client of an offer less quickly than other offers you have received.
• Misrepresenting the nature of the offer or that of rival offers.
• Giving details of properties for sale first to those who have indicated they are prepared to
let you provide services to them.
• Making it a condition that the person wanting to buy the property must use any other
service provided by you or anyone else.
c) You must take reasonable steps to find out from the prospective purchaser his source and
availability of the funds for buying the property and pass this information to the client.
d) You must tell your client in writing as soon as reasonably possible after you find out that a
prospective purchaser, who has made an offer, has applied to use your services or those of an
associate or connected person in connection with that purchase.
5
e) When an offer has been accepted subject to contract, you must consult and take your client’s
instructions as to whether the property should be withdrawn from the market, or continue to

be marketed. In the latter case, you must so advise the prospective purchaser in writing.

Rockefeller

Thanks chickmug. I agree, I think the EA is now representing the buyer rather than me, because of the commission he's going to receive.

chickmug

Rockefeller wrote: »

Thanks chickmug. I agree, I think the EA is now representing the buyer rather than me, because of the commission he's going to receive.

I am a retired EA and so know what tricks they get up to. Perhaps if they are so keen the buyer they should share their eventual intro payment on finance and insurance with you. Send them a copy of what I posted or if you PM me I can send you the pdf. So you can quote them and ask for their explanation.

Kick a*se eh?;)

chickmug

Hi Rockefeller

Any updates would be good to hear so others can learn from your experience?