Vendors wont take their house off the market

silvercar

I know that times are different now - but where has the trust gone in all of this.

Sadly a lot of people seem to loose their morals when it comes to house moving and only see the £ signs.

You really need to find out if the people with the unsold house are actively working to sell it. Is it priced at an attractive level? with decent exposure?

lypsey

Personally I think you are naive that you have removed your house from the market . I would never ever do that .

How many opportunities will you miss in that 6 weeks ..... what if a FTB came along .

You should be a bit more realistic

AndrewSmith

blueshrimp wrote:

Basically the people who have offered on our house are very serious. They have instructed their solicitor and have had the survey done on our property.

Exemplary of them to do this however they are committing funds when they are unsure that it will go ahead. Without selling their's they will stand to lose this money if they do not get a buyer.

We took our house of the market, because they gave us an offer we thought acceptable, and you can tell if people are really intersted in your house or not - all I am asking for is the same response.

But never forget that a non proceedable offer is worthless. It is irellivent how interested they may be in your house at this stage as they cannot proceed without having sold their own. You have potentially limited your own moving timescale and ability by not allowing possible proceedable buyers to view.

I have spoken to their solicitor and even offered to put down a deposit at this stage.

Why on earth would you want to do this without knowing if the sale of your own is going through? If the deposit is a returnable deposit then it buys you nothing, if it is non returnable you could lose it if your buyer cannot sell his house, or gets a buyer who has not sold etc etc.

I am also willing to show them evidence that our mortgage is in place (we are purely transfering the mortgage across from our current property). So as far as us and our buyer are concerned - this is 100% going to happen.

It will not matter as, even if the mortgage company agree to porting the mortgage to the new property (which is always subject to underwriting, valuation, credit check, credit score, etc), you are still unable to proceed until your buyer closes the chain. Any other proceedable buyer on the property will also be able to show their mortgage is in place so this, again, buys you no advantage. Your buyer is about as far away from being in a position to say it's 100% going to happen as you can be. How can he be so sure that he will sell his house? He has no idea of what type of chain is going to form below him. 100% going to happen is when there is no chain or a closed chain, and you have actually exchanged contracts. Up to this point nothing is ever certain or anywhere near it.

I know that times are different now - but where has the trust gone in all of this.

It is not a question of trust, it is a question of reality. At the end of the day why should they accept your offer and take the house off the market when this week's property paper advertising could produce a proceedable buyer for them, allowing the chain to close. You would benefit from them taking the house off the market, they gain nothing except a longer wait.

I still don't want to loose this house :-(

I wouldn't even consider it as yours until your own has sold. Face the reality that you may well miss the opportunity to buy this property. If not, you will be setting yourself up for a massive disappointment.

Andy

Debt_Free_Chick

blueshrimp wrote:

I know that times are different now - but where has the trust gone in all of this.

Too many people have been gazumped and/or had a "serious" buyer pull out on the day of exchange.

Don't get your hopes up. You've not even had your survey yet and it may be you that wants to pull out :eek: - for very good reasons

Edit: sorry ... you have had the survey done! And all the searches? That could be the next headache e.g. lack of planning permission for an extension completed in 1902 or some other silly obstacle

:beer:

EdInvestor

In the old days,once somebody had displayed evidence of seriousness by actually spending money - eg by having a survey done - this would be a sign that it was appropriate to take the property off the market and that things were likely to proceed in some kind of atmosphere of "good faith".

However these days there are many idiots around, and many people who really have a problem getting a mortgage because of the prices .The chains are so long that IMHO the only sensible way to go is to sell your home first, rent for a period and then buy back in.

You couldn't do that in the old days, because there was nowhere to rent.

hedley

Mmm yes: good faith- spending money....

3 structural surveys carried out on 3 different properties...was serious..and serious amounts of money.

So on the various properties:
1.On number one property: The vendor refused to reduce after major works needed to be done- underpinning (oh,,, yes the vendor was a surveyor and also had advised us how fantastic his house was!!!)

2. The next property the woman who 'fancied relocating to Australia' (who had done loads of research..and she 'was joining relatives out there') pulled out at the last minute, as she found out there were snakes in Australia:rolleyes2

3. On property number 3. Was all going (too) swimmingly...pleased that he had found FTBs etc. etc. Everything went very quiet and then discovered that he was then proceeding on another sale..one that had been arranged earlier and had slowed down...we had been used as bait.. to hurry these people up. (I loved paying out a wadge of cash to hurry up his sale to someone else!!)


After many thousands of pounds wasted I would quite happily have locked these people in a darkened room for a few weeks..while I emptied their bank account.... rather as they did to us!!!

I hope you don't have the misfotune to deal with these total immoral !!!!!!!s...

lilyann1

Blueshrimp this seems to happen all over the place and the house buying system is so so stressful.We were in similar situation with seeing the house we love and having buyers in place.
They hadn't sold their property yet and my EA advised me not to take mine off the market,which we didn't.We did have more viewings but i felt guilty that we already had an offer and were happy with the buyers.
As it happened our buyers sold their house in 4 weeks and we could proceed.The house we had seen wouldn't take theirs off the market either until we were proceedable,but in the end it all worked out for the best.

We were told for 9 weeks that we had a really solid chain and it should be a relatively easy transaction (12 weeks max they estimated)and it was all going swimmingly when the bottom buyer pulled out.
Decisions then of who to go back on the market and who was going to wait.So much stress!!!!

Then another FTB was found at the bottom and again rushing along nicely when our vendors then decide they cannot buy the house they were buying and after 5 months had to pull out!!!!

Luckily they have found somewhere else and things are moving again but how long it will take who knows?????

Nothing is definite until exchange and I can only see the house buying system in England a huge risk to people like us who spend out a fortune in survey fees,mortgage valuation and solicitors fees,just to see it all fall through at the end and have to start again.

On the one hand I agree with people not taking their houses off the market as they might always have someone better come along, but on the other hand when it all fell apart a few months ago for us, I was glad that I kept mine off the market waiting for my buyers to get another buyer and was glad that my vendors were doing the same for me.

Unfortunately you have a few more months of stress to cope with yet.Good luck

courtjester

What has 'trust' go to do with it?

If you could trust people you do business with, there would be no need for laws and regulation.

The problem essentially with home buying and selling is that there is no adequate legislation to make offers binding, hence offers on property are often made recklessly without regard to whether the buyer can proceed or not.

All sales need nurturing care and negotiation to keep them on track. 'Honest dealing' may have its place, but this is purely a moral matter - it won't stop your buyer dropping you in the poo if the situation turns on them, just because you have been nice and held your property to suit their convenience. Selling a home is not about making friends, it's about securing a deal in your interests - the buyer's interest is their concern, not yours.

I don't advocate gazumping or getting nasty or going back on your 'word', but believe that as a business transaction, an objective business approach stripped of personal emotion is necessary to move sales along successfully and if this means that sometimes you have to change the terms agreed with buyers (which you have a perfect right to do, just as they can drop their price or pull out of a sale under the present law), then so be it.

You must look to your own interests primarily. The buyer you are selling to and the vendor you are buying from won' t be interested in ensuring that you are looked after....

Only my opinion of course...

carrie483

I'm selling my house and when we first put it up we had a good offer which we accepted. We were then asked to take the house off the market until they sell their house, 8 months later they still haven't sold their house and we are about 1 week away from exchanging with someone else. Thank god i didn't take the house off the market.

Why should they take it off? I had 5 offers which we accepted on my house and they then couldn't get the mortgage.

My advice, don't put in an offer till your in a better situation (not you personally, everyone i mean). Sorry i know that sounds really harsh and i really don't mean it like that but house selling hits a nerve with me at the minute.

Carrie.

tigerminxy

I think the consensus here is that the property law in England is bloody stupid. However... if I was the vendor, I wouldn't take the property off the market, either. When my house went on the market I had an asking price offer straight away but then they fannied around for a few weeks before eventually coming back with some excuse. (The EA said they were serial withdrawers - why they didn't tell me that before, I don't know!)

When the house went back on the market, and I got several offers in, I felt a bit more secure about taking it off the market simply because the people whose offers were knocked back said they were prepared to wait. I set deadlines for the survey and exchange, so that if these weren't met, I could then go to the other offers. And, despite what people think about people just seeing £££ signs, I did turn down significantly higher offers to gazump on the basis of it not being fair on the offer I accepted.

In this situation described in the OP, I would imagine that you could try and negotiate the property be taken off the market on condition of meeting deadlines, but then it sounds like you wouldn't meet them anyway.

Also, there's nothing to stop you continuing to look around for better properties just because the one you've offered on has been taken off the market.