Seller won't stop marketing

Big_John_4

Hi,

My seller has refused to stop marketing a property he has accepted my offer on in case ' I don't complete,' which I have every intention of.

My offer was accepted yesterday and I have already had my mortgage in principal agreed and appointed a solictor.

I think this is unresonable and it causes me concern.

I have told the agent this is not accpetable. - They have asked me to put up a bond in return for stopping marketing which I have refused to do.

What should I / can I do? - I really want this house but if the survey says it's falling down then this would obviously change my position.

dragonsoup

Nothing much you can do apart from calling his bluff and threatening to pull out but you then risk losing the house. How long has the it been for sale?

If you knocked him down on price he is probably hoping for a better offer.

Big_John_4

The house has been on the market for 6 months at least and we had all but sold when the buyer walked.

The seller is a developer so surely is aware of normal business practice!

We paid 92% of the asking price.

AndrewSmith

Are you selling a house? If so is there a complete chain below you?

Big_John_4

We have no chain and neither does he.

The house is vacant and we both wish to complete ASAP

Gorgeous_George

Shouldn't be a problem - if you complete quickly. IF they get a cash offer of £10K more than you are paying, they may well be back in the driving seat.

The bonds sounds a reasonable request IMO.



GG

loveandlight

Next time I sell I will also keep my property on the market until my buyer has a survey done and only then will I agree to take it off the market. I wouldn't take it too personal. Seller has probably been let down in the past by a buyer like I was and they are now just protecting their own position.

Debt_Free_Chick

Big_John wrote:

The house has been on the market for 6 months at least and we had all but sold when the buyer walked.

So I guess you can kinda understand the vendor's position?

olly300

Big_John wrote:

Hi,

My seller has refused to stop marketing a property he has accepted my offer on in case ' I don't complete,' which I have every intention of.

My offer was accepted yesterday and I have already had my mortgage in principal agreed and appointed a solictor.

I think this is unresonable and it causes me concern.

I have told the agent this is not accpetable. - They have asked me to put up a bond in return for stopping marketing which I have refused to do.

What should I / can I do? - I really want this house but if the survey says it's falling down then this would obviously change my position.

This is not unreasonable. Lots of buyers do this as in English law until you exchange contracts either side can pull out for any reason.

I know buyers who have pulled out for various reasons the most common is being in a chain that has collapsed, major defects with the house or the buyer not investigating the future council building plans for the area. Sellers have pulled out for things like family problems i.e. a serious illness in the family or death, sold the house to someone they know saving on estate agents fees, sold the house to someone with a bigger offer or simply claimed they "were testing the market".

Therefore either pay up (pay the bond and make sure it's part of a contract where you will get your money back if the house or area has substantial problems) or put up with it.

clutton_2

why not ask the EA why the first sale fell thru ? - its not confidential info.

MarkyMarkD

Big_John wrote:

I have told the agent this is not accpetable. - They have asked me to put up a bond in return for stopping marketing which I have refused to do.

Why refuse a bond?

If you are 100% sure you want the house, it's fair enough to offer some sort of guarantee in exchange for ceasing marketing, surely?

Otherwise, pull your offer and see if that changes their mind.