When should a buyer reasonably expect property to be taken off the market?

FTBFun

Nanao wrote: »

Also FTBFun was in a similar situation as well.

Although in my case it was actually the survey being booked that was required, not necessarily carried out.

I would just get on with it as soon as possible!

Nanao_2

FTBFun wrote: »

Although in my case it was actually the survey being booked that was required, not necessarily carried out.

I would just get on with it as soon as possible!

Oops, sorry!

Yes I agree, don't delay - get things moving as soon as possible.

betmunch

I would say that a condition of your offer is that the house is off the market and no more viewings are to be done.

From reading your previous post I think you will find the EA wants to keep the property on the market as long as posible to give them a chance of selling it to someone who WILL use their in house services.

The person that makes the decision on whether the house stays on the market or not is the vendor, not the EA. However the vendors can be easily led by the EA so its a very difficult situation.

Do you know when the survey will be booked? Sometimes its not until the Mortgage application is fully underwritten, sometimes its immediate.

sonastin

jozbo wrote: »

I'm a bit confused with the order that things run -
If you make an offer and have it accepted, do you have to wait until your mortgage is sorted (my bank said 4-8 weeks) before you can book the survey (via them)?
Or do they do the survey before they have agreed to lend?
OR is this why it's best to go with an independent surveyor as they will do it ahead of the mortgage being agreed and so the property can be taken off the market sooner
?

Jozbo, the bank will need the house to be valued by a surveyor before they will make the formal mortgage offer. You'll have to pay for the valuation so it shows some commitment on your part to buying the house. The bank will only insist on a basic valuation but you can "top it up" to get a more detailed report, if you want to use their surveyor, or instruct an independent surveyor to do one of the more detailed surveys. If you are going with an independent surveyor, you can instruct him before the mortgage company arrange the valuation, or instruct him while the mortgage company are deliberating over their valuer's report, or once you have had the formal mortgage offer (at the end of the 4-8 weeks suggested by your bank - they don't always take this long though. Mine came back in less than a week for 1st house and about 3 weeks for 2nd house after 1st was taken off the market).

It depends how confident you are about the mortgage being agreed as to when you commit yourself to extra money if you are going with an independent surveyor.

If you top up the basic valution with the lender's surveyor, you can't control when he is instructed but you can pester your lender until they do it to speed things up.

farmerboy

As a vendor, we are not willing to put the STC board on until the survey has been done and the price agreed. We know ths may put some people off, but if a property has the STC board up and down alot then it can have a detrimental effect.

After the survey has been agreed the rest is mainly formalities, but problems with the survey can lead to the offer being reduced/withdrawn.

It also relies on trust by both parties. As for EA's promises, didn't think they existed

colli

By the time our survey had been done we'd already paid out over £1,000 on various fees, searches etc. It may not seem a lot to some people but as FTB's who'd scrimped and saved for years to get a deposit together to then lose this amount would have been absolutely devestating.

If the vendor had not agreed to remove the house from the market we would not have proceeded with the purchase. The fact they did so helped to reassure us that they were as serious about selling as we were about buying. I emailed the estate agent 2/3 times a week whilst every thing was going through to keep everyone in the loop about our progress and it seemed to work well.

moneysavingplumber

betmunch wrote: »

I would say that a condition of your offer is that the house is off the market and no more viewings are to be done.

From reading your previous post I think you will find the EA wants to keep the property on the market as long as posible to give them a chance of selling it to someone who WILL use their in house services.

The person that makes the decision on whether the house stays on the market or not is the vendor, not the EA. However the vendors can be easily led by the EA so its a very difficult situation.

Do you know when the survey will be booked? Sometimes its not until the Mortgage application is fully underwritten, sometimes its immediate.

Thanks betmunch, and thanks everybody for replies.

All's sorted, had a few tear-ups here and there, the good news is that the survey is booked in for Monday and the property has indeed been taken off of the market. Ultimately, we took an informed decision on balance and did agree to use their conveyancing solicitors, but I threatened to go elsewhere if they didn't honour our original agreement to take the property off, which we know would suit the vendors as they'd already told us that they were sick of the viewings after over twenty in the first few days it was on the market.

Fingers crossed for the survey and searches now. :beer: