House I've agreed purchase with - still on market

Catbells

Can remember reading similar to this a while ago but cant remember the answers.

I've agreed a purchase on a house, had the survey done even and yet the house is still being advertised by two local agents on Prime Location. I've mentioned this to the EA I'm buying it through but nothing's happened - still up for sale.

Wrote tonight to the agent saying that unless it is properly advertised ie Under Offer, I will not proceed any further with the sale. have I done the right thing?

jw2003

We were for sale recently and our EA wouldn't market the house as under offer or sale agreed until they had seen proof of funds however all viewings were suspended. Have you had your mortgage agreed already?

Catbells

Am a cash buyer having just sold my own home - the vendors know this. I've had the survey done. What more is required for them to take it off the market?

shortchanged_2

This unfortunately is probably a response to the current market conditions, particularly if you are in a chain. Houses are not generally selling very quickly at the moment, therefore would it be fair for the vendor to take their property off the market if (assuming you have a property to sell) your property remained unsold for months and months.

I know if the same was happening to me I be miffed but unless you are able to proceed quickly you will probably have to grin and bear it.

Catbells

shortchanged wrote: »

This unfortunately is probably a response to the current market conditions, particularly if you are in a chain. Houses are not generally selling very quickly at the moment, therefore would it be fair for the vendor to take their property off the market if (assuming you have a property to sell) your property remained unsold for months and months.

I know if the same was happening to me I be miffed but unless you are able to proceed quickly you will probably have to grin and bear it.

I know they want to sell quickly and have somewhere. They have come down a lot since the house was first on the market 6 months ago. I have no chain - cash buyer having sold mine last month. I'm beginning to think they are waiting until the very last minute before they commit- meanwhile I'm spending money - survey done last week.

jw2003

I don't think it's unreasonable of you to look after your own interests, let us know what the EA says if you wouldn't mind

Catbells

jw2003 wrote: »

I don't think it's unreasonable of you to look after your own interests, let us know what the EA says if you wouldn't mind

Will try to remember to let you know what happens. Quite a stressful time as you can imagine!:)

Hammyman

Under offer is basically meaningless and in fact could hinder you. It could push someone who was thinking about buying it into putting in a full asking price or higher offer. A sale isn't a sale until the contracts have been signed and a completion date set.

Catbells

Hammyman wrote: »

Under offer is basically meaningless and in fact could hinder you. It could push someone who was thinking about buying it into putting in a full asking price or higher offer. A sale isn't a sale until the contracts have been signed and a completion date set.

Thanks. Its possible but the house has been on the market for over 6 months and I am in a safe and strong position re the purchase being a cash buyer. I would have thought they wouldn't want to jeopardise their sale by letting me see they are still selling it. It would put anyone serious off from proceeding as it makes you feel jittery about their intentions.

LandyAndy

Catbells wrote: »

I know they want to sell quickly and have somewhere. They have come down a lot since the house was first on the market 6 months ago. I have no chain - cash buyer having sold mine last month. I'm beginning to think they are waiting until the very last minute before they commit- meanwhile I'm spending money - survey done last week.

I don't blame them. Until you exchange contracts they have no commitment from you. In fact you are the type of buyer who could easily jump ship at the last second because you saw something better. (not suggesting you would). If they've dropped considerably then they are waiting to see if there is a last minute miracle ( I doubt there will be).

hazyjo

Don't blame you. I'd not proceed with something that remained on the market. Trust goes both ways and you're in a fantastic position. As a vendor, I'd not want to lose you as a buyer!

Good luck.

Jx