Frustration to offer - but buyers not on market yet ahhhh!!!

RedfordML

Put a couple of theads on here about the frustrations of the market and in 3 weeks we are pulling our house....then we had a viewing y'day and all change.....or will it???

We have recieved an offer (97% of asking price which is great, especially for the area NW we are in!!!!!!!) but what are the chances of this going through.

Basically buyers have yet to go to market (why view) however our EA is marketing there market from Mond (shared ownership) and reckons they can sell it in 7 days, so we have accepted the offer, removed it for 7 days on the condition they sell their's in the timescale???

Are the EA blagging?? Are we set for another low??! Should ppl view/offer before they have sold!!

I just hope this has a happy ending - starting tomw, major 7 days ahead!!!!!!

Plans_all_plans

I feel that the EA is talking nonsense personally. My friend had a lovely flat in London (shared ownership) and it took her over a year to sell it. She had 2 sales fall through too. I would be VERY suprised if an EA managed to sell it in 7 months, let alone 7 days. Sorry to sound so negative, but I wouldn't believe it.

RedfordML

To be honest, I feel the same!!!

Its great to have an offer but I'm not feeling excited about it, which is a shame!!

tyllwyd

I agree - it is good news but don't get excited yet. Seven days sounds ridiculously soon to try to sell a property. And you don't know, maybe they might get an offer but lower than they hoped so they come back to you to try to re-negotiate. Still, you've shown willing, just a matter of sitting back and seeing what comes next. Fingers crossed for you!

honeyD

A house on my route to work sold in 7 days.

Catatonia

Personally I would not take my house off the market for an offer from someone who wasn't proceedable.

Can you not accept their offer, but keep it on until they sell?

RedfordML

Thats what we tried but the agent stated that the buyers had offered £185,000 on the condition that the house comes off for 7 days, we said £188,000 (asking price £189,950) and we would come off and that is where we are at.

I would have thought that the EA will keep hold of any intrested parties names for 7 days, so in that respect we have nothing to lose.....though it;s a stressful week coming up!!

Also I have never heard of anyone in this postion before!!?

From tomw the EA selling ours, are marketing the buyers so here is hoping!!!!

Jowo_2

Seriously, what a waste of time this is - the EA may hope to coordinate both sales and reap twice the commission, but the offer is a waste of the oxygen used to make it.

I'd have been firm with EA, told them that I do not consider these buyers proceedable and that I won't entertain any negotiations until they have a buyer for their own place. I would have made it clear to the EA that I am only interested in proceedable buyers and they should continue to actively market the property in the meantime. If they shift their place in the space of the week, great, bring on the negotiations.

Absolutely dumb strategy to me. The EA could have been undertaking other viewings in the meantime as a backup for you if that miracle 7 day sale did not take place. Many sellers won't take a property off the market for viewings until the buyer has arranged a survey but the EA is expecting you to take it off now?!

Norman_Castle

Does " y'day " mean yesterday?

RedfordML

Thanks for your honest and frank assesment of the situation Jowo.

Not sure we have do the right thing and more of my optimism has now gone but I suppose in 7 days we will find out if it is all a waste of time, will post on here how it goes!!

Jowo_2

I suppose it's only a week but I still think it's a total cheek and puts the risk back on you as the EA slackens off from marketing it. Are the EAs making a note of anyone expressing an interest in seeing it, as they should really record this, rather than just putting a flea in their ear and saying 'it's under offer'.

What's your strategy if the EA comes back to you in a week trying to persuade you that they are still convinced an offer is just around the corner?

Typically the property market dies a death from November onwards. An EA I spoke to says the phones simply stop ringing in December.