Further viewings while 'under offer'?

usupnorth

We are hopeful of accepting an offer on our house soon, as we've had good interest and some offers, but we do not yet see a house we wish to buy.

If we accepted an offer on ours, would it be usual to continue to market our property as 'Under Offer' until we find a place ourselves? 'Sold STC' would seem to imply that a whole chain had been formed and that contracts were being drawn up, which would not yet be the case at that point.

The more time that then passed before we found a house to buy, the more worried we may be that our buyer might withdraw their offer, so we would not have wished to stop advertising the property in the meantime (albeit as 'Under Offer'). But should we still take viewings during that period?

Clearly, it is something we will discuss with our agent, but I'd be grateful for your views and experience.

ruggedtoast

If I had put in an offer on a house that was accepted and had found the vendors and their agents were still taking viewings I would withdraw my offer right away, and probably explain to you on the phone in no uncertain terms why.

No "reputable" agent will entertain what you are suggesting.

googler

So, after accepting an offer from buyer A, you continue viewings, and B and C view the property. What do you say to B and C?

"You can come and view it, but we already have an offer, so we can't take an offer from you unless buyer A drops out"

"You can come and view it, and if you give us an offer better than A's, we'll drop A like a hot potato"

or something else?

If you drop A and accept an offer from B, what happens if C wants to offer as well? Do you drop B in favour of C?

bouicca21

Given that lots of people mess around, making multiple offers, or making offers before securing a mortgage, I think you stop marketing it at the point that you know your buyers are serious - have instructed solicitors for example.

DRP

bouicca21 wrote: »

Given that lots of people mess around, making multiple offers, or making offers before securing a mortgage, I think you stop marketing it at the point that you know your buyers are serious - have instructed solicitors for example.

Once we accepted an offer on our place and the EA had seen some evidence of finance the EA insisted (and we agreed) it be taken off the market. The buyers had arranged their survey within a couple of days - if they had delayed more than, say, 2 weeks we would have put it back on the market - that is the usual way these things are done around here. If you continue to market your house, i think ti will come back to bite you in the *ss - as googler describes above...

Tim_Bisley

This is what the terms meant when I was an EA (nice one!):

"Under offer" - This would go up on the website and board when an offer had been accepted AND solicitors instructed. We would never recommend carrying out further viewings unless we knew there were significant problems due to the reasons above.

"Sold STC" - When the property exchanged we would change the site and the board from "under offer" to "SSTC" as this meant it was done and gone.

Keep a dialogue going with your buyer through your EA to ensure that they are fully informed of what is happening. Would certainly not take any viewings as this is likely to make them nervous if they find out.

jjlandlord

To me "under offer" only means that at least one offer has been made and is being considered, but not accepted yet.
Ie. that it is a marketing trick to create a sense of urgency and bidding war amongst interested parties.

"sold STC" means that sale is agreed in principle but contract is not formed yet (hence the 'subject to contract' bit)

By the way, Rightmove has 'official' definitions of what these stickers should mean in their property ads:
http://www.rightmove.co.uk/stc.html

themull1

I would only stop other people viewing if the original couple that had put the offer in had started paying for things like the survey etc, so i could see that they were serious about buying.

StuC75

googler wrote: »

So, after accepting an offer from buyer A, you continue viewings, and B and C view the property. What do you say to B and C?

"You can come and view it, but we already have an offer, so we can't take an offer from you unless buyer A drops out"

"You can come and view it, and if you give us an offer better than A's, we'll drop A like a hot potato"

or something else?

If you drop A and accept an offer from B, what happens if C wants to offer as well? Do you drop B in favour of C?

There are no ethics what so ever in the process we have in England - Neither Seller or Buyer are contractually obligated until the point of exchange...

So I would say that as long as any potential view "B" or "C" are aware of the offer from "A"; then all is fair game in my view!..

If you havent found your property yet, then I would be surprised if viewer "A" had yet instigated any kind of survey or searches anyway.. Afterall how many may chose not to proceed after a Survey identifies too many issues...

Although the point at which you find the property you want and the process can proceed - then there should be a little more ethics displayed by all parties i.e. Only do to others what you would be happy to happen to you...

Mrs_Imp

When I accepted an offer on my flat, I got a phone call from the EA the following day saying that another person wanted to view my flat, and would offer higher if they liked it. I said that they could view the flat, but I would only consider their offer if the current one fell through.

When we were looking to buy, there were houses that were 'under offer' that we wanted to view, just in case the current sale fell through. Then we'd be in a position to offer quickly if we liked it.

Could you make this clear to the EA? That you have a sale already and won't take any other offers unless it falls through, but you're ok with people viewing it, as long as they know the situation. There may be other people like us out there, who are fine with this.

hazyjo

Consider going into rented if your buyer (when you have one) won't hang on.

Just don't accept an offer if you're not ready to move.

If you do accept, they will probably only want to give you a certain amount of time to find somewhere. Keep communication active. I lost a buyer as nobody kept her in the loop (useless EAs). We lost the house we were going for and found another within a few weeks but she scarpered.

Also, beware - if you do keep marketing your house, your buyers will no doubt keep viewing others. Do not presume you'll get another offer at the same level when you are ready to move. It could take months, or you could get lower offers.

Also, if your EA find you buyers (and you agree a price), then you pull out cos you can't find anywhere, you might find yourself responsible for their whole fee still.

Jx