Vendors putting property back in market after offer is accepted

lo12

Although, i have seen various thread in this forum which are similar to mine. Vendors are putting the property back in the market after the offer which we gave them is accepted by them.
This property was sold initially and came back in the market again due to old buyers not proceeding quickly, my concern is about gazumping, if the old buyers come back again offering better offer than us! Also, I am not a cash buyer, so getting morgage application done and accepted will take atleast 2 weeks.
EA's says that the vendor have given us 7 days until we do the survey, after which they can't gaurantee that the sale will proceed. The main concern arises of the fact, that the property is already on market and we are performing survey's and spending money. Please let us know how to proceed.. We don't want to pullback the offer which we have given, is there some way around this so that it works in both favors ?

Delilah732

How long ago did you make the offer? Have you arranged a survey?

You are saying that if you have arranged a date for a survey within 7 days that the property will not be going back on the market. If you haven't already arranged it, is there a possibility that you could do this in the time frame?

olly300

You need to understand in England and Wales that you cannot stop the Vendor:
1. pulling out
2. refusing to sell to you
until contracts have been exchanged.

On the other side they can't force you to pay a particular price until contracts have been exchanged. So if the survey uncovers the property has a problem or you just decide you don't like it then you can pull out.

The survey is just to show the property is OK and even though it will cost you about £800 to show this least it prevents you wasting a few £100 thousands.

Also the estate agent works for the vendor so they may not actually be telling you the truth. The other party may have just pulled out because they weren't serious or they may not exist.

I was told there was someone else interested in the property I wanted to buy like a few of my friends and they never materialised once I put an offer in.

lo12

I made the offer 3 days ago only. Property was removed out of market 1 day and then but back following day.I have not arranged the survey yet, I think that is made as a part of mortgage application.. Do i necessarily need a different surveyor who can do survey quickly before my mortgage lender?

I don't understand, either the seller is willing to sell quickly or playing games.

littlesparkles

I accepted an offer a few months ago. At that point I instructed the estate agent to list it on rightmove etc as under offer. It was then changed to sold subject to contract when the memorandum of sale was sent out to me and solicitors had been instructed. The for sale board is still up but has STC on it. The property is still listed on websites but with STC on it. If anyone else put in an offer then the agent would HAVE to tell me by law. I would not have to accept however. I have absolutely no intention of pulling out of the sale but officially the property is still being advertised but with STC on it. I think this is pretty standard.

When I first bought this property I made my offer subject to the for sale sign being removed completely and it being removed from websites. The seller agreed to this. The offer was very close to the asking price. Did you make any conditions when you put in your offer?

olly300

lo12 wrote: »

I made the offer 3 days ago only. Property was removed out of market 1 day and then but back following day.I have not arranged the survey yet, I think that is made as a part of mortgage application.. Do i necessarily need a different surveyor who can do survey quickly before my mortgage lender?

You can use the same surveyor to do the valuation for the mortgage company and to do your home-buyers report/full structural survey if you wish. Make sure you don't just have a valuation.

Do you have a solicitor? I suggest you find a solicitor. Ask the estate agent for solicitors details, and also try and find your own. The reason to ask the estate agent for solicitors is to make it clear you are interested in buying the property.

You need to find your solicitor at the same time as doing your mortgage application.

lo12 wrote: »

I don't understand, either the seller is willing to sell quickly or playing games.

Nope. They may simply have been burnt before so aren't willing to do anything until you make it clear that you are buying.

Delilah732

The place i'm buying agreed to list it as sstc as soon as I had arranged a survey. I had a good broker who arranged my valuation survey that day so it is possible to do things fast if necessary, and you have your heart set on this place

BobQ

lo12 wrote: »

I made the offer 3 days ago only. Property was removed out of market 1 day and then but back following day.I have not arranged the survey yet, I think that is made as a part of mortgage application.. Do i necessarily need a different surveyor who can do survey quickly before my mortgage lender?

I don't understand, either the seller is willing to sell quickly or playing games.

The mortgage provider will do a Valuation for mortgage purposes (ie the price they could sell the house for today) to protect their interests.

A survey is for your purposes to see what state the property is in and protect your interests.

They can be combined and done by the same surveyer but they do not need to be.

Whether you need a separate survey is up to you, but it is advisable to have a survey of some kind on the condition of the property. The seller is trying to force the pace, unless you are desparate to buy this house I suggest you tell the buyer what you plan to do (combine with the valuation) but explain that you do not intend to proceed unless its taken off the market.

You may lose the house doing this of course.

lo12

If i perform the survey of property now, i will still be charged by the bank for valuation isn't it?
Also since this is old property i wish to do full structural survey - which means i will end up paying 2 times, one done quickly and other done by my lender! Is there any way i can combine both or let my bank know that the survey has been done?

The problem is property does not have STC on it! It had STC just for the day when offer was accepted, then it is back to available (No under offer / Sold STC)..
Also doing the survey does not still assure me property will not be shown to other people / offers will be accepted from the ones who have already seen.

lo12

Delilah732 wrote: »

The place i'm buying agreed to list it as sstc as soon as I had arranged a survey. I had a good broker who arranged my valuation survey that day so it is possible to do things fast if necessary, and you have your heart set on this place

Thanks for the information, may i ask you did you book the survey via the estate agents, or did you look somewhere on internet to find surveyor? also can solicitor help me in this case?

littlesparkles

Unfortunately when you are buying a property in England you run the risk of losing fees (survey, searches etc) because nothing is certain until contracts are exchanged. And the searches and valuation/survey are done before this so there really isn't a way to avoid the risk of losing money. :-(