Vendors putting property back in market after offer is accepted

Delilah732

lo12 wrote: »

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?

I applied for the mortgage and booked the valuation survey from the lender at the same time. Luckily the lender is one that doesn't make you wait for the survey. I don't think my seller minded which survey was carried out, he just wanted to be certain that i'm a serious buyer before he listed it as sold

m0bov

If i were u i would speak to the vender. Tell them unless its shown as STC u will pull out. Sounds a bit stinky to me and might save problems later.

Yorkie1

m0bov wrote: »

If i were u i would speak to the vender. Tell them unless its shown as STC u will pull out. Sounds a bit stinky to me and might save problems later.

I think this is poor advice.

Yes, the seller is trying to push the pace, and that's not great, but threatening to pull out at this stage is a little too aggressive.

As long as the mortgage has been applied for, and a solicitor appointed, the rest of the timescales are realistically out of the buyer's hands. Some lenders do the valuation at the start of the underwriting process; for others it can be at the end, so some weeks later.

There is not infrequent advice on here to sellers that it is not unreasonable to keep the place on the market until the buyer has shown some actual commitment to the purchase, e.g. by appointing a solicitor and getting the mortgage under way / survey booked.

OP, unless you definitely want a structural survey done by an independent surveyor, it is absolutely fine to tell the lender that you want their surveyor to do a structural survey for you when s/he does the valuation survey for the bank.

caitcam

When I bought my house, the day I put in an offer it changed to SSTC on rightmove, then two days later SSTC was removed, so looked like it was still for sale. I called the estate agents who insisted that their system still showed property as being under offer and that there was a 'glitch' with Rightmove. I still don't fully believe what they said, but my purchase still went through and I'm now living here. There was never a sold sign put up either.

To be honest I wouldn't worry too much if the ad. shows SSTC or the sold sign is up, it all depends on the vendor processing the sale with their solicitor etc. and dealing with necessary paperwork as it arrises, if they do this, then I wouldn't think there was an issue. But it is a very stressful business and until you have the keys in hand anything can happen unfortunately.

Good Luck

evuliuxb

I would speak to the agents and tell them that you will pull out if SSTC is not displayed, otherwise seems like they might take advantage and put you and the previous buyer into contract race, meaning, whoever will proceed quicker and will exchange contracts first, will get the house.

paul1964_2

Phone (or get someone else to phone) the EA and ask about viewing the house. If they are still taking viewings, I personally wouldn't spend money on a surveyor/solicitor until they agreed to take property off the market.

olly300

paul1964 wrote: »

Phone (or get someone else to phone) the EA and ask about viewing the house. If they are still taking viewings, I personally wouldn't spend money on a surveyor/solicitor until they agreed to take property off the market.

It doesn't work like that unfortunately.

Lots of estate agents will not take the property of the market or stop showing people around until the person who has made the acceptable offer has shown some commitment.

There are people who make offers who pull out for some whim or can't get the mortgage finance.

I looked at a property and made an offer but as it ended up being matched by the person who started negotiating first, my offer didn't go ahead.

That property wasn't advertised as "under offer" until 3 weeks after the first person matched my offer. However by that time I had found another property which was bigger and in a better location.

Estate agents get more commission by selling more properties. So it's in their interest to get one buyer for each property they have on their books rather than having 2 buyers fight over the same property.

Edited to say: I did question 2 people I know who are and were estate agents on this and what they said was interesting. Funnily one of them, who is still an estate agent, sold their own property via a private sale to someone looking at another property on their street.

mothershipton

the house we put an offer on, didnt go subject to contract till the estate agent issued a memoradum of sale after we got an offer from the mortgage company

paul1964_2

olly300 wrote: »

It doesn't work like that unfortunately.

Lots of estate agents will not take the property of the market or stop showing people around until the person who has made the acceptable offer has shown some commitment.

I don't know whether customs are different around the country, but for houses I have bought/sold (in the midlands and the south west) it has worked precisely like that.

I don't see why any buyer would spend hundreds of pounds on a survey until the person selling the house has shown some commitment. (i.e. stopped encouraging offers from other parties).