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Confused - need advice please :/
mkgirl1981
Posts: 473 Forumite
I have read some advice from people on here about making offers saying 'offer £xxx & ask them to take the property off the market'. I thought after you make an offer, if its accepted the ea still has to market the property until exchange - is this correct?
Thanks
Thanks
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Comments
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No. Normal practice (between honourable people!) is that once an offer has been made and accepted, a 'gentlemans agreement' exists to buy/sell.mkgirl1981 wrote: »I have read some advice from people on here about making offers saying 'offer £xxx & ask them to take the property off the market'. I thought after you make an offer, if its accepted the ea still has to market the property until exchange - is this correct?
Thanks
Legally of course, neither side is bound (to allow for unforeseen eventualities - eg adverse search or survey results, or a seller's onward purchase falling through), but it is 'understood' that the buyer stops looking for other properties, and the seller stops looking for other buyers.
You have probobly read threads here where a buyer is purchasing a 'repossession' from a bank - ie the owner has defaulted on their mortgage and the bank has taken over the property and is selling it.
In these situations, yes, marketing will continue, making things very stressfull for the buyer. This is because, due to selling someone else's property, the bank has to be able to prove (if required) that they did everything possible to get the highest price.0 -
Ok thanks - the property would still come up on rightmove but it would say under offer / sstc, technically someone could make an offer without seeing the property & gazump me still ?0
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I have this same question. I don't really understand how it all works!0
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What I have done in these circumstances is made the offer conditional on the Estate Agent taking it off the market, withdrawing it from their web site and not marketing the fact that it is sold STC. Surprisingly it worked & they did exactly as I wanted. If I were the seller I would have asked for a non refundable deposit of a couple of greand
but they didn't
Best of luck
Paul0 -
Princess_Mary_Poppins wrote: »I have this same question. I don't really understand how it all works!
Read this or similar.
Free at the local library!0
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