Vendors refusing to take the property off the market

firsttimeforeverything_2

Hi all,

My boyfriend and I put in an offer on a property last week, and it was accepted yesterday. The EA seems to be keen to get things started and has asked for all our details, broker's details and solicitor's details and details of when we plan to do the survey. However, when I asked him to take the property off the market after seeing it still on Rightmove, he told us that 'unfortunately' the vendors' instructions were to not take the property off the market 'until exchange' as a back up in case there was a problem with our mortgage (there won't be) or we had second thoughts after the survey.

I responded that this was unacceptable (obviously- rather than accepting our offer all they've really done is allow us to have a survey done and start racking up legal costs!), but have compromised in saying that they can continue to market it until the survey is done and we've agreed to proceed (to be fair although we have factored in the work we think needs doing into the price we offered, if the survey does throw up anything unexpected we will think twice), but have said that if the vendors don't agree to take it off the market once this has been done we won't proceed any further, and will continue to view other properties.

So, was I right? Were their instructions as cheeky as I think they were?

Thanks!

mrschaucer

Why on earth would they take the property off the market until you had proved your interest/intentions by having a survey done? Sales are called off all the time for all sorts of reasons.

firsttimeforeverything_2

Well that's why I've said that they should take it off once the survey's been done and we've agreed to continue (this should happen within days). Surely keeping it on right until we exchange is way too long?

G_M

Why not tell the vendors/agent, you will only instruct your solicitors, surveyor etc to proceed (and start charging you!) once thevendors show good faith in their acceptance of your offer by removing the property from the market...?

The way they are proceeding, you could start knocking up fees/charges etc, only for the vendor to turn round later and say "we've received a higher offer"....

ILW

If you don't like it, walk away.

Calleja

I had a similar situation, and I agree the best thing is to put your foot down and say that you are not going to proceed unless its taken off the market. However, its difficult to do if you really like the property (I know, I was in a similar situation...)

My property stayed on the EA books and RM but they suspended viewings. That way, if anyone showed an interest, the EA could take their details and if you fall through, they can give them a call. Its not perfect and you may want to check they are sticking to their word and not viewing on the sly, but I think its a fair compromise. You are taking all the financial risk but at the end of the day, if you do fall through, it doesn't look good for the vendors to have a property going on and off the market for various reasons.

firsttimeforeverything_2

Thanks everyone, that's helpful- I'm now prepared to compromise! I am super-keen admin-wise, so hopefully they'll be reassured soon.

R_P_W

Well you can't make them can you. It is common for properties to remain listed on right move

TDPIX

I wouldn't proceed (no mortgage app, no surveyor etc) until the property was withdrawn from the market.

R_P_W wrote: »

Well you can't make them can you. It is common for properties to remain listed on right move

Yep, but they can always put "Sold Subject to Contract" up on the listing.

monty-doggy

I made my vendors put sold subject to contract. Actually they put under offer first, and when I had survey done it was SSTC and now it says sold

rrtt

Heh, works both ways. Last year I had an offer agreed/accepted, the EAs refused to take it off market till I instructed a solicitor which I did having had full survey done. Then on the afternoon of supposedly exchanging contracts, my solicitor emailed to say our deposit cheque and signed contract had been returned, the vendors now requiring an extra £70,000 in addition to the agreed price! Needless to say I didn't agree!! Ended up with massive survey/legal fees (not to mention stressed), and absolutely zero to show for it. There are some seriously bad people out there...