Estate agent still listing property for sale

Guest101

phill99 wrote: »

What a ridiculous comment.

How's that? They are paid by him, if noone buys the house, they dont get paid. its 100% accurate, you can make an offer subject to no further marketing.

Guest101

phill99 wrote: »

Rubbish. That's like saying the company that pay my wages has an interest in which brand of soap powder I buy.

The relationship is contractual. The contract is between the EA and vendor. How the EA gets paid is completely academic.

Its nothing like that. Do you have any clue?

In your example the company is the vendor and your the EA, who's the buyer? Oh ye, the customer, so if you dont please your customers, they stop coming and you lose your job. Work it out, or better still don't, clearly over your head.

DRP

holly_hobby wrote: »

Unless the buyer is a cash purchaser, the EA should continue to market the property, but clearly mark/state its "under offer", until exchange of contacts has taken place.

With regards to the EAs duty of care, it lies with the Vendor as its the Vendor whom have employed the EA to market the property.

Hope this helps

Holly

By your description, "Under Offer" is really no different to SSTC.

Assuming the buyer has insisted no more viewings, in either case the ethical vendor and EA (:rotfl:) would consider it to all intents and purposes 'sold'.

holly_hobby

Yes, technically its SSTC (ie an offer has been accepted by the Vendor), but the legal formalities are not yet completed, and is a term now more commonly by EAs in place of SSTC.

In fact to be super technical, under offer really means that an offer has been forwarded to the vendor whom hasn't yet given a decision, its sort of on the table if you will.

Whether it should be considered sold, simply on acceptance of an offer, would really be down to if its cash, or the pchr has a full CRA DIP in place, as otherwise it may all fall down on full mge application (notwithstanding survey issues), which of course wouldn't be a sale at all

Holly

DRP

holly_hobby wrote: »

Yes, technically its SSTC (ie an offer has been accepted by the Vendor), but the legal formalities are not yet completed, and is a term now more commonly by EAs in place of SSTC.

In fact to be super technical, under offer really means that an offer has been forwarded to the vendor whom hasn't yet given a decision, its sort of on the table if you will.

Whether it should be considered sold, simply on acceptance of an offer, would really be down to if its cash, or the pchr has a full CRA DIP in place, as otherwise it can all fall down on full application (notwithstanding survey issues).

Holly

i guess this may be a regional thing. Where we are, under offer is very rarely used. Property moves pretty fast and i guess that there is little point in advertisign a house as under offer.

By 'considered sold' i mean that to all intents and purposes it is sold, as if everything goes forward as planned with the current buyer then the vendor will not be accepting other offers.

Better_Days

It is worth getting a friend to ring the EA to enquire about a property in these circumstances. We had an offer accepted on a property last week. Still for sale on RM yesterday so I asked a friend to ring up and enquire about the property. She was told that there had been an offer on the property but it had been rejected.

I rang the agent to ask why the property was still for sale on RM when they had agreed no further viewings when my offer was accepted. They put me on hold for a while then came back and told me that the vendor had changed their mind and wanted more. They said they were sorry for not ringing to tell me but that they had been busy. The EA said the property was now back on the market. I replied somewhat acerbically that it appeared to me that the property had never been off the market.

The EA's are slippery and I think they were planning to keep us hanging on as long as possible (we are chain free cash buyers) to see if a better offer came along in the meantime. Vendors want OIEO £250k and EA tried to bump the offer up by £10k for fixtures and fittings which I refused to agree to. I had to push to get the truth from the EA - it's a jungle out there!

DRP

My experience this week:

Offer accepted Monday. EA took our solicitor and EA details during the phone call.
Memorandum received Monday.
Rightmove SSTC Tuesday morning.

It can be done very simply if the EA/vendor wants it to happen.

kingstreet

Make sure when you make an offer, you tell the agent SPECIFICALLY what you want as part of the acceptance of that offer.

If you want it marked SSTC and no further viewings to take place, ensure you ask for that and be prepared to accept the vendor/agent request for certain mileposts to be passed within certain timescales for that to be provided.

For example, you want no further viewings, they tell you valuation/survey has to be appointed before they will agree to that.

Negotiation does not stop with the price alone.