Vendor still has property on the market

Goldfish52

We discovered today that the property we have had an offer accepted on is still actively being marketed. The property was on with several agents and our offer was accepted via our own agents 2 weeks ago. The vendor has not taken the property off the market with any of the other agents. We discovered this as I noticed people viewing the property when we walked past yesterday and our agent confirmed this with the vendor today. (despite the stipulation with our offer that it be taken off the market). I confirmed with our solicitor this evening that she has not received contracts, possibly suggesting that the vendor is hanging on for a better offer?

Clearly this is the prerogative of the vendor, but equally we are not happy to proceed with such a high risk of being gazumped. We are quite keen on the property so don't want to withdraw our offer automatically.

Are there any options other than proceeding at high risk?

Thank you for any help!

moneyistooshorttomention

My first thought there is to tell all the other EA's marketing your house (ie the one that you have had offer accepted on) that it is "yours" now, as your offer on it has been accepted, and remind them of the recent changes that EA's should tell other prospective buyers about any issues they are aware of. Hopefully this would help in deterring other would-be buyers from viewing.

Not sure if this is the law or a Code of Conduct...but it IS there and has become the case within the last year I know.

I would tell these EA's personally by sending them a letter telling them so (Recorded Delivery etc/copy kept) and also go in (after you have the receipts back for that) and ask to speak to the manager in person and reiterate verbally and tell them about you having receipts for these RD letters.

They would find it rather difficult to avoid telling other would-be purchasers when they had so clearly been "told" this relevant fact by you (ie that its yours).

Fortunately, when I bought my current house and could see it was still being marketed after my firm offer had been accepted, there was only the one EA to deal with and I let rip at them big time verbally and reminded them that the house is in a small town with a good local "grapevine". That was sufficient in that instance and my sale then proceeded according to plan (and some "boarders attempting to climb on board" repelled...in the form of VERY keen other buyers trying to view my house after my firm offer had been accepted).

Re the crafty little so-and-so the vendor has turned out to be...I would certainly let him know that you know, by telling him that I had seen that the house is still being marketed and that you had spotted other people viewing it and make it plain that you are unhappy with this and will re-consider whether to proceed with purchase if he doesn't stop showing other viewers around immediately. It's up to you how "gentle" or "firm" you wish to be with him when you let him know.

I also reminded the EA's that I had a Second Choice house in reserve that I was also interested in...and hinted I might go for that one instead if there was any more "funny goings on".

Good luck.

Itismehonest

I think the problem with money's suggestion is that it is not "your house". An offer does not necessarily mean a sale. There are still chances to be taken by both sides.

As you say, OP, you run the risk of being gazumped although, hopefully, your vendor would look on the offer as a moral, gentleman's agreement-type contract & not allow gazumping.

A vendor still risks the purchaser changing their mind for any number of reasons or for the purchase money not to be forthcoming & for the sale to fall through.

Both would love to know that an offer was all that was needed but neither can bank on it, unfortunately. While trying to help a sale through & be helpful to any purchaser, an EA actually works for the vendor so should take their instructions from them. A higher price means more commission for them, too. If others are seriously interested then pushing luck by threatening to pull out could work against you. You need to decide if you think it worth the risk. If gazumping has started again then it's become a seller's market.

The Scottish system (where an offer is legally binding, I believe) stops the uncertainty or, at least, makes provision for either side being liable for a purchase falling through due to their side of the transaction.

It's a case of fingers crossed. Good luck

DRP

I assume you are proceeding with solicitor, survey etc and the vendor is not led to assume you are delaying in any way?

If so, and in all other aspects you are a good buyer, I think the only option is to tell the EA you are dealing with that you will pull out if he doesn't convince the vendor to take the house off the market immediately.

He should do everything in his power to get the vendor to comply - he wants his fee ASAP after all.

THe vendor sounds like he might be a pita though...

Thrugelmir

Goldfish52 wrote: »

We discovered today that the property we have had an offer accepted on is still actively being marketed.

Have far have you proceeded with your mortgage application?

Thrugelmir

Itismehonest wrote: »

A higher price means more commission for them, too.

An often quoted red herring. Until a sales completes there is no commission. So in the EA's interests to guide the vendor as well. A higher offer is no guarantee and the additional commission is minimal in the scheme of the transaction.

Vintageryan

When I sold my last house I would not take it off the market until the buyers had a survey done. The survey was due a week later and we took it off the market as soon as it was booked.
We are also in the process of buying a house and the estate agent has said it is they policy not to take a house off the market until a survey is done. This seems fair enough to me, why should the seller lose out on potential buyers until you have made a financial commitment.

Itismehonest

Thrugelmir wrote: »

An often quoted red herring. Until a sales completes there is no commission. So in the EA's interests to guide the vendor as well. A higher offer is no guarantee and the additional commission is minimal in the scheme of the transaction.

I didn't say a higher offer. "A higher price" as in actually sold at a higher price was what I meant.
So, we agree & also agree that no offer is a guarantee.

Yes, the additional commission could well be minimal depending on prices/percentages involved.

As Vintageryan says, fairness in transactions involves both parties. Requiring the vendor to pull the property from the market before even the survey stage has been reached is only in the prospective purchaser's favour. It's something which tends to happen more during a buyer's market.

phoebe1989seb

Vintageryan wrote: »

When I sold my last house I would not take it off the market until the buyers had a survey done. The survey was due a week later and we took it off the market as soon as it was booked.
We are also in the process of buying a house and the estate agent has said it is they policy not to take a house off the market until a survey is done. This seems fair enough to me, why should the seller lose out on potential buyers until you have made a financial commitment.

Fine.....although the last two houses we have purchased we didn't have a survey of any kind - where would that leave us?

Perelandra

Vintageryan wrote: »

We are also in the process of buying a house and the estate agent has said it is they policy not to take a house off the market until a survey is done. This seems fair enough to me, why should the seller lose out on potential buyers until you have made a financial commitment.

Why should the potential buyer risk losing his survey fee to a seller who hasn't demonstrated that they're willing to take the house off the market?


If the buyer is faffing around with delaying instructing a solicitor/survey then by all means put the house back on the market. But if the buyer is going through the right motions then, imo, he should be given the benefit of the doubt and treated fairly.

moneyistooshorttomention

phoebe1989seb wrote: »

Fine.....although the last two houses we have purchased we didn't have a survey of any kind - where would that leave us?

...and I am most unlikely to bother with a survey if I change my mind and swop this house for another one at some point. I wasted the money on surveys on both my starter house and this one. Had no option with the starter house (as I needed a mortgage).

Considering what the surveyor overlooked both times...hence why I wasted my money.

Right now....I'm trying to keep spirits up with whistling "Theres a hole in my bucket Dear Lisa" whilst watching a spreading stain on a room ceiling and hoping to goodness I'm not about to be told I need a new roof (a roof repair will be bad enough and totally unexpected):eek:

As regards selling my last house, my EA didn't even ask me whether to stop marketing the house. They just marked it as "sold to STC" and stopped showing viewers round literally the second I had accepted my buyers offer. I think that's probably their standard practice...as they market themselves as an "ethical estate agent" and not down to the fact that my EA told me the second my buyer had had her first viewing that he thought "she will be the one".