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Sale agreed but estate agent still allowing viewings
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From another thread; ("Vendor wants £30k more")From an OFT report of 2010;
"Strictly speaking, in England and Wales, there is no 'transaction' at all at offer acceptance. There is only the potential for a transaction at a verbally agreed price. Until exchange of contracts, either side can pull out without being liable to the other for losses incurred. About 20 per cent of transactions fail between offer and exchange.
... Some stakeholders told us that they believed the key to improving the process in England and Wales would be to introduce a point earlier in the process where parties make a binding commitment, for example, to mandate written offers and acceptances which are intended to be binding on the parties. The practical difficulties of bringing about such a change may be significant - success is likely to depend on the detail of any new process and the willingness of buyers and sellers in England and Wales, and their professional advisers, to accept the change. "
Someone, anyone, whether buyer, seller or E&W property professional, please tell me/us - why on earth would you NOT accept this change?
and http://forums.moneysavingexpert.com/showpost.php?p=64897336&postcount=57
When the housing ministers don't think anything is wrong with the system, which 'governing body' is going to put a stop to it?0 -
The problem with increasing your offer now to outbid the other party is, what if the vendor's do it again in a months time..........0
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Please name and shame the estate agent.
I know they have done nothing legally wrong, but I'd like to know who to avoid.0 -
Agents hate the extra hassle, uncertainty and general ill feeling leaving a property on the market leads to, but some sellers insist. I have been buying a b2l flat and it's only just come off the market once my mortgage offer came through.
People that state EA's like leaving on the market to generate a marginally small extra commission really have no clue about business. It requires extra work and admin to leave somewhere on the market.
The other reason EA's are more likely to leave on market is to guard against offers from other agents / people knocking on the sellers door - this ensures all bases are covered and the EA does not get accused of under selling.0 -
The problem with increasing your offer now to outbid the other party is, what if the vendor's do it again in a months time..........
Then walk away, it's no issue at all as the seller will readily find other buyers.
People just have to accept this fizzy market is just the way of things when so many are trying to buy a place. I paid over the odds for my latest B2L flat and also lost 2 others I was in process of buying. Ho hum, it's just the way of things.0
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