Vendors want to market their property until exchange

chrissycn

Sorry I put this in the wrong forum - I am having a bad day

Two months ago we had an offer accepted on a chain-free property and we were under offer from a first time buyer. Many weeks passed and it became apparent that out buyer couldn’t get a mortgage. Our vendors agreed to give us 2 weeks to find a new buyer, which we managed to do. This buyer is now in the process of applying for their mortgage which is taking a long time but out of our control.

Unfortunately my vendors have now lost patience with us and have decided to re-market their property whilst keeping us as their back-up plan, they intend to do this right up until exchange. I think they should be prepared to take it off the market once our buyers have the valuation and mortgage approved .

We have already spent £1K on surveys and searches but I am considering cutting my losses and starting the house hunting again.

Any advice/past experiences welcome.

ACG

You cant blame them, but at the same time have you asked if they will take it back off the market once your buyers get a mortgage offer?

andy.m_2

Inform the vendor that you are keeping them as a back up plan, but that you are actively looking at the market again.

Is it a seller or a buyers market where you are?

amnblog

Unfortunately, the law allows for either of you to pull out of the sale right up until exchange.

Nothing has changed apart from the fact they have had the decency to tell you they are trying to find a better positioned buyer.

chrissycn

ACG - I also don't blame them for re-marketing but I think taking it as far as exchange is unfair. I did tell their agent that I want them to take it off the market once my buyers had their mortgage in place, but the agent didn't want to tell them until the time came.

Andym - it is a sellers market but this house is rather quirky and had been stuck on the market for a long time. We have already started looking for other houses and I have arranged a viewing.

anmblog - other than a cash buyer they wouldn't be able to find a better positioned buyer, we are under offer it's just not moving along as fast as they would like.

I understand that anybody can pull out but it adds another element of risk when they are still taking viewings.

circuit

We had a similar thing happen to us.

House 1 vendor put it back on the market after 1 week delay caused by the EA mortgage advisor.

Looked around a few others and found house 2 in a nicer area so pulled out of first purchase.

In the meantime, our house sold in 12 days, so if the vendor had stuck with us, they would have had a sale by now. But the property is still on the market after 9 months. They threw away a perfectly good buyer for nothing.

Yes, we lost the money spent on survey and safety checks, but we kept our options open and found something better.... I suggest you book a few viewings with the same EA so they realise they might lose you.

felixthefrog

We have had an offer accepted on a church, but the charity that is selling it has instructed the agent to carry on marketing it and won't put up a Sold Subject to Contract in place of the (huge) For Sale sign. It's making us very nervous of being gazumped. Are they really allowed to do this?

chrissycn

Circuit - it sounds like it all worked out for the best for you and you had the last laugh! I am definately going to book viewings via their agent - brilliant idea thanks.

Felix - I am sorry to hear that you are in a similar situation to me. You could put pressure on them by telling their agent a condition of your offer was for them to stop all marketing. In answer to your question they are allowed to do this but I assume a majority of buyers would strongly object.

PasturesNew

felixthefrog wrote: »

We have had an offer accepted on a church, but the charity that is selling it ...

As a charity they have to abide by rules and getting the best deal that they can, so it'd be wrong to remove it from the market.