offer accepted but seller wants to continue marketing property

kingstreet

Does the vendor have an onward purchase?

Has the chain fully formed?

If not, I'd be advising you to do nothing until it has and the whole chain can proceed at a similar time/pace.

You going charging off and doing everything lightning speed is just going to leave you waiting for the others to catch up.

djedga

kingstreet wrote: »

Does the vendor have an onward purchase?

Has the chain fully formed?

If not, I'd be advising you to do nothing until it has and the whole chain can proceed at a similar time/pace.

You going charging off and doing everything lightning speed is just going to leave you waiting for the others to catch up.

This is a very good point...

rexmedorum

kingstreet wrote: »

Does the vendor have an onward purchase?

Has the chain fully formed?

If not, I'd be advising you to do nothing until it has and the whole chain can proceed at a similar time/pace.

You going charging off and doing everything lightning speed is just going to leave you waiting for the others to catch up.

This is another one of those! It's marketed as no chain but when telling us the offer was accepted the agent mentions a 8 - 12 week time frame and said the vendor had to find another house. I'm not 100% sure if he said buy or get (which could be rent). To be honest I haven't pressed the issue but that sounds like a chain to me, even if it's potentially a very short one?

System

I personally walked away from a similar situation. I was not willing to pay anything until the property was of the market. When they didn't we hit a stalemate and communication just stopped so I looked elsewhere
From my point of view it seemed like getting this house to exchange would have been a nightmare given how the vendor was behaving for an offer of over £5k on asking price!

goodwithsaving

Sometimes survey delays aren't the buyer's fault - the mortgage company could be slow, there could be a backlog, these things can be cancelled as ours was (luckily we had a pleasant vendor). Our IFA stated we could afford it and sometimes, there needs to be an element of trust.

I wouldn't book a survey if it wasn't taken off the market as a condition of the offer. Why spend money if the vendor isn't ready to commit either? You could have the survey, have it still actively marketed and have a vendor say, 'oh sorry, another buyer has come forward'.

Unfortunately it's a sellers market so they call the shots. I really don't like the English system.

seven-day-weekend

SleeplessinScandinavia wrote: »

As a buyer (in the UK), I would have made my offer on condition that the property is taken off the market, and also subject to survey.

As others have suggested, if the local market is buoyant vendors may decide to accept further viewings - in which case, if that comes to your attention, you need to decide how much you want the property - or whether its better to walk away.

I'm no 'fan' of the system in Sweden, where I presently live - but once an offer is accepted, vendor and buyer generally meet in the estate agent's office (very often the next day) to sign contracts which are binding on both sides.

When we lived in Spain, once the deposit is paid, often just after acceptance of the offer, then it is legally binding and if someone then pulls out there are expensive financial penalties.

Our own house sale was complicated, on our side and the buyers', so no money was paid until we knew that neither side would have to pull out due to circumstances beyond their control.

moneyistooshorttomention

When I found out that vendor of my current house was trying to keep the house "on the market" after he had accepted my offer, I basically stated "Unless you see me delaying in getting my surveyor in, then your house IS now off the market or I will go and offer on my 2nd choice house instead".

He took it off the market at that point.

cajef

moneyistooshorttomention wrote: »

I basically stated "Unless you see me delaying in getting my surveyor in, then your house IS now off the market or I will go and offer on my 2nd choice house instead".

Someone tried that with me, I told them go ahead when they are in a position to proceed I will take it off the market until then it stays on, I don't like being told what to do and was in no rush to sell and had others interested.

DRP

moneyistooshorttomention wrote: »

When I found out that vendor of my current house was trying to keep the house "on the market" after he had accepted my offer, I basically stated "Unless you see me delaying in getting my surveyor in, then your house IS now off the market or I will go and offer on my 2nd choice house instead".

He took it off the market at that point.

cajef wrote: »

Someone tried that with me, I told them go ahead when they are in a position to proceed I will take it off the market until then it stays on, I don't told being told what to do and was in no rush to sell and had others interested.

Of course there's no need for either party to be quite so antagonistic - it is counter-productive in my experience.

A sensible approach is to check the circumstances of the buyer (% deposit, AIP etc) and give them a period of time while the property goes SSTC (i.e. off the market) in which to demonstrate 'commitment'. EA can still be taking details from any other interested parties.

If things don't proceed to either party's liking in that time frame then it is extremely simple and quick to re-market the property (*move mouse pointer* *click!*).

Bingo - good will maintained on both sides!*



* this was my EA's policy and the policy of the selling EA. Very sensible imo- nobody needs the hassle and stress of starting off, what can be a long process, on the wrong foot.

rexmedorum

cajef wrote: »

Someone tried that with me, I told them go ahead when they are in a position to proceed I will take it off the market until then it stays on, I don't told being told what to do and was in no rush to sell and had others interested.

What exactly do you mean with 'in a position to proceed' though?
I'm ready to go and keen to proceed I just don't feel like spending over 1k on good faith if the other side clearly doesn't have any faith in us.