Houses regularly coming back onto market

freddyq

Bluebirdman_of_Alcathays wrote: »

The fundamental problem as often discussed on here is the system where the agent of the vendor is "qualifying" the purchasers position. This conflict of interest is wholly unethical.

A wholesale redesign wouldn't even be that difficult. If you had a French style system, where once offer & acceptance have occured (followed by 7 day cooling off period) the purchaser is committed to a 10% deposit regardless of outcome, there would be a marked reduction in the issues the OP mentions.

And I know for a fact that in Orlando, FL purchasers have to have a mortgage offer from the bank before they can make an offer on a property!

Surrey_EA

Bluebirdman_of_Alcathays wrote: »

The fundamental problem as often discussed on here is the system where the agent of the vendor is "qualifying" the purchasers position. This conflict of interest is wholly unethical.

It's virtually impossible to achieve under the current system. There is no realistic way for an EA to accurately "qualify" the position of a proposed purchaser, therefore the whole thing has to work on some sort of trust.

When buyers often mistrust sellers, sellers often mistrust buyers, and everyone seems to mistrust the estate agent, it's something of a miracle anyone ever moves house in this country!

Bluebirdman_of_Alcathays wrote: »

A wholesale redesign wouldn't even be that difficult. If you had a French style system, where once offer & acceptance have occured (followed by 7 day cooling off period) the purchaser is committed to a 10% deposit regardless of outcome, there would be a marked reduction in the issues the OP mentions.

Quite happy with that, even happier if we can have French level of fees!! (4% up to 10%)

Surrey_EA

freddyq wrote: »

You say that, but whenever I've made offers in the last 7 months the agent has asked me for this and refused to consider my offer without! But I do agree that it's clearly too lose a endorsement to help the problem.

I don't doubt it, but they're wasting their time if you ask me.

househuntingmad

Noticed it a lot in the area I'm looking at (I even started a thread on here about it myself). It seems to be every week I'll notice 3 or 4 properties I had seen SSTC or Under Offer come back onto the market. And there isn't a huge amount of properties coming onto the market either. One property has come back on this week I've seen SSTC twice already, and that isn't the first one...

Though sadly the one I really wanted to come back on hasn't, but that's another matter :rotfl:

Immers7

It's happening here too. Very common phenomenon i guess. I don't think you can do a huge amount about it.

I imagine it also gives a false impression to the seller of the price the property will sell for too.

2Sheds

Get mortgage offer start to look for a house, mortgage offer expires !

My daughter is selling to FTB and they have changed mortgage providers and then gone on a 2 week holiday without completing the application.:j

Kynthia

There's always a large number of properties coming back on the market. Some will be due to offers exceeding what the lender values the property or because the buyer couldn't borrow as much as they thought. However some will be due to chains collapsing, a survey that rightly or wrongly scares off the buyer, a change in circumstances making people change their mind or lose their mortgage offer (redundancy, illness, pregnancy, divorce, etc), and people rushing in and then getting cold feet. It's not a new phenomenon but I'd imagine the number dies increase slightly in a rapidly rising market.

chopper78

Bluebirdman_of_Alcathays wrote: »

A wholesale redesign wouldn't even be that difficult. If you had a French style system, where once offer & acceptance have occured (followed by 7 day cooling off period) the purchaser is committed to a 10% deposit regardless of outcome, there would be a marked reduction in the issues the OP mentions.

That would only work if the seller obtained a Homebuyer's Report (without valuation) and local searches prior to sale (remember the Home Information Pack, which was a good idea in principal?) otherwise you could have a proper scam going on, earning yourself a lot of 10% deposits.

And it would only be fair if the vendor had a similar financial commitment seven days after offer.

Thrugelmir

GoldenShadow wrote: »

I didn't want them to think we were prepared to borrow anywhere near that because we aren't.

You are over thinking. I've never offered more than I'm willing to pay.

Surrey_EA

chopper78 wrote: »

That would only work if the seller obtained a Homebuyer's Report (without valuation) and local searches prior to sale (remember the Home Information Pack, which was a good idea in principal?) otherwise you could have a proper scam going on, earning yourself a lot of 10% deposits.

And it would only be fair if the vendor had a similar financial commitment seven days after offer.

My concern with this would be how quickly searches and surveys are out of date. In theory both are out of date the day after the are carried out.

What happens when a property has been on the market for two years? Would there be an obligation on the part of the seller to renew the searches every few months? Would they have to provide a recent survey? Would a buyer really trust a survey that had been arranged by the seller, and is potentially a year or two old?

If a property is listed for sale and attracts a buyer very fast then this could work, but as we know some properties can take a while to sell, and that is where problems can occur.

My suspicion is that even if a survey was provided by the seller a buyer would still have their own report carried out.

I've never bought a property in France, so am not well acquainted with the system, how does it work in practice? Are buyers just a bit more trusting?!