Asking for the property listing to be completely taken down as a condition to offer?

Frukoz

Hi,

First time buyer worried about gazumping.

Is it common to ask the vendor to remove all listings for a property upon acceptance of an offer? I know that in most cases they just add "under offer" and stop viewings but I don't trust the estate agents one bit. I want the listing completely taken down as a condition to my offer.

Is this possible? Thanks.

theartfullodger

You can ask:

Vendor may or may not agree, possibly with conditions (e.g. OK as long as you exchange in 3 weeks & complete in 6 weeks at price of £x,xxxk).

If I was worried & desperate I'd offer (eg) "I'm buying for cash & can exchange this week complete in 3 weeks " which tends to get people's attention...

Agent may or may not ignore vendor's instruction. Rightmove & Zoopla etc take time to process remove instructions and, once out on't t'InterWeb, the advert will still be able to be found, cached....

Until you've walked into the place, keys in hand, vendor gone & solicitor confirming everything has gone through there's nothing guaranteed about buying property. You cannot change that:

hcb42

I certainly wouldn't agree to that..however as long as you look like a serious buyer and proceeding quickly then there is probably little to worry about

megaginge

If you have AIP and are obviously serious, stating you want it taken off the market is reasonable and I'd expect them to agree.

But that'll mean it goes to "under offer" / Sold STC. They won't have it fully removed... Because if it falls through theyre then paying to relist.

Nothing you can do to stop an agent playing games, inventing bidders or inviting gazumping... Horrible but true. Exchange contracts as soon as you're happy and able.

Cheeky_Monkey

If your offer was for the full asking price, or above, the vendor may well agree to that but if it's below I think it's unlikely as they may want to hold out for a better offer

Thrugelmir

Frukoz wrote: »

Hi,

First time buyer worried about gazumping.

Is it common to ask the vendor to remove all listings for a property upon acceptance of an offer? I know that in most cases they just add "under offer" and stop viewings but I don't trust the estate agents one bit. I want the listing completely taken down as a condition to my offer.

Is this possible? Thanks.

As a seasoned seller. I wouldn't delist until the transaction was well under way. Encountered too many timewasters over the years. Nor would I accept a higher offer. As just means the whole process starts over again.

cajef

Thrugelmir wrote: »

I wouldn't delist until the transaction was well under way.

Neither would I, we have had people make offers then pull out for various reasons in the past and some without any reason why.

ognum

Frukoz wrote: »

Hi,

First time buyer worried about gazumping.

Is it common to ask the vendor to remove all listings for a property upon acceptance of an offer? I know that in most cases they just add "under offer" and stop viewings but I don't trust the estate agents one bit. I want the listing completely taken down as a condition to my offer.

Is this possible? Thanks.

I would want you to have put some money into the house purchase before I would delist. If you are that worried about gazumping then there will be another Joe out there who will buy it!

By putting some money in I mean I would want the survey done at the least, when you have made some serious commitment I would be happy for the listing to come down.

However, the endorsers to refer to their contract with the EA, this may say they can continue to promote as SSTC.

always_sunny

As I am going through the process now, I think it's fair for the property to be removed from active listing and flagged as Sold (pending blah blah) but essentially, still there.

Unless the buyer is buying cash, financing is not confirmed till there's an evaluations and a mortgage offer. If the property gets valued less, the buyer doesn't get financed, the buyer can just walk leaving the seller high and dry!

More than being gazumped, I worry about the valuation from the lender!

Frukoz

So I have very good finances which I have made clear, and a low offer in, which I think is fair considering my finances and lack of chain. I am committed to the purchase and can all but guarantee no problems from my end.

However I don't trust estate agents one bit and understand that other offers may come in higher than mine, but less secure. Vendor can still be tempted by these kinds of offers.

I am the one spending money to buy the property. The vendor can drag his feet without spending a penny. I just want some sort of guarantee or good will gesture for me to spend money on Surveying, lawyer fees, etc.

Anyway thanks for replies so far - insightful.

Oh also, when does "Under Offer" apply to a listing, and when does "Sold STC" apply?

I take it if they accept my offer, then it's considered sold - right?

Marktheshark

Yes, on payment of a non refundable contractual deposit of not less than 3%.