Sneaky Vendors

Killmark

I'm wondering what recourse we may have. We'd had an offer accepted on a house we liked, subject to the property being withdrawn from the market.

As it turns out the property was withdrawn by one of the agent estate agencies, however the vendors didn't request it be removed by the other agents acting for them. We were told however that the vendor wouldn't be accepting any other viewings.

Turns out the vendors had been showing others around and have received another offer via the other agent.

nodtomc

Recourse? You have none. They aren't under legal obligation to remove it from the market. If you're not happy, remove your offer. Chances are, this vendor will likely string you along til a higher offer comes in, at which point you'll be gazumped and out of pocket.

kinger101

Maybe agent 2 wants to keep it advertised so they can get the fee instead of agent 1. I'd give an ultimatum. Mark as SSTC with both agents or you walk away.

Killmark

nodtomc wrote: »

Recourse? You have none. They aren't under legal obligation to remove it from the market. If you're not happy, remove your offer. Chances are, this vendor will likely string you along til a higher offer comes in, at which point you'll be gazumped and out of pocket.

Bit late as we were at the exchanging contract stage.

On plus side our offer was basically the max of the range the bank valued it at so any higher offers may have a problem if reliant on a mortgage given the recent sale prices of very similar properties.

Hoploz

Have they accepted the new offer? It would have to be a lot higher for them to dump a buyer ready to exchange in favour of somebody else. Is there an upward chain?

It could be that they've made you aware, in the hope that you'll agree to match it. But you can't. Have you told them this? Or would you be prepared to find a little extra to keep them happy?

anselld

Killmark wrote: »

I'm wondering what recourse we may have.

Recourse for what? "Receiving an offer" is irrelevant to your purchase unless the vendors act on it.

AnotherJoe

Your recourse, if they accept the other offer, is to offer more so they go with you, and then procrastinate and pull out 5 minutes before exchange, or gazunder them last minute

getmore4less

Killmark wrote: »

Bit late as we were at the exchanging contract stage.

On plus side our offer was basically the max of the range the bank valued it at so any higher offers may have a problem if reliant on a mortgage given the recent sale prices of very similar properties.

Not a problem if they have a bigger deposit.

Kayalana99

getmore4less wrote: »

Not a problem if they have a bigger deposit.

I was told they won't value it higher then what you have offered anyway. They can value it lower if they don't think it's worth it but they will just put your value on their paperwork so a higher offer may just mean a higher valuation (or as above a bigger deposit)

Killmark

Hoploz wrote: »

Have they accepted the new offer? It would have to be a lot higher for them to dump a buyer ready to exchange in favour of somebody else. Is there an upward chain?

It could be that they've made you aware, in the hope that you'll agree to match it. But you can't. Have you told them this? Or would you be prepared to find a little extra to keep them happy?

Have no idea if they accepted, and yes they are the middle of a chain

Compared to similar properties in neighbouring roads we offered £50,000 more. It's a new build estate (although built some time ago) so everything's very similar although nothings really selling at current prices (SE).

House needs about £40,000 spending on it to bring it up to our standards. It was actually our third choice and the other 2 are still languishing on the market.

As a matter of principle we don't like being lied as they agreed to delist and not accept viewings on offer acceptance to so we will probaby pull out if one of the other vendors accepts our offer. Most of the similar properties have also been on the market almost 6 months and 9 months in the other case.

Surrey_EA

Killmark wrote: »

Compared to similar properties in neighbouring roads we offered £50,000 more. It's a new build estate (although built some time ago) so everything's very similar although nothings really selling at current prices (SE).

Why would you offer £50,000 more than similar properties are available for?

It rather depends where you are in SE, some areas are more active than others. The SE is quite a large chunk of the country, with huge variations.

Killmark wrote: »

House needs about £40,000 spending on it to bring it up to our standards. It was actually our third choice and the other 2 are still languishing on the market.

Sounds like this may not be your dream house, perhaps the other person bidding has done you a favour!