Property not being taken off the market after offer accepted

Save£

Hello,
I have had an offer on a property accepted but the estate agent has said the property will remain on the market till the mortgage valuation has been booked in. My offer was accepted at £10k less than what the estate agent was marketing it at.

Is it normal for the property to remain on the market until a valuation is carried out? I have provided evidence of the mortgage in principle and evidence of deposit and don't see any problems in completing. The estate agent has admitted I am in a good position to purchase and the seller has already found somewhere too.

I do not like the attitude of the estate agent I am dealing with either! I hope they are not wasting my time and money!

Cakeguts

It is normal to leave a property on the market until the buyer has done something towards buying it.

stator

It's quite common.

eddddy

Weirdly, there are people who make offers on properties without a serious intention to buy the property.

(In fact, I have crossed paths with somebody who seems to enjoy the buzz of making offers on properties; manufacturing arguments with EAs and vendors; and then using the arguments as an excuse to walk away. They're currently on their 3rd instance of this.)

One way to deter this, is to leave the property on the market, until there is evidence that the buyer has committed some cash to the purchase.

pawlala

Save£ wrote: »

I hope they are not wasting my time and money!

That's perhaps what the vendors maybe thinking about you!

Get the valuation done, and revert. If you are serious about purchasing, and you are of course, then the closer you get to completion the closer they accept you as a serious buyer

Adam182

Having recently also had an offer accepted, I also questioned this. They said the house would remain on the market but it would be bad practice for them as an estate agent to allow someone to come and outbid you and get the house, they also said they would however have to let the owner know of any further bids.

To help prevent this I said my offer was only valid if they were to take the house off the market upon being accepted - Adam

saajan_12

Your MIP and proof of funds etc are transferrable for any property, and putting in an offer is just words. You could be offering on multiple properties or with no serious intention of buying. They want to see you have committed something to this property and a mortgage application / valuation fee is the first thing you have to lose which they can have proof of (by seeing the valuer!)

cajef

Adam182 wrote: »

To help prevent this I said my offer was only valid if they were to take the house off the market upon being accepted - Adam

My daughter has here property on the market, so far she has had two offers which she accepted both of which were later withdrawn, she has now had a further offer but having had her fingers burnt twice has instructed her EA to keep the house on the market until a valuation and solicitor have been instructed.

I am sorry but an offer means nothing, if you demanded a property being taken off the market just based on an offer I would tell you where to go.

Newbie78

eddddy wrote: »

Weirdly, there are people who make offers on properties without a serious intention to buy the property.

(In fact, I have crossed paths with somebody who seems to enjoy the buzz of making offers on properties; manufacturing arguments with EAs and vendors; and then using the arguments as an excuse to walk away. They're currently on their 3rd instance of this.)

One way to deter this, is to leave the property on the market, until there is evidence that the buyer has committed some cash to the purchase.

Wow some people are just weird!

Guest101

Save£ wrote: »

Hello,
I have had an offer on a property accepted but the estate agent has said the property will remain on the market till the mortgage valuation has been booked in. My offer was accepted at £10k less than what the estate agent was marketing it at.

Is it normal for the property to remain on the market until a valuation is carried out? I have provided evidence of the mortgage in principle and evidence of deposit and don't see any problems in completing. The estate agent has admitted I am in a good position to purchase and the seller has already found somewhere too.

I do not like the attitude of the estate agent I am dealing with either! I hope they are not wasting my time and money!

Uhm you aren't paying them


otherwise there is no 'normal' it's whatever you and the vendor agree

lauren_hb

I think its fairly normal. We had an offer accepted on a property last week, it was marked as under offer immediately and no further viewings would take place at our request. Valuation is booked in for next week and if all ok will be marked as sstc.