Offer Accepted - but won't take it off the market

Username3456

Hi Guys,
Sorry i'm sure this has been asked 100000x.

Today we got our offer accepted but the Estate Agent has told us that one of the terms of the sale is that they will not take it off the market until the survey has been complete.

They said that viewings can still take place but any offers received will be taken in reserve in case the sales falls through. I assume this is normal? I am not to worried as it has been up for 5 months now and hasn't had much interest.

Now I am happy to book a survey ASAP as luckily my friend is a surveyor so I can get this booked in now. However, I always thought a survey takes place partway through the mortgage process (After the mortgage company does their own basic valuation).

Should I go ahead with the survey or?

middleclassbutpoor

I would just get the mortgage valuation booked in. If that values up ok, then get your friend to do a more comprehensive survey... No point paying for them until you know the property is acceptable security for the lender.

Dean000000

No mate. Tell them your terms (off the market, no more viewings) or you retract your offer.

Buying or selling a house is a two way street and neither party has the upper hand.

Mutual agreement.

If they refuse you walk away and find someone else that’s willing to work to yours (and widely regarded as reasonable) terms

SmashedAvacado

A demonstration of your commitment could be your lawyer confirming to theirs that they have submitted the searches. This can be done on day one - and will avoid the issue of the time it takes the lender to instruct the survey

Mutton_Geoff

I'd insist that they suspend marketing for two weeks and don't show anyone else round until you've instructed your valuation or that they refund your costs if they reject your offer later.


As a buyer you have the upper hand. The agent only works for the vendor but I wouldn't let some shiny suited idiot dictate terms in what is a very important move for you. Ask the agent why it is they don't think your offer has credibility.


If they fail to agree, then "withdraw" your offer and ask them to view another property on their books. The vendor/agent has delusions of grandeur and the problem is if another prospect does show interest, you're in the worst position because, as I've seen at many auctions, it only takes two to start a bidding war.

chanz4

Been a seller and had a few mess arounds, I agree with the seller

Username3456

Thanks for the reply guys.

I think its a common question that has people split down the middle.

We are literally at the very first stage so don't know what to do really. I guess start the mortgage process (have the DIP already) but like people have said getting a survey at this stage seems far too early...despite getting a discount from a friend.

kinger101

I'd insist it's marked SSTC/under offer. If they didn't agree, I'd withdraw my offer.

It sound's like the vendor being greedy or the agent being a wally. It's not unheard of. Why anyone would want to waste time showing prospective buyers round a property when there's already a purchaser lined-up is beyond me.

Username3456

Yes ill make use its down as under offer.

I think its in case the sale goes tits up they have potential others to go to instead of having to start again? From that side I can slightly understand it...

kinger101

ryanbeacall wrote: »

Yes ill make use its down as under offer.

I think its in case the sale goes tits up they have potential others to go to instead of having to start again? From that side I can slightly understand it...

If it goes tits up, they can just market it again at no extra cost. Happens to about 1/3 of sales.

Cakeguts

They keep it on the market until the buyer shows that they are serious about buying it. One thing that shows this is the buyer spending money on a survey.