Offer on house accepted, but EA insists house is still marketed with no STC shown.

Jeepers_Creepers

Hi all.


Wondering if folk have thoughts on this. A friend has just had an offer accepted on a house at the full asking price. The Estate Agent has said that the seller won't add STC to the details, but insists it continues to be shown as 'for sale' until the sale completes.



Usual story - we said 'rat smelled' and they should walk away, but they 'love the house...'.


Thanks for your thoughts.

eddddy

It's down to negotiation. The buyer wants one thing, the seller wants another.

I guess the options for the buyer are:

• Accept the seller's terms
• Walk away
• Agree a compromise

A compromise might be that's it's marked STC, once the valuation survey is booked.

(But as you suggest, this may be an indication of a 'difficult' seller, who is going to be a pain to deal with)

phill99

Has your friend sold their house?


If not, then that is why. It could be 6 months before that house sells so in the meantime, the vendor of the house they are buying could loose out on a buyer.

AdrianC

Jeepers_Creepers wrote: »

Wondering if folk have thoughts on this. A friend has just had an offer accepted on a house at the full asking price. The Estate Agent has said that the seller won't add STC to the details, but insists it continues to be shown as 'for sale' until the sale completes.

And such is the vendor's prerogative.

At least your friend knows that they're the kind of vendor who may accept a gazump.

Ultimately, the vendor is somebody they deal with for a few weeks, but they'll live there for years and years - so they're right to focus on the property.

Jeepers_Creepers

Thanks all.


Yes, I can see that it's the vendor's prerogative, and your summation, eddddy, is very helpful. That's a good suggestion about a possible compromise - I'll pass that on.



There are no possible hold-ups from my friend's side, so I guess what they need to do is move it forward as fast as possible and keep their fingers crossed the seller has no other motives than keeping their options open.


Thanks everyone :-)

pinkteapot

It's unusual for the vendor to want to keep it on the market until contracts are exchanged (keeping it on between exchange and completion is pointless). Typically it goes Sold STC once solicitors are instructed and the survey's been booked - though as others have said it's a point of negotiation.

I certainly wouldn't be happy buying a house where the seller insisted on marketing it throughout. The buyer will start spending money so making some commitment, while the seller's making none. Whether it's worth walking away over will depend on how likely your friend thinks it is that the seller will attract more and higher offers, and whether there are any other properties your friend likes currently on the market.

Ellejaypea

This is what happened to me on the house I am currently buying. The seller had a previous offer fall through so didn't want to mark as SSTC until after I had got survey done and was happy to proceed. I asked my mortgage advisor who said it wasn't out of the ordinary and advised me to request that no viewings would be done while I got the mortgage and survey sorted. The house has now been marked SSTC so I think I'd be a lot less spooked with this situation if it happened in future.

bertiewhite

When I bought my last house, it didn't go SSTC until I'd provided proof of funds & deposit to the EA.

Smodlet

phill99 wrote: »

Has your friend sold their house?


If not, then that is why. It could be 6 months before that house sells so in the meantime, the vendor of the house they are buying could loose out on a buyer.

This: Maybe tell your friend to put themselves in the vendor's position. Whatever property they end up buying, one day they will be in this situation unless they intend to die in their next home.