What does ‘taking a property off the market” really mean

lindtbunny24

I am a first time buyer and had my offer (99% of asking price) on a property accepted 5 days ago. The seller had set a condition that they would take the property off the market once I had spent money on a survey. In the time since the offer was accepted, the survey has been done and paid for, my mortgage application is in and the valuation has already taken place, and I have instructed my solicitors to start their searches. 

The property was marketed by 2 estate agents. The EA that I went with have already marked the property as STC but the other agent has not done so. The seller has said that they will not accept any more viewings but they want to leave the property on the Internet to ‘gather interest’ in case the sale falls through. 

It seems to me that by not marking the property STC / under offer on all websites and platforms that the seller is going back on their word to take the property off the market. But have I misunderstood what it means to take a property off the market?

Grateful for any opinions. 

moneysavinghero

The property is in effect off the market as no one is going to buy without a viewing. They are keeping on the property websites so that anyone interested in it can be added to a list of potential replacements to you in case you go flaky and pull out.

But to be fair to you if you have got the mortgage offer, valuation, solicitor instructed and starting work then they really should be past that stage and should have the property completely off the market and not being advertised. I'd be worried that they might accept a higher offer if one should come in.

kormacurry

Get a friend to pose as a potential buyer and ask them to phone up this agency and see if they can book a viewing. If they can get a viewing then you have cause to worry. If they can't then all is ok.

Marvel1

Have a friend to make enquirers about the property and see if a viewing gets booked in.

SpiderLegs

You seem to have gone above and beyond where I would expect the house to be removed.
Often a problem with multi agency where one just keeps marketing regardless to try earn some commission. It’s another reason for buyers to be wary of these cases.
regardless there is not much you can do, so best to just press ahead. Unless it is really bothering you then threaten to pull out (and mean it).

AnotherJoe

lindtbunny24 said:

I am a first time buyer and had my offer (99% of asking price) on a property accepted 5 days ago. The seller had set a condition that they would take the property off the market once I had spent money on a survey. In the time since the offer was accepted, the survey has been done and paid for, my mortgage application is in and the valuation has already taken place, and I have instructed my solicitors to start their searches. 

The property was marketed by 2 estate agents. The EA that I went with have already marked the property as STC but the other agent has not done so. The seller has said that they will not accept any more viewings but they want to leave the property on the Internet to ‘gather interest’ in case the sale falls through. 

It seems to me that by not marking the property STC / under offer on all websites and platforms that the seller is going back on their word to take the property off the market. But have I misunderstood what it means to take a property off the market?

Grateful for any opinions. 

I would be really annoyed because you've gone above and beyond acting so quickly and as you say, they have reneged on their agreement.

I think the idea of a friend viewing is a good one, but i would be inclined to say unless its marked SSTC at the second EA very soon, the deal is off, even though I'd spent that money.

At the moment you are a nice backup plan for them, locked in because you've spent money and they can see if they get a higher offer. And the second EA is of course incented to see if you can be gazumped because they dont get any commission. Funny how they havent got the first EA to keep it on "for interest", but then again that EA alreday has their comission locked in and dont want to rock the boat

. yeh, Id tell them SSTC asap or its off, because I can see a gazump coming.

AnotherJoe

kormacurry said:

Get a friend to pose as a potential buyer and ask them to phone up this agency and see if they can book a viewing. If they can get a viewing then you have cause to worry. If they can't then all is ok.

"Then all is OK..." until the second EA finds someone who will offer more money.

"Hey Mr Seller, Mrs Rich person will pay over AP"

The seller has lied and reneged on what is a simple agreement.

lindtbunny24

Thank you all. Armed with what you had all said I wrote back to the seller via my EA and the property has now been marked sold STC on the property portals. 

Sunsaru

BOOM!
I had the same thing with my recent purchase (but only one EA). Once the survey was booked in it was taken off the market.
You acted in good faith and it's nice to see the seller has too!