Estate Agent not listing property as Sold STC or Under Offer (Update)

Thrugelmir

person2 said:

 I've since put the wheels in motion for the mortgage valuation, as apparently it's free to me anyway, so nothing to be lost. 

The valuation is for the lenders benefit not yours. Without a satisfactory valuation the lender may decline your mortgage application. 

london21

person2 said:

I submitted an offer weeks ago on a flat that was quickly accepted. I finally received the sales memorandum earlier this week, and am now commencing searches, mortgage valuation and about to arrange a building survey.

The estate agent told me they would list the property as Sold STC as soon as the memorandum was issued, and that it would be removed from Zoopla and the 2nd estate agent's website at this point. They've now completely backtracked and said this is not their process.

What's annoying me is they haven't even marked the flat as 'Under Offer', are still mailing it out to all their prospective buyers on their mailing list, and it is still listed as available through the 2nd estate agent. I don't want to spend hundreds of pounds on surveys when they don't seem to be taking me seriously as a buyer. As I understand it from reading online, it should now be marked as Sold STC.

Should I be concerned? And should I raise this with the estate agent?

Thanks

Contact the estate agent and voice your concern. 

I personally will only instruct a surveyor once marked as STC unless the property is a reposession property which they still leave on site with your offer. 

You risk paying for survey and it going to someone that offers higher at present.

Maybe do a mortgage valuation first and then a survey afterwards if required.
The agent likely wants to see commitment from yourself before de-listing.

person2

Thrugelmir said:

The valuation is for the lenders benefit not yours. Without a satisfactory valuation the lender may decline your mortgage application. 

Yet again, you have missed the point entirely. Of course it is for the lender's benefit, but it also shows commitment that I am moving ahead as a buyer in getting it arranged, which may influence the EA to convert the status to 'Sold STC' and take the property off the market. If it instills confidence in the EA and vendor at no cost to me, it is a win-win. Please stop commenting on my thread.

person2

london21 said:

Contact the estate agent and voice your concern. 

I personally will only instruct a surveyor once marked as STC unless the property is a reposession property which they still leave on site with your offer. 

You risk paying for survey and it going to someone that offers higher at present.

Maybe do a mortgage valuation first and then a survey afterwards if required.
The agent likely wants to see commitment from yourself before de-listing.

Yea that's my concern. I'm going to look at homebuyer's protection insurance over the weekend just in case. I've booked the building survey, but can cancel free-of-charge up to 24 hours before, so I've got time to sort the valuation first and see if they mark it Sold STC before the survey goes ahead.

I'll update the thread next week

Thrugelmir

person2 said:

Thrugelmir said:

The valuation is for the lenders benefit not yours. Without a satisfactory valuation the lender may decline your mortgage application. 

Yet again, you have missed the point entirely. Of course it is for the lender's benefit, but it also shows commitment that I am moving ahead as a buyer in getting it arranged, which may influence the EA to convert the status to 'Sold STC' and take the property off the market. If it instills confidence in the EA and vendor at no cost to me, it is a win-win. Please stop commenting on my thread.

I'll happily jog on elsewhere. As it's utterly pointless commenting further. 

jazzyja

I side with you on this one, I wouldn't go through with a full mortgage application when the vendor hasn't even appointed a solicitor. At your stage I would fully expect it to be taken off before I go any further and at least have a MOS and commitment from their end. 

babyblade41

If everything has been done your end and you are happy to commit then I'm sure  it will progress with no other offers .

You're only problem then is that after committing and spending money the vendors pull out ...there are risks every step of the way and you are at the first hurdle ..try and calm down as the process may get even more fraught the further and more committed you get

T_J_A_8691

Where we are , our biggest EA by far will not mark as under offer or STTC until the Exchange has taken place.
This way they still get all of the calls / clicks on their website.
Its a really frustrating practice.
That said they wont entertain any other offers on these properties.
They do send out marketing info every week to show how many clicks/calls/emails the property has attracted.

SameOldRoundabout

It’s pretty common where I am that it isn’t marked as sold until they’ve heard from the mortgage valuers. It shows real commitment. An AIP is not always worth the paper it’s written on, whereas if someone has applied for a mortgage they’re definitely a serious buyer. The vendor should have lined up a solicitor quicker though. 

csgohan4

I made my offer on the basis of STC on right move, before I proceeded to mortgage application. Why has it taken you so long to organise a valuation? Could the vendor have left it open because of lack of action by you?

Don't cut your nose off to spite your face either.

Some EA's leave properties open as a click bait as well