Vendor/EA won't take off of market

Snoopy_FTB

I’m a FTB looking to buy my first home. I had an offer accepted and I applied for my mortgage/instructed solicitors right away. At first we were told that the property would be taken off of the market when the valuation was arranged. 

We had the valuation arranged and booked for the next day. The vendors changed their minds and decided they do not want to take the property off of the market until we receive our mortgage offer. 

We were told categorically that no viewings were taking place. It will only be names/numbers in case it falls through. I am worried that this might mean they change the goal posts again but I made peace with that and will hope that my mortgage lender hurry up with the offer. 

But my friend called yesterday and was told that it is under offer but they can view if they offer more than us. I know estate agents are generous with the truth but I can’t help but feel messed around. 

Our vendor is trying to find a home and are pregnant so should be an incentive to move but keep being outbid and the property has been on the market on and off for over a year. We agreed to wait and be patient (within reason) to give them that reassurance. We are genuine buyer’s and we want the property. 

I am fully aware as they have not found anywhere - we don’t really have much power. Nothing is guaranteed on either side until we exchange contracts. But I’m not really too sure what my next step should be. 

Does anyone have any advice or suggestions?

AdrianC

You have two choices.
1. Cross your fingers that you don't get gazumped as you continue with the purchase.
2. Walk away.

There is no third choice.

Davesnave

There is a further choice, and that's to keep looking seriously at other property.

AdrianC

Davesnave said:

There is a further choice, and that's to keep looking seriously at other property.

That's separate to the binary choice with regards to this property, and can be combined with both of those choices...

Newnoel

If the vendor is pregnant, and hasnt found something yet, then you need to assume she is not going to move.

Having a baby is stressful enough without going through all the hassle of house moves.

A very strong risk they will pull out.

Keep looking

eddddy

Snoopy_FTB said:

But my friend called yesterday and was told that it is under offer but they can view if they offer more than us. 

I would 100% definitely phone the EA and challenge them about that.

What your friend did was a little sneaky, but what the Vendor/EA is doing is much worse - so I wouldn't feel bad about saying what your friend did.

What the vendor is doing isn't usual, they seem to be playing a nasty game. So ask the EA why the vendor is dong it. And maybe be prepared to fight fire with fire - and suggest that you're not willing to risk hundreds of pounds in fees by continuing, if the Vendor/EA is going to continue to encourage people to gazump you.


(Others might remind you that anybody can get gazumped up until exchange of contracts. But I suspect that 95%+ of sellers would behave more honourably than your vendor, and not actively invite gazumping.)

Snoopy_FTB

I am continuing to look at other properties but there isn't anything else right for me at this moment in time. I am continuing to look daily and will view anything else. They haven't found anywhere for over a year but they asked for me to start my mortgage application/valuation as soon as my offer was accepted. Once I have my mortgage offer that will only be valid for a set amount of time so it seems like they're applying a time pressure to it when it won't benefit them further down the line. 

I know my options are limited. I don't feel like approaching EA will be worthwhile either. I am hoping to get my mortgage in the next couple of weeks so guess I need to cross my fingers and wait. 

What has bothered me is them changing their minds once. And the EA has categorically said they won't offer any viewings which turns out not to be the case. I know this happens and nothing personal. I can't force my lender to move any quicker than SLA and I can't force the EA/Vendor to take it off of the market. 

Marvel1

They are messing you around, start looking elsewhere (even better don't bother telling them).

lonibra

OP, it sounds like they are taking you for a chump. All I will say is don't spend a penny on this purchase (hopefully you have used a free valuation product for your mortgage application and not given the conveyancer the go ahead for any searches) until you at least see a concrete sign of movement or commitment from the vendor.

Davesnave

AdrianC said:

Davesnave said:

There is a further choice, and that's to keep looking seriously at other property.

That's separate to the binary choice with regards to this property, and can be combined with both of those choices...

Yes, that's why I referred to it differently. It's easy for people with less experience in a market to become fixated on a particular property, which may negatively affect their perception of others. It's possibly to do with the very human difficulty some have in 'letting go,' hence my emphasis on considering other properties 'seriously,' but without going into a long explanation like this!

Talking from experience; not talking down!

Gavin83

You’ll almost certainly waste money and get messed about on this one. In your position I’d be pulling out and contacting the vendor directly to make sure they know why.