Third party seller won’t remove property from the market

kluur

My partner and I have put an offer in on a house which is up for sale with two estate agents. On one of the agents websites it said “we are in receipt of an offer for x amount subject to contract for this property. Anyone wishing to place a higher offer must do so before legal exchange of contracts.” The offer on the house was well below asking price. 
I’ve found *after* placing a higher offer that the house is in fact, for sale through a third party called Move With Us and they’re acting on behalf of a corporate client so essentially there’s a chain of people. Move With Us won’t tell us who their client is and that they won’t take it off the market even if our offer is accepted! I obviously don’t want to spend a tonne of money on solicitors, mortgage application fees and surveys only for someone else to put in another offer. Is there any way I can get them to take it off the market if they accept my bid? Surely this scenario could go on forever if people constantly outbid other people?! It seems like a really odd way of trying to sell a house. Surely they’d want to take the highest offer and go with that?

duggan1

Ask them how much they want to take it off the market and go from there. 

Thrugelmir

Sounds like a repo. Property will remain on the market until exchange of contracts. Lender has an obligation to achieve the maximum selling price on behalf of the defaulter. 

m0bov

Might be worth moving on, might be more of a cash buyer suited for this as an investment. Actively trying to guzump is the worst thing.

eddddy

kluur said:

“we are in receipt of an offer for x amount subject to contract for this property. Anyone wishing to place a higher offer must do so before legal exchange of contracts.” 

As above, that's the type of notice that's used if a property has been repossessed by a mortgage lender - or perhaps is being sold as a result of a court order etc.

The mortgage lender is required to get "the best price reasonably possible" - so that notice is meant to ensure they do that.

The mortgage lender is probably using Move with Us because they don't want the hassle of deal with the sale themselves.

As you say, the process could go on for a long time, if new buyers keep coming along and offering more.



TBH, once an offer has been accepted, a sole estate agent will normally gently try to dissuade new buyers from making offers, because it extends the selling process, meaning the estate agent has to wait longer to get their commission.


But in this case there are two estate agents - so if a buyer has been introduced by EA1 the EA1 will be due to get the commission. So EA2 will be wanting to find a new buyer to offer higher, so that EA2 gets the commission instead.

kluur

eddddy said:

kluur said:

“we are in receipt of an offer for x amount subject to contract for this property. Anyone wishing to place a higher offer must do so before legal exchange of contracts.” 

As above, that's the type of notice that's used if a property has been repossessed by a mortgage lender - or perhaps is being sold as a result of a court order etc.

The mortgage lender is required to get "the best price reasonably possible" - so that notice is meant to ensure they do that.

The mortgage lender is probably using Move with Us because they don't want the hassle of deal with the sale themselves.

As you say, the process could go on for a long time, if new buyers keep coming along and offering more.



TBH, once an offer has been accepted, a sole estate agent will normally gently try to dissuade new buyers from making offers, because it extends the selling process, meaning the estate agent has to wait longer to get their commission.


But in this case there are two estate agents - so if a buyer has been introduced by EA1 the EA1 will be due to get the commission. So EA2 will be wanting to find a new buyer to offer higher, so that EA2 gets the commission instead.

Ah that’s annoying, I thought they might have joint agency and split the commission!

Its been on the market for a few months now so it does seem like a really long way of getting money that’s owed. I’ve said that if they accept our offer then it has to come off the market, if not we’re withdrawing it. Hopefully they’ll see sense in that they’ve not sold it by now. Probably won’t though!

Thrugelmir

kluur said:

eddddy said:

kluur said:

“we are in receipt of an offer for x amount subject to contract for this property. Anyone wishing to place a higher offer must do so before legal exchange of contracts.” 

As above, that's the type of notice that's used if a property has been repossessed by a mortgage lender - or perhaps is being sold as a result of a court order etc.

The mortgage lender is required to get "the best price reasonably possible" - so that notice is meant to ensure they do that.

The mortgage lender is probably using Move with Us because they don't want the hassle of deal with the sale themselves.

As you say, the process could go on for a long time, if new buyers keep coming along and offering more.



TBH, once an offer has been accepted, a sole estate agent will normally gently try to dissuade new buyers from making offers, because it extends the selling process, meaning the estate agent has to wait longer to get their commission.


But in this case there are two estate agents - so if a buyer has been introduced by EA1 the EA1 will be due to get the commission. So EA2 will be wanting to find a new buyer to offer higher, so that EA2 gets the commission instead.

Ah that’s annoying, I thought they might have joint agency and split the commission!

Its been on the market for a few months now so it does seem like a really long way of getting money that’s owed. I’ve said that if they accept our offer then it has to come off the market, if not we’re withdrawing it. Hopefully they’ll see sense in that they’ve not sold it by now. Probably won’t though!

No one is going to change a long established practice just for you. Onus will be on you to win the contract race. 

eddddy

kluur said:

 I’ve said that if they accept our offer then it has to come off the market, if not we’re withdrawing it. Hopefully they’ll see sense in that they’ve not sold it by now. Probably won’t though!

Assuming it's a repossession...

The problem is - if the bank takes it off the market, the person who had their house repossessed might complain that the bank isn't achieving the best price reasonably possible.

And the bank might have to justify their decision to take it off the market to a court.

Rather than risking all the hassle of going to court (and potentially having to pay damages), the bank will probably just take the easy route, and refuse to take it off the market.

kluur

eddddy said:

kluur said:

 I’ve said that if they accept our offer then it has to come off the market, if not we’re withdrawing it. Hopefully they’ll see sense in that they’ve not sold it by now. Probably won’t though!

Assuming it's a repossession...

The problem is - if the bank takes it off the market, the person who had their house repossessed might complain that the bank isn't achieving the best price reasonably possible.

And the bank might have to justify their decision to take it off the market to a court.

Rather than risking all the hassle of going to court (and potentially having to pay damages), the bank will probably just take the easy route, and refuse to take it off the market.

eddddy said:

kluur said:

 I’ve said that if they accept our offer then it has to come off the market, if not we’re withdrawing it. Hopefully they’ll see sense in that they’ve not sold it by now. Probably won’t though!

Assuming it's a repossession...

The problem is - if the bank takes it off the market, the person who had their house repossessed might complain that the bank isn't achieving the best price reasonably possible.

And the bank might have to justify their decision to take it off the market to a court.

Rather than risking all the hassle of going to court (and potentially having to pay damages), the bank will probably just take the easy route, and refuse to take it off the market.

Thrugelmir said:

kluur said:

eddddy said:

kluur said:

“we are in receipt of an offer for x amount subject to contract for this property. Anyone wishing to place a higher offer must do so before legal exchange of contracts.” 

As above, that's the type of notice that's used if a property has been repossessed by a mortgage lender - or perhaps is being sold as a result of a court order etc.

The mortgage lender is required to get "the best price reasonably possible" - so that notice is meant to ensure they do that.

The mortgage lender is probably using Move with Us because they don't want the hassle of deal with the sale themselves.

As you say, the process could go on for a long time, if new buyers keep coming along and offering more.



TBH, once an offer has been accepted, a sole estate agent will normally gently try to dissuade new buyers from making offers, because it extends the selling process, meaning the estate agent has to wait longer to get their commission.


But in this case there are two estate agents - so if a buyer has been introduced by EA1 the EA1 will be due to get the commission. So EA2 will be wanting to find a new buyer to offer higher, so that EA2 gets the commission instead.

Ah that’s annoying, I thought they might have joint agency and split the commission!

Its been on the market for a few months now so it does seem like a really long way of getting money that’s owed. I’ve said that if they accept our offer then it has to come off the market, if not we’re withdrawing it. Hopefully they’ll see sense in that they’ve not sold it by now. Probably won’t though!

No one is going to change a long established practice just for you. Onus will be on you to win the contract race. 

That’s good to know for future reference, thanks!

The estate agent seemed to think the person was deceased so I rang Move With Us earlier who confirmed it as they told me that it was a probate property.

Sandtree

"take it off the market" is a bit of an old wives tale... you can ask them to stop actively marketing it but that doesn't stop former viewers putting in offers nor does it stop agents mentioning the property to potential buyers (they after all get a percentage of the sale price so have an interest in driving the price up). You are always at risk of someone out bidding you just as the seller is at risk of you dropping the price immediately before contracts.

If its a repossession or such there may be legal duties to maximise the revenue and so they won't even pretend to agree to the ceasing of marketing but in reality they are just more honest rather than representing a major change in behaviour 

Thrugelmir

kluur said:

eddddy said:

kluur said:

 I’ve said that if they accept our offer then it has to come off the market, if not we’re withdrawing it. Hopefully they’ll see sense in that they’ve not sold it by now. Probably won’t though!

Assuming it's a repossession...

The problem is - if the bank takes it off the market, the person who had their house repossessed might complain that the bank isn't achieving the best price reasonably possible.

And the bank might have to justify their decision to take it off the market to a court.

Rather than risking all the hassle of going to court (and potentially having to pay damages), the bank will probably just take the easy route, and refuse to take it off the market.

eddddy said:

kluur said:

 I’ve said that if they accept our offer then it has to come off the market, if not we’re withdrawing it. Hopefully they’ll see sense in that they’ve not sold it by now. Probably won’t though!

Assuming it's a repossession...

The problem is - if the bank takes it off the market, the person who had their house repossessed might complain that the bank isn't achieving the best price reasonably possible.

And the bank might have to justify their decision to take it off the market to a court.

Rather than risking all the hassle of going to court (and potentially having to pay damages), the bank will probably just take the easy route, and refuse to take it off the market.

Thrugelmir said:

kluur said:

eddddy said:

kluur said:

“we are in receipt of an offer for x amount subject to contract for this property. Anyone wishing to place a higher offer must do so before legal exchange of contracts.” 

As above, that's the type of notice that's used if a property has been repossessed by a mortgage lender - or perhaps is being sold as a result of a court order etc.

The mortgage lender is required to get "the best price reasonably possible" - so that notice is meant to ensure they do that.

The mortgage lender is probably using Move with Us because they don't want the hassle of deal with the sale themselves.

As you say, the process could go on for a long time, if new buyers keep coming along and offering more.



TBH, once an offer has been accepted, a sole estate agent will normally gently try to dissuade new buyers from making offers, because it extends the selling process, meaning the estate agent has to wait longer to get their commission.


But in this case there are two estate agents - so if a buyer has been introduced by EA1 the EA1 will be due to get the commission. So EA2 will be wanting to find a new buyer to offer higher, so that EA2 gets the commission instead.

Ah that’s annoying, I thought they might have joint agency and split the commission!

Its been on the market for a few months now so it does seem like a really long way of getting money that’s owed. I’ve said that if they accept our offer then it has to come off the market, if not we’re withdrawing it. Hopefully they’ll see sense in that they’ve not sold it by now. Probably won’t though!

No one is going to change a long established practice just for you. Onus will be on you to win the contract race. 

That’s good to know for future reference, thanks!

The estate agent seemed to think the person was deceased so I rang Move With Us earlier who confirmed it as they told me that it was a probate property.

Then the question is who are the beneficial owners. If there are no surviving relatives then the estate of the deceased belongs to the Treasury.