Third party seller won’t remove property from the market

user1977

Thrugelmir said:

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. 

That's a pretty unlikely scenario. More likely it's just a normal executry (with the executors playing safe).

kluur

Sandtree said:

"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 

My main gripe with them not taking it off the market is that it remains online, they don’t say that an offer has been accepted and they publish the actual figure you’ve offered for it so you can instantly get gazumped. Someone would know exactly how much to offer and you could be mid way through paying for a survey etc. 

Thrugelmir

user1977 said:

Thrugelmir said:

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. 

That's a pretty unlikely scenario. More likely it's just a normal executry (with the executors playing safe).

Unusual to appoint dual agency to market and sell. Another option is that estate could be insolvent.

kluur

Thrugelmir said:

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. 

So would the treasury be looking for the most money possible? Assuming they would!

I was lead to believe by the estate agent that the corporate client would be someone like Coop who’d deal with the funeral and then sell the house on their behalf. They didn’t say it who it was specifically but they gave the example of the Coop. Not sure if this info is of any use?

user1977

kluur said:

Thrugelmir said:

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. 

So would the treasury be looking for the most money possible? Assuming they would!

I was lead to believe by the estate agent that the corporate client would be someone like Coop who’d deal with the funeral and then sell the house on their behalf. They didn’t say it who it was specifically but they gave the example of the Coop. Not sure if this info is of any use?

Doesn't really make much difference to your position. You often get executors being e.g. banks (if the deceased had signed up for their private client services like will-making), in which case they'll be fairly rigid in their procedures.

p00hsticks

kluur said:

Thrugelmir said:

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. 

So would the treasury be looking for the most money possible? Assuming they would!

I was lead to believe by the estate agent that the corporate client would be someone like Coop who’d deal with the funeral and then sell the house on their behalf. They didn’t say it who it was specifically but they gave the example of the Coop. Not sure if this info is of any use?

I know the Co-op do funeral services, but I don't know if they do will-writing services too. Could it be that the 'corporate client'  is the company / solicitors appointed as the executor of the will - in which case they may need to demonstrate to the beneficiaries that they have achieved the best price possible for them from the sale of the property.

canaldumidi

The same applies to probate sales as repossessions if the executors who are selling are not also the beneficiaries, and are professionals (solicitors, bank etc).

They, as with a repo, don't want the Beneficiaries later claiming they sold the property off cheaply, and the Beneficiaroes could have inheritted more. Beneficiaries could sue Executors, but with active marketting to the last minute Executors can argue they did everything possible to get the best price.

kluur

canaldumidi said:

The same applies to probate sales as repossessions if the executors who are selling are not also the beneficiaries, and are professionals (solicitors, bank etc).

They, as with a repo, don't want the Beneficiaries later claiming they sold the property off cheaply, and the Beneficiaroes could have inheritted more. Beneficiaries could sue Executors, but with active marketting to the last minute Executors can argue they did everything possible to get the best price.

That makes sense. Seems a bit much posting the actual figure people are offering online though? Any idea why this is a thing? Is it just to get people offering more? Also it does mean the beneficiaries might not get the money for quite a while if people are constantly gazumping others.