FTB needs advice about taking house off the market

heraldic

Hi there

I've just put in an offer for a house, that has been accepted.

I asked for the house to be taken off the market.

The estate agent phoned me back to say that the vendor would only change the 'for sale' sign outside the house to a 'sold subject to contract' sign when contracts had been exchanged. Is this normal?

Also, what do I actually _mean_ when I ask for the house to be taken off the market? And how flexible should I be with this?

Thanks for your advice,

H

safesound

Put it this way, I'm in exactly the same position as you (just had an offer accepted) and when I asked for it to be taken off the market I was told it wouldnt be actively marketed for a minimum of two months (thats sale board marked with a "sold" sign, no viewings, no offers considered, nothing).
I'd ring the EA and just check they mean the same thing as "taking it off the market" could mean a number of things, depending on who you ask

deemy2004

Yeh once accepted they should list the house as SOLD- No further viewings / marketing

if the vendor is saying AFTER contracts have exchanged ?? Then walk away... means they are waiting for a better offer and playing you for a fool.

Tell them either take it off the market or agree to reimburse all costs if they accept another offer.

Sput2001

The estate agent phoned me back to say that the vendor would only change the 'for sale' sign outside the house to a 'sold subject to contract' sign when contracts had been exchanged. Is this normal?

It depends to a large extent on your circumstances and position as a buyer. Are you "proceedable"? i.e. are you ready to move forward with things now, (i.e. you're a FTB or you've already sold your current property), or are you still waiting for a buyer yourself.

If you are proceedable then the answer is "No", this isn't normal. If the vendor has genuinely agreed a price then that should be it, you should have a SOLD sign, or at least a SALE AGREED one and viewings should stop. By insisting otherwise, the vendor is certainly implying that they may be open to other offers.

There's nothing an estate agent likes more than having a whopping great SOLD notice slapped over one of their FOR SALE signs, as it's just about the best advertising they can get. The vendor must be being pretty insistent if the agents are not going to do so until contacts are exchanged and the deal's effectively done.

On the other hand, if you're not proceedable, then what the vendor is insisting on is fairly standard. If another buyer comes along who's in a stronger buying position than you, then the vendor is reserving the right to sell to the stronger buyers. It happens, unfortunately.

A bit more information from you would help get more accurate advice - let us know!

EDIT: Sorry!! I just read the title of the thread again. :rolleyes: You're an FTB. Doh! In which case, provided you've got your mortgage lined up, at least in principle, then you're proceedable.

heraldic

Hi there

You're right -- I am a FTB with a mortgage offer in principle lined up.

Having looked at the internet, the property now has a 'SSTC' notice on the website. Which is good. I'll check to see whether the property is being marketed by the agent -- I don't think it is.

The only question I'm wondering is whether I should insist / push for the house sign to change from 'for sale' to 'SSTC'. Is this a big deal, or should I insist that it is changed?

Thanks for your help

H

deemy2004

They need to see proof that you have an offer of mortgage ... so maybe they are right to not take it completely off the market until you give them a letter that says . Yes I have been approved with a mortgage.

So probably the current mid-way position is fair to both sides.

theGrinch

the property should be listed as "under offer"

now if I am going to the extent of paying for a survey, I expect something in return. I usually insist on a 2 week period of grace to allow this to be arranged.

that doesnt mean the agent cant market or collect details of interested parties, but it means no further viewings or offers.

usually, I will get a friend to call up to make sure the agent is playing fair.