Is it acceptable for a For Sale sign to still be up a week after offer accepted?

helping_hubby

Captain_Mainwaring wrote: »

Have you paid a pre-contract deposit?

It's sold when it's sold, not because you said you might like it. What happens if the survey reveals somthing terrible? will you still go ahead?

Good point. I guess I just believed removing from the market thing. Naive maybe?

What pre-contract deposit? Last time we got to the stage where we had paid 10% to the solicitor ready for the exchange day. Is this what you mean?

Nikki

We enquired about a property that was not marked under offer on rightmove but it was under offer on the agents website. The agent said that is was under offer and added our name to a list of other people that had also shown interest, I assume just incase the sale fell through. Our house is shown as under offer on rightmove but our for sale sign is still up, it'll change when the sign company change it. I'm not expecting anymore interest, nor would I contemplate any other offers unless we lost our buyer.

Captain_Mainwaring_2

helping_hubby wrote: »

Good point. I guess I just believed removing from the market thing. Naive maybe?

What pre-contract deposit? Last time we got to the stage where we had paid 10% to the solicitor ready for the exchange day. Is this what you mean?

No, I've always paid a deposit to the EA to show a genuine interest - say a couple of thousand pounds, it's refundable etc, but it does show that you mean business.

chickmug

Captain_Mainwaring wrote: »

No, I've always paid a deposit to the EA to show a genuine interest - say a couple of thousand pounds, it's refundable etc, but it does show that you mean business.

I am surprised to hear that you, or anyone else, has paid such a deposit. In my view it is worthless as it would need to be fully refunded if the buyer changed their mind, for any reason whatsoever, and would need to refunded immediately. Not worth the administrative hassle from an EA's point of view. And should be no comfort to the seller.

Jorgan_2

chickmug wrote: »

I am surprised to hear that you, or anyone else, has paid such a deposit. In my view it is worthless as it would need to be fully refunded if the buyer changed their mind, for any reason whatsoever, and would need to refunded immediately. Not worth the administrative hassle from an EA's point of view. And should be no comfort to the seller.

I'll second that.

Captain_Mainwaring_2

chickmug wrote: »

I am surprised to hear that you, or anyone else, has paid such a deposit. In my view it is worthless as it would need to be fully refunded if the buyer changed their mind, for any reason whatsoever, and would need to refunded immediately. Not worth the administrative hassle from an EA's point of view. And should be no comfort to the seller.

I'm not sure why you should be surprised - it shows that I actually mean business and I'm prepared to go ahead. If at this point the cheque doesn't clear, then maybe you are dealing with a waster. Otherwise until contracts are exchanged and the agreed deposit is paid there is nothing stopping anyone from leading another party up the garden path. Agreed you can get the deposit back at any time, but if you do, at least you signal your status to the vendor.

chickmug

Captain_Mainwaring wrote: »

I'm not sure why you should be surprised - it shows that I actually mean business and I'm prepared to go ahead. If at this point the cheque doesn't clear, then maybe you are dealing with a waster. Otherwise until contracts are exchanged and the agreed deposit is paid there is nothing stopping anyone from leading another party up the garden path. Agreed you can get the deposit back at any time, but if you do, at least you signal your status to the vendor.

Yes I agree that there could be some comfort the the seller but in my case I have not asked for, or had a seller ask me to ask for, a deposit for as many years as I can remember. Could be a regional thing as someone I know of in the South East does take deposits and holds back several hundred pounds for admin fee if anyone pulls out. He keeps the money and the seller has none!

But again, in this area, all the solicitors I know frown on this type of deposit.

jimc_2

I'm VERY surprised the EA hasn't run around him/herself with a 'Sold subject to Contract' banner themselves in the present climate!

A Sale? Today? Through us?

WOW! Lets tell everybody about it!

Seriously, legally the 'deemed consent' planning permission expires with the sale and the sign "shall be removed within 14 days after the sale is completed or a tenancy is granted." That's the maximum limit the EA can leave it up as an advertisement of their success.

In your case OP, if you look at the tales of woe in just this weeks postings here about sales falling through, you will understand the sellers/agents need to keep recording interest even if they don't actively promote the property.

Can you honestly place your hand on your heart and say "I can absolutely guarantee that I will complete this purchase and there is no possibility whatsoever of dropping out." No? Ok. Question answered.

BTW The possibility of Gazumping is extremely low unless the property is a gold-plated bargain. The only 'Gaz' going on right now is Gazundering.

poppysarah

You could get someone to ring and see if they can view it. Just to test the water.

helping_hubby

jimc wrote: »

In your case OP, if you look at the tales of woe in just this weeks postings here about sales falling through, you will understand the sellers/agents need to keep recording interest even if they don't actively promote the property.

Yes, I need to put myself in the sellers shoes. I also need to realise that although I'm not a time waster, there are time wasters out there and as far as my seller is concerned I could pull out any second.

And no I can't say I won't be pulling out. But I can say if we did have to pull out it would be for extremely good reason. So yes, now I can see that there are reasons why a genuinely interested buyer might pull out (I can think of 3)...I can understand the need to keep in mind other potential buyers out there