Dazzler

Hi

Do you know whether you need to take your property off the market when you've accepted an offer, and stopping viewings?

Had an offer that is a little lower (2K lower) then the price I was willing to drop to, but I am going to go back and accept. At this price though I was thinking of saying that I want to keep it on the market.

Cheers

davegtt

technically yes you should stop taking viewings.

£2000 lower isnt much is it. If your going to accept it then do so, dont mess people about with costs of surveys etc and pull out on them because someone has offered you a bit more. If anything you could find your messing yourself around.

Dazzler

I know what you're saying Dave, but if the person met me half way, which would have been the extra 2k I would be more than happy to take it off the market and stop all further viewings whilst this went ahead.

I have been on the flip side of this where I took my house off the market after I accepted an offer, the SOLD sign went up. Then everything went quiet. Only to find out 3 weeks down the line that the buyer had pulled out.
It works both ways.

davegtt

Yes it does work both ways but thats not how you go about selling a house, any decent estate agent (not that many about I know ) Should tell you its sold and you'll stop taking viewings of it.

If everything went quiet for 3 weeks then Id suggest your communication between you and the Estate Agents is poor and needs sorting before trying to sell a house through them.

drumsterphil

iTrader: (1)

I've just accepted an offer on my house (after my first 'buyer' pulled out at the start of last week). After accepting this offer another offer was received from another party (but not accepted by me).

The estate agents explained to me that they are legally obliged to tell you any offers they receive even though you have accepted an offer - this ends when you withdraw the house from sale.

Jonathan Davies

Accepting the offer means nothing legally, as you must know if you've seen a buyer walk away. If you're worried about shafting the buyer, why not just say that you'll accept the low offer, but reserve the right to accept a different offer if you get the asking price or a higher bid? If they think the bid is pitched right, they'll go ahead anyway. If they're low-balling, maybe they'll meet the price you want and you can deal happily.

richs2891

Yeah had selling my house recently. Annoying when the seller dissapears and does not bother to answer the estate agent.

Richard

Tiggs

dazzler......whats your objective here? You take their offer...then someone offers £2k, are you going to shaft the people you have said you will sell to?

Either sell or dont sell, you cant be 100% sure how things will pan out but starting off by reserving the right to screw over your potential buyers is no way to go.


"Then everything went quiet. Only to find out 3 weeks down the line that the buyer had pulled out. "

you need to take the blame for some of that.....if selling your house is important then get an update twice a week WITHOUT fail....how can something go quiet for three weeks? Get the buyers details and speak with the mdirect if you have a crap estate agent (which you shouldnt have)

Hanslow

If you want to see if you can weasel a bit more out of them, tell them that if they meet you half way, you'll take the house off the market today.

Tiggs

How much is this place that you are bothered over £2k??

Hanslow

LOL if you'd had our estate agent when we moved last year, the 8 week silence from them as soon as we accepted the offer was rather interesting We naively assumed things were just ticking over and going through the motions until it all went a bit mental! Loads of hassle that we had to sort out which was really the EA's job, gave us good cause to knock their fees down I'd sooner they'd have done their job, saved us the hassle, and we'd have paid them what they were due.

First time we'd sold a house and we did try to get information out of them, but they just didn't seem to listen

Dracoro

I doubt it. They'll just say, OK, let me know if you get a higher offer and I'll think about it. Until then, my offer stands unless I find another place (works both ways you see )

mattstant

correct course of action

fast bloke

I know where you are coming from Dazzler - you don't want to stop marketing your house until the deal is signed and sealed. unfortunately you have to stick with the crappy system or you will merely alienate all potential buyers.

2000TLondon

Yep, house isn't actually sold until contracts are exchanged, technically. Keeping house on market will accelerate process anyway. It's not shafting the buyer, as said before if they think they have the money right, no problem. Ensure the buyer is aware whatever you decide though.

Oh, and I feckin' hate estate agents!

unclebuck

This won't be an issue from july next year. With the introduction of Home Inspection Packs the seller will have to meet the cost of producing a Home Condition Report (survey) before the property goes on the market. This is then made available FOC to all prospective buyers. This will cost the seller around £700 - £1000.

Dazzler

Cheers for the advice.

Firstly, the Estate Agent tried constantly to get in touch with the person who pulled out the first time. I was kept in the picture the whole time, but it does get disheartening being told they still haven't managed to make contact with them.

Tiggs - It has nothing to do about shafting people, I believe I am a fair person. If they have not quite met what I was looking for as a minimum, then isn't it fair to accept the offer on the proviso I keep the place on the market up until that person has a survey in place? Once they have parted with money I will not have the house on the market.

Tiggs - How is the house price relevant to whether I'm bothered about 2k? It goes some way to paying off the Agents fees, which is always useful.

Dazzler

Well, gone back and told the Estate Agent that I've accepted the offer, but will still keep it on the market up until the buyer has arranged and paid for the survey.

Tiggs

"If they have not quite met what I was looking for as a minimum"


If they havent paid what you want tell them so. They are offering you £X...thats either ok or its not.

"How is the house price relevant to whether I'm bothered about 2k?"

Because if its £300k house then it seems a lot of bother for under 1% of the value - just take the offer. If its a £20k mobile home then i understand.....hold on for £22k

Tiggs

hope that works out cool for you- but if i was your buyer i would walk away......why should i pay £500+ for a survey when you showing people around at the same time and happy to sell to them if they offer above me?

If i was buying i would say i will have the survey complete in X days (and provide you with proof i has arranged it) if you still insisted on showing potential buyers around i would walk.

unclebuck

Again, with the introduction of Home Inspection Packs this situation won't arise. The seller provides the Home Condition Report upfront to potential buyers speeding up the selling process substantially.

richs2891

I say what Dazzer has said in regards to the offer and only take it off when the buyer has paid for the survey is fine.
Tiggs if you have ever had dealing with asian's and there manner to buying house, ie making offer, accepting and then disappearing. And then turning up with a dodgy Surveyor who values your house at £15K in an attempt to get you to reduce the price. I can understand Dazzers methods.
Richard

jonc

the offer should be subject to a deposit. If they want the property, then ask them to leave a deposit, only when the deposit has been recieved, then take it off the market. People are less likely to pull out and indicates that the buyer is more likely to go through the purchase if they leave their money with you/solicitor

Dazzler

Tiggs - You wouldn't be parting with cash with the house still on the market. As soon as the survey is booekd the house comes off. It gives the seller re-assurance that the offer is serious.
Once, this happens, the house comes off and nobody loses money.

Totally agree that sellers should pay for surveys though. That way, nobody would be worried about either party pulling out when you've just forked out £500-1000.

Tiggs

"Tiggs - You wouldn't be parting with cash with the house still on the market. As soon as the survey is booekd the house comes off"

thats fine- and a little more deatil than your first post.

"Tiggs if you have ever had dealing with asian's "

lol...i'm pretty right of the middle but cant say i would base my house sale technique on the potential downfalls that i may deal with an asian!

Spoon

You just need to read better Tiggs, the clues are there.

Tiggs

who reads the small print

Brit_in_Japan

"If they have not quite met what I was looking for as a minimum"

Dazzer, do you have a minimum or not? If they have not offered the minimum you want, tell them sorry and goodbye.

When selling a property you should establish 3 prices before you start, top end, acceptable, walk away. If they do not offer the "walk away" price, tell them goodbye. If you are prepared to accept 2k offer lower than what you said was your "minimum", it wasn't your walk away price.

If you make it crystal clear to your estate agent what your walk away price is, you won't waste time with getting offers less than that.

David Lock

My take is as follows. EA phones you saying he has offer of £X. You then say to agent no way or try to get another grand but if you can't then I'll take it. But double check it's a real offer and hopefully not No 7 in a long chain.

"Under Offer" sign is put up outside. I would then say to EA "No more speculative viewings but if someone walks in who has cash (i.e. already sold theirs) then they can have a discrete look". But only on the basis that you are sticking with original buyer unless it goes **** up.

Good luck.

V1CK1

Nice!