Reply to: Offer Accepted, Property still on Market

[FatLazyContractor]

You went through a broker?

Did not know that hookers provided that service. ! ? !

[WTFH]

Well, the broker fee is refundable.

You went through a broker?

[Gumbo Robot]

Refundable?

I wouldn't have thought anything is refundable (or rather claimable) until after exchange. Do solicitors work for free if you or the seller change your mind?

Well, the broker fee is refundable.

[Antman]

EA tells me a memorandum of sale has been issued & that the solicitors are talking.

In other words, this is up and running so I'm a bit concerned it's ostensibly still on the market despite the noisesade by the EA to the contrary.

But at least at this stage everything is refundable.

Refundable?

I wouldn't have thought anything is refundable (or rather claimable) until after exchange. Do solicitors work for free if you or the seller change your mind?

[fullyautomatix]

EA tells me a memorandum of sale has been issued & that the solicitors are talking.

In other words, this is up and running so I'm a bit concerned it's ostensibly still on the market despite the noisesade by the EA to the contrary.

But at least at this stage everything is refundable.

You are worrying for no reason. If the website is slow to update, even if someone calls to view the property the agent would tell them its on offer. It happened to me many times when we were buying a house.

[Gumbo Robot]

I didn't read the first post correctly.

Yes, what is he whinging about, he's nowhere in the process yet. A total non event "making an offer".

EA tells me a memorandum of sale has been issued & that the solicitors are talking.

In other words, this is up and running so I'm a bit concerned it's ostensibly still on the market despite the noisesade by the EA to the contrary.

But at least at this stage everything is refundable.

[Martin@AS Financial]

EA told me property was coming off the market when offer was accepted on Friday. Property still showing For Sale on RightMove & EA's website.

I smell a rat...

Would you proceed with the mortgage application & survey under these conditions? I can see myself getting gazzumped & a few grand going down the drain.

This is standard estate agent procedure I'm afraid. Ultimately an agent works for the vendor and not the buyer. Their job is to secure the highest offer they possibly can. Once the survey is booked in, you can usually negotiate that the property is taken off the market. The reason being is that you have been seen to have put your hand in your pocket and demonstrated you are a serious buyer.

[DimPrawn]

At this stage it should be "Offer accepted". The buyer hasn't got his finances together and the solicitors haven't started talking.

I didn't read the first post correctly.

Yes, what is he whinging about, he's nowhere in the process yet. A total non event "making an offer".

[WTFH]

True, but they are supposed to change its status to "sold subject to contract"

At this stage it should be "Offer accepted". The buyer hasn't got his finances together and the solicitors haven't started talking.

[DimPrawn]

The estate agent has to put any offers they receive to the vendor. That is a legal requirement.

True, but they are supposed to change its status to "sold subject to contract"

[BrilloPad]

Estate agents work a bit differently to Recruitment agents. Once an offer is made and accepted, they just move on to other properties. There is nothing in it for them to try and get a few grand more from some other chap. Their commission is miniscule compared to the transactions times and the business depends on quantity.

It is not yours until you exchange. They don't want to turn away potential punters.

The estate agent has to put any offers they receive to the vendor. That is a legal requirement.

[d000hg]

It is not yours until you exchange. They don't want to turn away potential punters.

Standard practice is you demand they take it off the market or at least list it as "under offer". They can always put it back on if the sale falls through, but they shouldn't be talking to other people once an offer is accepted.

[mdhd]

It is not yours until you exchange. They don't want to turn away potential punters.

[fullyautomatix]

Estate agents work a bit differently to Recruitment agents. Once an offer is made and accepted, they just move on to other properties. There is nothing in it for them to try and get a few grand more from some other chap. Their commission is miniscule compared to the transactions times and the business depends on quantity.

[BrilloPad]

Get the mate to say he's a cash buyer, quite happy to pay well over asking price, something in it for the agent too...

Lets be fair to the agent here(only estate agent - recruitment agents still get a good shoeing).

The estate agent has to put any offers they receive to the vendor. That is a legal requirement.