Put an offer on a house two weeks ago which was accepted, gave in the booking deposit but house is still listed for sale. I know in the present market the chances of someone else coming in to make an offer is slim, but should the estate agent not have it listed as sale agreed by now?
House not sale aggreed on website but estate agent cashed deposit cheque
- Thread starter lionstour
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PaddyBloggit
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The house isn't sold until contracts are signed.
If you pulled out they'd be back to square one.
This way they are keeping the sale alive in case contracts aren't exchanged.
If you pulled out they'd be back to square one.
This way they are keeping the sale alive in case contracts aren't exchanged.
so when does the house go sale agreed officially then?
Thanks for putting me at my ease.
Althought in this market its more likely I will reduce my offer before that happens.
PaddyBloggit
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And you can still pull out of the sale until you sign contracts and get your deposit back.
Get survey etc. done before you sign any contract.
Get survey etc. done before you sign any contract.
If you do not have to sell your own house and have loan approval etc in place, then I would expect the Auctioneer puts ‘’Sale Agreed’’ on this property immediately, and ceases further viewings for a reasonable period until survey and contracts.
If you are not in a position to complete the purchase promptly, then I would understand the property still being actively marketed
I know the property is not ‘’Sold’’ until contracts are signed by both parties but at least sale agreed would assure me the Auctioneer has genuinely accepted my offer and is not actively looking for another purchaser.
If needed your Bank Manager or Solicitor would be able to confirm you are in a position to complete the purchase subject to survey.
Unfortunately as OP does not have a contract with the EA (or anyone else in relation to the property) s/she is not in a position to "insist" on anything. Putting "Sale Agreed" signs on the property or on a website is misleading as in the absence of any contract, nothing is actually agreed. OP has made an expression of interest and has offered a refundable deposit as an earnest of good faith; the EA has presumably offerred a receipt in return.
As above. The EA on the vendor's behalf has accepted the deposit and passed on the offer OP made and has passed back the vendor's acceptance of the offer, all of this being subject to contract. Until contracts are exchanged the property is still "For Sale" and either party can pull out without penalty.
So why and when is this done all the time?
It is done in order to inform the market that an offer had been accepted and the house was not been shown to prospective buyers.
These days, so many buyers are backing out after their offer has been accepted, that sellers and EA feel that they are are safest not putting anyone off, until the contract is signed.
Seems fair I suppose but it does allow estate agents to continue to show the house hoping to get a better offer even though we payed and they cashed a booking deposit
It must make the whole process evenmore unsettling than it is.
The only consolation is that there is little chance of someone gazzumping you in the current market. My advice is to keep your head down, keep working on the paperwork and keep your fingers crossed. Hopefully it will all work out and the contracts will be signed soon.
Correct because there is no contract. An agent's responsibility is to achieve the best price possible for their client, the vendor. They can sell to a different buyer and give you your deposit back. It also allows you to place a deposit on or buy a different house and get your original deposit back.
I'm not sure it does "happen all the time"; for example it has never happened in any property transactions I've been involved in. It may happen sometimes and may be just a selling tactic. It's a pretty meaningless status anyway; a property is either "For sale" or not. IMHO These "Under Offer", Sale Agreed" status flags / signs are just estate agent hyperbole.
Estate agents put sale agreed on properties all the time. See daft.ie to confirm this. It would give me piece of mind that the property will not be viewed by others. If i see sale agreed I wont bother ringing about the property
Just ask them nicely. Happened to me last year when I bought my house, and to be honest, I don't think it was cos they were planning to gazump me. House had gone sale agreed twice already, had been on sale for two years, and buyers couldn't come up with cash, so I could see their point. Plus most EAs have a skeleton staff on now, and taking down sale agreed signs is not on their priority list.
Still, I asked them kindly to do it, and within a week, they had it changed to sold. It took them about 2 months to take down the sold sign after I moved in though!
If they think you are feeling insecure or about to pull out for any reason, I'm sure they'll be jumping all over you to keep you happy! Ball is in your court remember!
Still, I asked them kindly to do it, and within a week, they had it changed to sold. It took them about 2 months to take down the sold sign after I moved in though!
If they think you are feeling insecure or about to pull out for any reason, I'm sure they'll be jumping all over you to keep you happy! Ball is in your court remember!