Looking at a house that has gone “sale agreed” three times in the last few months…

T

TheBargyman

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But has been relisted three times having not gone “Sold”. All three occasions have been in the last few months.

Three seems quite a lot, any reasonable reasons why this might happen or would this wave a massive red flag? I note that the house has also sold approx 2 years ago.

Haven’t made contact with Estate Agent yet but would they tell me the reasons why the house went “Sale Agreed” but not sold?
 
When talking to the Estate agent, just ask the question explaining you dont wish to waste your time or theirs...Estate agents are by and large reasonable people in my experience.
 
Either a legal issue with title or something, a probate sale that has been delayed due to an issue with probate and buyers have moved on or a dodgy survey. I'd expect some flexibility on price if it is the 3rd time it has happened.
 
If the sellers are in a chain and the issue is with the house they are sale agreed on? But for that to happen 3 times seems unlikely so more likely something with the property itself.
 
“Sale Agreed” is a marketing term not a legal term.

It’s the estate agent who does this and often they are lazy/haphazard.
 
Dr Strangelove said:
“Sale Agreed” is a marketing term not a legal term.

It’s the estate agent who does this and often they are lazy/haphazard.
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Surely it's sale agreed when a potential buyer puts a deposit on a property in order to purchase.

Generally no further viewings are permitted and conveyancing commences with both buyer and sellers solicitors.

How does this make them lazy or haphazard?
 
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I’ve bought and sold houses and estate agents have been haphazard about changing the terms to “sale agreed” and “sold” on their websites.
 
Dr Strangelove said:
I’ve bought and sold houses and estate agents have been haphazard about changing the terms to “sale agreed” and “sold” on their websites.
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I have seen them slow to put up the "sale agreed" and "sold" signs. But I have never seen them putting up "sale agreed" prior to a bid being accepted and booking deposit paid - or "sold" prior to a sale going through.
 
I'd imagine agents would be more prone to delaying changing status to sale agreed or sold in order to attract more potential buyers in the area they can then show other properties to. It's unlikely they would list a property as sale agreed unless they genuinely thought it would go through for fear of raising red flags with other prospective buyers who are now walking in wondering what's wrong with the place. Viewing with that mindset almost guarantees you see more issues than you would otherwise.

As above, mention it to the agent and ask them, informing them that you will be engaging a surveyor to investigate all aspects including planning compliance (often an issue vendors think they might get away with). Get a copy of the folio and look up your local authority's planning portal for any planning on file.
 
I would think most likely a title or survey issue that is possibly stopping someone progressing to a mortgage drawdown. Maybe vendor is just hoping some cash buyer might overlook whatever the problem is! Is this an estate house or a standalone in the country? I see something near me that has 'sold' several times but every time the fact that there is not sufficient room on the site for a new septic system scuppers the deal!
 
The lender will want proof of insurance before releasing funds.
If the property is in a flood zone or close to a river, canal, sea etc, sometimes no insurer will offer flood cover and the lender won’t then lend on that property.
Could this be the reason for the 3 previous buyers pulling out ?
 
Ruffian said:
I have seen them slow to put up the "sale agreed" and "sold" signs. But I have never seen them putting up "sale agreed" prior to a bid being accepted and booking deposit paid - or "sold" prior to a sale going through.
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Estate agent I used put up a sold sign before the sale had closed, contracts were signed of course but not closed for another 3 weeks after that.
 
aristotle said:
Estate agent I used put up a sold sign before the sale had closed, contracts were signed of course but not closed for another 3 weeks after that.
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That's fair enough, once contracts are signed you have a binding and enforceable contract. They like to leave the sign there to tempt others thinking of selling to go with them.
 
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