i have agreed a price with an estate agent to buy a house but they insist they can carry on with viewings???

Question

suerly if they have sent me a memo agreeing to sale at x price
they have to take it off t he market?...i have sent them confirmation of my mortgage but they told me they will say it's under offer but still show people around? which makes me feel pretty insecure as far as the purchase goes as it could result in a bidding war...and there is a chain involved..!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

what do you think????????

(also...the vendor seems happy with the price but wants to hold out for more here in the uk!!!....if i bought in the past they instantly take it off the market and refuse more viewings...

Answer 1

Nuthin is settled until you've signed a purchase agreement with the current owners which means the owners have accepted your offer, until then, they're still considering it. So unless this is done, it's not off the market and the agent can continue to show.

Answer 2

Until contracts have been exchanged then the sale hasn't actually taken place. Other people can be shown around but they probably won't be able to buy the house as a sale is going through. It depends on the integrity of the seller then if they want to drop out of the sale because a higher offer is given, but I agree that it isn't very nice for the person going through the purchase or for someone looking for a house. There is that uncertainty for the buyer although very small if the offer price has been accepted but the new person is also taking a risk in that they will most probably be disappointed. So from that point of view it isn't worth looking at a house that is under offer.

Answer 3

Don't worry about it. As long as you know that you're finances will pass muster and you'll have the money for closing and that the sellers have officiallly signed the acceptance papers for your offer.

They have to keep it on the books and show to whoever wants to see it until the sale is a done deal. They are working in the best interest of the seller.

What happens if your financing falls through or you change your mind, then they're left without a buyer and time wasted and having to find someone else to offer. Also, what happens if the housing inspector finds something wrong that makes you decide the house isn't such a good deal after all.

They will tell anyone who's interest that they have an accepted offer and would they like to make a contingency or seconday offfer in case the first one goes belly up.

Happy new house :)

Answer 4

A memo does not do it legally as to the sale of a house or property. The only time the house will be marked "sold" is when you have submitted an unconditional offer to purchase on the legal forms for such purpose (usually a buy and sell agreement in standard format) which has been accepted and your deposit has been taken and cashed by the real estate agent. Any conditional offers or other infringements by you inserted within the document which the seller either agrees to or must wait for (such as an inspection) allows the property to be continued to be shown.

Answer 5

I have just sold my house after having it on the market for four months longer than necessary because we had an offer made, which we accepted, took it off the market, only to find out four months down the line, the buyer could not get a mortagage. Subsequent offers were told the house would stay on the market even though we had accepted thier offers, of which we had three. The last people to view came up with cash. House sold! Promises are no good to a seller.

Answer 6

This is a common practice by realtors. I have been in your shoes and it made me a nervous wreck. Their theory is that the sale could always fall through and by keeping it on the market they will be better prepared to find another buyer. The last time this happened to me, I had a great deal on a house under contract and some yahoo kept calling the seller trying to beat my offer. I was lucky...had a really honest seller who went through with the contract.

Answer 7

A sources is on the marketplace until eventually its bought. The sources agent has a accountability to get the superb value they are able to so they could bypass on extra effective or bigger gives you to the shopper until eventually contracts are exchanged (i think of thats the element at which the two events are committed). although, a solid sources agent could be getting decrease back to you, in all hazard in writing (however i'm going to be flawed) that your furnish has been ordinary. If a extra physically powerful furnish is made you're able to be recommended so as which you will bypass bigger in case you decide on. there has been (is) a foul prepare observed as gazumping, meaning a extra physically powerful furnish would be ordinary even once you have spent on solicitors, surveys etc yet i'm unsure at what element you are able to say a sale is "risk-free". the shopper may additionally pull out for any reason, as much as a undeniable element. verify with your solicitor.

Answer 8

If the house is in a hot housing market they may continue to show it until closing day. It is not that unusual for a buyer to back out so the Realtor will still show it just in case. In slower markets they we usually show houses that they have a better chance of selling.

Answer 9

Did you put ernest money into an escrow account? That will stop agents from showing a property.

"Sale Pending" status ususally stops showing.

That's the way it works in the USA. You may want to post your question in the site for your specific country.

Answer 10

The estate agent will continue to show viewings until your offer is accepted by the vendors.