House sale shenanigans

Home & DIY Home & DIY: Questions / Help
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So I’m selling a house. On the market one week. Large number of viewings and two offers. 1 cash (lower than asking), 1 chain now much higher than asking.

All fun and games and all new to me

I wanted to know what others think of an estate agent showing properties to the purchasers of one of my bidder’s property.

So the bidder is selling to someone who is now also being shown other properties by my estate agent. They have to sell their place to buy mine.

At the same time as this they are encouraging me to go with a cash buyer whose offer I accepted too hastily as they said the chain buyers were restructuring their finances and it’s my first experience of this so I didn’t realise I should take my time. Plus I wasn’t even told the value of the first offer, the offer wasn’t put into writing either. Other people who viewed were interested but some had to sell their property first and were not yet good to go.

The cash buyer viewed, was scared off for a week by an undecided planning application next door (since rejected), came back and made the offer. I’m worried they could make changes to their offer if there are any survey issues.

The chain offered the asking price, went back with a slightly higher than asking price offer and then with a much higher than asking price creating a big gap with the cash buyer. But they have to get a big mortgage.

The agents took my property off market without asking me after a week. They blamed software issues (shrugs)

After they sent me through more information about the chain bidder, I spoke to them about potentially changing my offer to the higher bidder. They were not happy, radio silence ensued after the phone call, then my for sale sign changed to a Sold stc sign without my knowledge.

So I’ve just been left with no communication and no idea what to do next. Everyone agrees that there is a big gap between the two offers. I’ve received a pleading email from the chain with promises to honour the much higher price.

It has been a stressful week!

What would you do? Advice will be very welcome, soothing words equally welcome. Cold compress, dark room, classical music doesn’t help so far!

Help!

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Take it off the market and start again.

I wouldn’t be happy with my estate agent pressuring me to taking a sale, which means they’ll get their commission sooner, nor would I be happy about potential conflict of interest regarding shared clients in the same potential chain. And I deffo wouldn’t be happy about them being dodgy about communication, taking my property off their website and changing the signage without my instructions.

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I don’t think I can do that until the existing contract is up in 6 weeks. But yes it does feel like I am in the middle of a dog’s breakfast!

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Don’t understand the up in 6 weeks contract thing.

Tell them you don’t accept the cash offer due to change of circumstances. If I were you I’d get my magnifying glasses and dictionary out and start ploughing through some fine print.

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First rule of buy or selling a house: don’t trust the estate agent!

The good news is you are unlikely to be bound by the sale until you have exchanged contracts (with the buyer, not the estate agent).

If I were in your situation I would send the estate agent a stern email telling them you are not happy with how they have have handled things (not told you the offer amount/you felt they pressured you into taking the offer/that you feel they have not been advising you properly, etc) and that you have changed your mind about accepting the offer. Tell them if the sold sign is not removed and the house put back onto the market within one week you will consider this a breach of contract and will be terminating your agreement with them and will find another agent.

That may or may not do the trick, but like Dex said it may be worth considering just finding another agent - you could book an appointment with one and they may be able to advise. Just try to get all important communication by or confirmed by email so that if they advise you incorrectly you have evidence. Alternatively you could get in touch with a solicitor, many of them often give you the initial appointment free - if they are a conveyancing solicitor they may well want to be in your good books as you might need them for a purchase of your own…

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Azz is correct, and has put it with somewhat more erudition than I.

You need to check the fine print to determine how long it has to be before you could be rid of the current agent.

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I agree with Azz, A stern letter ,I mean how can they put sold STC when you have no contact with them , They are taking it out of your hands . To me I would feel like its dodgy dealing going on .

I understand your contract time , I had a set time before it ended , I was not happy with my estate agents who did very little to keep me up to date , To the point I went in to their Office and asked whether the last offer was going ahead , it was at this time they told me the buyers couldn’t get a Mortgage…

I bid my time till the contract ran out ,but there was a clause which was if I went with another agent and sold within a certain time they could get fees from the sale …
I made sure it didnt go on the market till the time expired…

Check your small print , bide your time … and dont sign anything under pressure .

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I don’t know the time scale in which you want to sell your property Annie i.e. quick sale?
Are you relying on the sale of your property in order to purchase another property (chain)?
My advice is never to rush such an important transaction, as Azz says, take your time to read the smallprint on your agreement with the estate agent, and always remember…It’s your property you are selling, be assertive, you don’t have to take any nonsense from third party agents…

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First of all don’t accept the agents fee for selling they more than lightly accept a lower one just tell them. even 1/2per cent off will save hundreds of £. Next do a no agent no fee. that is if you sell without an agents help, ie advertising they can’t claim a fee. Example selling to a family member or friend, this is why you don’t want a board outside you house with for sale on it.
Having moved 5 times we know how stressfull it is

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Apparently it’s now normal practice to put sold with STC in tiny letters next to it, when all they have is the acceptance of an offer.

I really don’t know what to do or whose offer to accept because both offers have potential problems.

How have people managed to cope with several moves? I guess it gets easier with experience?