Estate Agent Not Going Sale Agreed until Survey and Valuation Complete

cannotlogin

Why would the estate agent want to remove it before confirming you are satisfied with valuation and survey.

If something goes sale agreed or is removed and shortly afterwards it's back up for sale, it tends to indicate there's a problem so anyone following the property will submit reduced bids thereafter.

Reputationally, it's better for estate agent to leave as is until they are fairly certain the sale will close.

LuckyLloyd

Look people can come in with the uber logical ‘why would EAs note it as “sale agreed” upon offer acceptance and booking deposit’ but that’s been the standard practice for years. Keeping things listed till contracts are signed is a new thing in comparison to standard behaviour from Feb 2020.

Sales are falling through in a weakening market and vendors are probably best served by EAs hedging their bets. That said, if I’m not getting anything for placing a deposit on the property I’ll have my money back please.

If we’re in a new world where it’s first past the post then we can remove both the booking deposit and Sale Agreed from the process. They were equally arbitrary aspects.

Dav010

LuckyLloyd wrote: »

Look people can come in with the uber logical ‘why would EAs note it as “sale agreed” upon offer acceptance and booking deposit’ but that’s been the standard practice for years. Keeping things listed till contracts are signed is a new thing in comparison to standard behaviour from Feb 2020.

Sales are falling through in a weakening market and vendors are probably best served by EAs hedging their bets. That said, if I’m not getting anything for placing a deposit on the property I’ll have my money back please.

If we’re in a new world where it’s first past the post then we can remove both the booking deposit and Sale Agreed from the process. They were equally arbitrary aspects.

All valid points, except that there is no indication in the op’s post that the Seller is prepared to enter into a Sale Agreed agreement with anyone else, only that the property remains listed. Once the op has the survey/valuation, that hurdle is crossed, the listing comes down. If you/the op withdraw your deposit, there is no sale agreement, someone else gets in the driving seat.

Personally I don’t see what the issue here is, won’t buy the house unless the survey confirms expectations, the bank won’t lend if the valuation isn’t within a certain range, so get both organised and the listing is removed.

brisan

burkey2k0 wrote: »

After showing him an approval in principle for a mortgage over twice the value of the property, he must be of a very nervous disposition indeed.

And yes, as I said before, he has stated this is company policy.

In this Covid era AIP means little
Banks are refusing drawdown to people on EWSS
EA has no way of knowing if bidder is on EWSS
Some bidders don’t know if they are on EWSS

listermint

LuckyLloyd wrote: »

Look people can come in with the uber logical ‘why would EAs note it as “sale agreed” upon offer acceptance and booking deposit’ but that’s been the standard practice for years. Keeping things listed till contracts are signed is a new thing in comparison to standard behaviour from Feb 2020.

Sales are falling through in a weakening market and vendors are probably best served by EAs hedging their bets. That said, if I’m not getting anything for placing a deposit on the property I’ll have my money back please.

If we’re in a new world where it’s first past the post then we can remove both the booking deposit and Sale Agreed from the process. They were equally arbitrary aspects.

We bought in 2016 and this is what happened. It isn't new. There's ample people in here telling you the same.

With no contract signed they don't have to do squat .

Claw Hammer

LuckyLloyd wrote: »

Look people can come in with the uber logical ‘why would EAs note it as “sale agreed” upon offer acceptance and booking deposit’ but that’s been the standard practice for years. Keeping things listed till contracts are signed is a new thing in comparison to standard behaviour from Feb 2020.

Sales are falling through in a weakening market and vendors are probably best served by EAs hedging their bets. That said, if I’m not getting anything for placing a deposit on the property I’ll have my money back please.

If we’re in a new world where it’s first past the post then we can remove both the booking deposit and Sale Agreed from the process. They were equally arbitrary aspects.

The booking deposit is to guarantee the estate agents fee. No booking deposit, no sale.