I have a firm offer to buy my property so will the estate agent stop marketing the property?
Your Estate Agent will probably advise you against this, just in case the Sale falls through. Even if everything seems to be in order, it's possible that after the survey, say, the Buyer may want to negotiate on price and you cannot reach a deal.
On the other hand, if you leave your property on the market, your Buyer may naturally feel somewhat aggrieved, since they may fear they could be "gazumped" by a higher offer. If the Estate Agent does get other offers, under Estate Agency law they are obliged to put them to you. Whether or not you wish to pursue any additional offers is your decision. To do so risks discouraging your Buyer, who may pull out of the Sale and start looking at other property as a result.
If the buyer is not convinced by your assurances that you will not accept other offers so long as the Sale is proceeding smoothly, you could also consider making a verbal or written undertaking to take your property off the market for an agreed period of, say, 7-21 days, whilst surveys and mortgage finance are arranged by the purchaser. We widely encourage a '2 week rule', where we take the property off the market once the sale confirmation letters have been sent to the solicitors - this motivates the buyer to book a survey in and instruct the solicitor to apply for the searches fast to avoid the property going back on the market and attracting more competition. We find this method is extremely popular with our customers and helps avoid the buyer looking elsewhere.
5th June 2015
DISCLAIMER: Neither ludlowthompson nor their ‘experts’ take any responsibility for any action or loss incurred by readers of these pages. The reader acts on advice at their own risk. Answers to questions are not exhaustive. Financial advice must always be sought from a professional financial adviser
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