 How do home loans work when you have a home loan and want to sell your house and get a new home? |
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Additional Details
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ameryharrison | I was going to make an offer on this house ,but the estate agent told me I had to pay them £120? |
I am talking about scunthorpe,in north lincs.I liked this house on the internet.I told the agent on the phone I would probably pay the asking price if I liked it (this town is 300 miles away from me) the agent said they would not take the property off the market unless I paid them £125.If not I could easy get gazumped.I would appreciate advice,especially from anyone in the housing market.They say other agents put "under offer" they say for this charge they will take the property completely off the market.I say if a FULL asking price offer is made,they should take it off the market,anyway.I have sold my present property,and we are near to exchange,but not exchanged yet.I am 62,and have sold several other houses before.What is the difference between "sold subject to contract"and "under offer" I am angry at them asking this.Should I pay it,or are they helping me.The estate agents are called Jump David Harrison |
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rajeev
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the thing is, the agreement to buy and sell property is not legally binding from the point of actually signing and exchanging the motgage deed.
you could technically even pull out of the deal after having a mortgage application accepted and initiating it with the solicitor, though techincally this is breach of contract you can still pull out.
it has been something that has happened many times in the past.
gazumping is where you are in agreement to go through with the sale both vender and buyer, but then the vendor pull out of the deal because someone else offers them a better offer on the property...this has been seen by many potential buyers as unfair practice but not illegal.
the estate agents duty of care is to the vendor and is thier job to gain the best offer they can..
unfortunately this means keeping it on the market until the sale goes through as in the vendors defence, a potential buyer could pull out anytime and the vendor has no redress from this..
as the the charge they are asking for, this should be stated in thier charges policy or equivalent, you should ask for this.
another issue is if this property is being marketed by just them or other estate agents - if its the latter then regardless of them taking it off from the market, it will still be marketed by other agents
sorry i couldnt give you an actual answer to the charge issue, but hope you can understand how it works |
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susie03
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Personally I have never heard of this before, sounds highly suspect. I would ask to speak to someone in the head office of the estate agents and see if it is an established procedure. You, as the buyer should not have to pay the estate agent anything, they get plenty of commission from the seller.
Anyway it is quite a risk to pay any sort of fee for a property that you have not seen yet - I assume it would be non-refundable if you decided not to go ahead with the purchase. (Would it be refundable if you did? That's a question worth asking.) |
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permanent_denial
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I know that 'sold subject to contract' means that the house is sold, except that the contracts still have to go through for it to be finalised. They do not accept offers from other people during this process.
I just looked up 'under offer' and it seems to me to be the exact same thing, here is the definition I've got:
'term applied to the sale of a property once an offer has been made by a potential purchaser and which has been accepted by the owner, prior to exchange.'
So if you make the offer, as long as the current owner accepts, the house should go off the market, I don't know why the estate agent is asking for the £120!
What if you decided not to go ahead with it? They would have lost other potential buyers and you'd be £120 out of pocket. Ask them if it's their policy, and for a copy of it.
You could always ask a solicitor for advice too, I'm quite suspicious of this! |
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tankgirl
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Hi, firstly, under offer means just that, that an offer has been made, and is in the process of being considered by the seller. Sold STC is the next stage, i.e. The seller has accepted that offer, and that subject to contract this will progress to exchange, i.e. the buyers owning the property. I am surprised that as you are nearing exchange on your own property, and have sold and purchased houses in the past, that at no point anyone has explained these terms to you. I suggest you ask questions of your agents in the future, and it may be worth talking to the agent who is dealing with your current sale about things you're not sure of, and how they feel about the admin fee you may be subjected to from your online agent. It is not unheard of to be offered the chance to take a property off market for a fee, however, you may as well make your offer if you're sure about the house, if it is the asking price then the seller will probably accept, and the online ad will then state SSTC and you will be as safe as you can be. If you have any doubts about the way this is being done, you should probably trust your instincts and steer clear. |
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Val G
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When I sold my house, it was 'under offer' meaning I was still accepting viewings and offers. I was moving out of the country and HAD to sell. The quicker, the better. It was a matter of whoever comes up first with the amount of money I was happy with, gets it! I suppose it also means that if someone came along with a bigger and better offer I could've taken it.
I think that Sold subject to contract means that the house is Sold and no further offers are being accepted. If the sale falls through for whatever reason (can't sell their own house is the usual one, or can't get a mortgage, or didn't have the money in the first place), previous offers are taken into consideration or you have to go through the whole sheebang of viewings and offers again.
All estate agents take their cut from the sale. That's how they stay in business.
Good luck with your move. |
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Penfold
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As I understand, the estate agent asking you for money is illegal as his contract is with the seller. The estate agent is bound by law to forward all offers to the seller unless otherwise instructed by the seller. If you have the contact details of the seller, speak to them directly.
'Under offer' means that a buyer has made an offer for the property but the seller is still considering the offer.
'Sold subject to contract' means that the seller has accepted the offer but contracts have not been drawn up, exchanged. |
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confucious says
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DONT PAY CONTACT THE SELLERS AND TELL THEM WHAT THE AGENT IS ASKING YOU FOR BASICALLY IT IS ILLEGAL FOR THE SELLERS AGENT TO ASK FOR MONEY FROM THE BUYERS. ONLY THE SELLERS HAVE A CONTRACT WITH THE AGENT THEY ARE THE ONLY ONES THAT HAVE TO PAY THE AGENT |
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doctor who
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sounds like a scam, but they can make their own rules as it's they're business. Pay it and you won't lose it. What happens if you change your mind or can't proceed? or if the owner takes it off the market? would you get your money back? whatever you agree with the agent, get it in writing, signed by both of you and get a receipt.
in London, one lettings agent won't even put the offer to the owner without £200 (yes, you have to bargain over rentals too)
good luck |
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Paul M
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Under offer means very little in practice. An offer 'subject to contract' means that you, the buyer, can pull out for any reason, e.g. the survey turns up something nasty. The estate agent may ask you for deposit at the offer stage but it should be no more than a good-faith token, if anything at all. Get written confirmation that you will be refunded the full sum if the sale doesn't go through, for whatever reason.
Once the contracts for the sale have been signed and exchanged, you and the seller are legally committed to the sale and cannot pull out. At this point, you would usually pay 10% of the sale price. If you fail to complete, you would lose this deposit.
I don't think you can expect a seller to take the property off the market until contracts are exchanged. A reputable estate agent would let any other prospective buyer know the property is under offer, though, and thus that another buyer is well advanced in the process. |
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Stella S
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Offer the agents £1000 and they will take it off the market for you. |
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