Is this above-board? (mortgages)

We have had an offer accepted for a house today, below the asking price. But this was accepted on the provision of 2 things. One is that they will not budge any lower if anything unforeseen crops up. This, we are fine with. Secondly, they have said they won't mark it as 'Sold'. Does this mean they are open to offers above the amount we have placed, ie we are open to being gazumped? Is that legal? We are due to see the estate agents tomorrow so will ask their opinion on this subject, but any information given here could be a useful tool for me.</p>

Thanks.
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Sounds like they are hoping to get more from someone else mate

Dont think its illegal tho`, shitty but not illegal.

 

Totally legal

They can accept any offer at any time up to the point where you exchange contracts. They can even accept a lower offer if they want. Annoying, but perfectly legal.

 

CRAP!

I thought as much mate, was just hoping there was something I could do. Now all I got to do is hope nobody else gets in there </p>

Thanks for the input mate (and you Stahlrost)
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If it falls through mine's available at 75K

3 bedroom terraced near town

 

not illegal, more people are doin this at the mo

just as security should the sale fall through, if the agent is carrying on marketing the property on the instructions of their client they do have to notify you of this in writing under the estate agency act 1981 i beeive,, we had a potential gazumping case this pm but the client saw sense and rejected the slightly higher offer

 

You should put a demand on your offer.

Turn the tables. Say your offer is conditional that the estate agent stops marketing the property.

That way the house still stays as 'for sale' but there would be no advertisements in the estate agents window or paper.

 

100% legal, untill you sign contract, money exchanged and you have keys they can do anything. My partner has her house for sale in Scholes, Rotherham, Its 3 bedrooms, HUGE garden and real private. She has had 5 offers of 130k but has said ok to all and said it wont come off sale till contracts are done. This too is legal

 

It's legal. When I flogged mine the estate agent advised me to keep marketing it after I accepted an offer - think it's just in case anything goes wrong with the accepted offer or someone comes along with a suitcase of used tenners and gives you the asking price.</p>

I chatted to my buyers and we agreed I'd take it off the market for a specified anount of time to let them get everything in order. The fact you've agreed not to lower your offer ought to give you some leverage with them I'd have thought.
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Is that what JCR did with his flat ? nt

 

call their bluff

I'd tell them to get it off the market or go bllcks. You can use the fact you wont lower your offer as leverage.

I wouldn't get stuck in that position, it takes weeks and weeks to complete

 

Agreed

In this market a good buyer is a rarity. They'll be knackered if you walk.

 

Thanks all for your advice

I'm liking this 'call their bluff' thinking.