Buying a property can be complicated, even after an offer is verbally accepted.
Sometimes, sellers keep their house on the market despite accepting an offer, which can frustrate buyers.
Understanding why this happens and what you can do about it is crucial.
This article will explore the reasons behind this situation and provide tips for potential buyers facing this challenge.
When does an accepted offer become official?
A property sale becomes official when a contract is exchanged. This is the moment at which the sale becomes legally binding.
Both parties are contractually obligated to finalise the sale on an agreed-upon date, known as the completion date.
This stage also confirms that all legal paperwork is either already in place for completion or is guaranteed to be in place before then.
There would be monetary penalties if either party were to pull out after the exchange.
On completion day, the seller’s solicitor will receive the sale funds, and the buyer is free to collect the keys (usually from the estate agent).
The buyer is also liable to pay any Stamp Duty due to HMRC, but this is most commonly handled by their solicitor.
The solicitor will also register the buyer’s ownership with the Land Registry, typically done before completion.
Why sellers refuse to take properties off the market after offers
Want a higher offer
In most cases, a seller will refuse to take a property off the market after accepting an offer because they hope to receive a higher.
They might reach this conclusion in a few ways. Perhaps their estate agent has voiced the possibility that they could get a higher price, or the sellers themselves are having doubts.
This scenario is far more common in a seller’s market, where the seller has many options.
(The opposite is true in a buyer’s market for property.)
If they feel there are many potential buyers, they will likely want to gain the maximum asking price for their property.
The seller might not trust you
Some people are suspicious by nature… Dealing with the property market can – if they are unlucky – make them even worse!
After all, sometimes estate agents lie about the value of properties. And sometimes, potential buyers gazump one another or put offers on multiple houses.
Many sellers are understandably distrustful because a lot of money is at stake in a house sale.
How to make yourself an attractive buyer to sellers
If the house seller is convinced they can receive a higher price for their property, then there is very little you can do about that.
You can try increasing your offer if you are willing to submit to the seller’s hesitation.
A few options to achieve this include:
- Offer to put down a larger deposit
- Pay off any outstanding debts
- Remove yourself from a property chain (if possible)
Some of these steps might seem quite drastic, particularly since a seller’s hesitation does not necessarily mean you are out of the running.
You should treat the circumstance on a case-by-case basis, discuss with an independent property advisor and/or an estate agent, and think carefully before making any decisions.
Sell your property with We Buy Any Home
We Buy Any Home are chain-free cash house buyers who can purchase your property up-front and quickly, without hassle or stress. You are in the perfect place to sell your house fast.
Using our own funds, we will purchase your property at a set price, by a date of your choosing, and fully manage it from beginning to end.
Fill in our enquiry form below if you want a cash offer for your house.
