In message , Mike Mitchell
writes
On Wed, 24 Mar 2004 10:50:44 +0000, Richard Faulkner
wrote:

In message , Martin Angove
writes
Capitol's advice about leaving the house on the market until exchange
*can* work in a low-supply situation, but you will have to read the
local conditions for yourself. IME it can also make buyers less likely
to put in firm offers - in return for coming close to your valuation
they often need the security of being sure there's no-one else after
the same property. After all, if they have stretched their budget right
to the limit to offer a certain price, they will not want to waste
money on solicitors fees only to have the house snatched from under
them. If the house is to stay on the market they may well offer less to
guard against this.

The Estate Agents Act requires agents to continue to market a property
until exchange of contracts unless the vendor instructs them to the
contrary in writing.

This was designed to protect vendors against "ring fencing", i.e. the
agents selling to a "mate". However, it also actively encourages
gazumping.

I wonder how many agents actually get their clients instructions "in
writing" before withdrawing a property from the market when an
acceptable offer is made?

Regardless of what the agent may or not want later on, I shall not be
gazumping any firm buyer whose offer I have accepted in writing. I am
not a lawyer. Also, if they try to gazunder me, they will learn the
hard way not to try it ever again.

MM

Why the angst? I was stating the law, along with a concomitant of it.

If you have confirmed to the agent, (in writing), that you are happy
with an offer and do not want them to market for the time being, they
will do as you ask.

If someone wants to gazunder you, what are you going to do to make them
never try it again - the most you can do, without resorting to violence,
is say no.

If they are serial gazunderers, they will withdraw and move onto the
next.

If they are just asking, on the basis that if you dont ask you dont get,
they will either negotiate, or carry on at the previously agreed price -
unless, of course, at an attempt to gazunder, you withdraw and refuse to
sell to them under any circumstances. In which case they may have shot
themselves in the foot, but so may you.

--
Richard Faulkner
Faulkner & Faulkner
Tel: 0161 881 6087 Fax: 0161 861 7636 web: www.estate.demon.co.uk