Length of time from making an offer to paying booking deposit

gazzer

Just wondering if I am overreacting or being too pesimistic with the following:

Put my house on the market 3 weeks ago. Had a viewing early last week and an offer was made for the full asking price (I had priced the house cheaper than other similar houses in the estate as I wanted a quick sale). Anyway I accepted the offer and was told by the estate agent that they would get back in touch concerning the booking deposit/solictors etc.

Anyway after 5 days I hadnt heard anything so I rang the EA who told me that the potential buyers had gone away for a few days and he would be in touch with me when they got back and had paid the deposit.

That was 3 days ago and still havnt heard anything. Am I unduly worrying? I just assumed that if an offer was accepted that you would want to pay the booking deposit asap..

Jo King

It sounds dodgy to me. Either the purchasers are messers or the EA is trying to buy the house himself, and sell it on off the contract. I would switch agents immediately.

Patrickof

I'd be very surprised if the EA was doing that in the current market.

It's probably the first option, but remember that not everyone has the deposit "ready and waiting" - maybe the EA should have clarified this. They may be borrowing the deposit from a credit union/relative and need time to get it together.

In any event, make sure they are aware that the house remains "on the market" until a deposit is received - although thats not much of a threat nowadays.

seamus

Chances are the "Gone away" thing is the truth. People don't put their lives on hold while they go house-hunting, so they're not going to cancel a booked holiday to put a deposit on a house (particularly in the current climate).

You don't really have a choice - leave it on the market and take viewings until the booking deposit is paid.

I would definitely keep poking the EA for progress. They're being paid to negotiate the deal, so their job is to put pressure on the buyer on your behalf.

skinnyminny

Hi Gazzer, I have just had a similar thing happen to me! We accepted the offer, the buyer was to pay the deposit the following day - then the EA called to say that she couldnt get the day off work to go to the bank and was expected to pay the deposit a couple of days later. Two days passed and still nothing, then the EA came back and said that she had gone away at the last minute and had made a new appt for the following Monday - a week since we had accepted her offer. On the Monday, she came into the EA and explained that she had had second thoughts and retracted her offer.
I would be suspicious of this (of course it could be genuine) but if you are selling to buy - I just think when we paid the deposit on our house it was almost immediately after viewing it so we could secure it as our own! You would think that other potential buyers would be the same.
Anyway, contact the EA and ensure that in the meantime, they are still setting up viewings, just incase this offer goes belly up, you have a back up plan.
Good luck with the sale - we have viewings every day now and its a killer trying to keep the house clean & explain to our 7 year old where all his toys have disappeared to!
Fingers crossed......

gazzer

Panic over.. The EA juat rang to say that the booking deposit has been paid so it looks like it is all systems go.

Thanks everybody for your replies. It is so stressful doing this house selling business. Im praying to every saint going that the sale will go through

Its mad because on the way into work today (going down the Navan Road and into Stoneybatter) all I could see was Sold or Sale Agreed signs.