We’ve heard this one before and we’ll hear it again. A few days ago, a friend complained to me that even though his fathers offer on a bungalow he was desperately keen to secure had been accepted, the advertisement for it was still showing on the property website Rightmove. Granted, it had been marked up as ‘Sale Agreed’ but he was still unhappy to see it there and wanted it removed.
To put his mind at ease, I set about explaining that this must be done as it was, in fact, an agent’s duty to continue some form of marketing, unless expressly instructed to stop. Although, with only the rare exception, the seller has every intention of honouring the agreed sale, if the buyers plan to buy goes awry for any reason, the seller will have lost many days, weeks, even months of marketing, thus wrecking their own important plans.
So, if enquiries are received from potential buyers about the property under offer, the agent will advise the applicant that the sale is agreed and proceeding but request contact details to advise them if for any reason the agreed sale falls through.
If nothing goes wrong, the sale materialises, satisfying buyer and seller alike. If it falls through and the agent has recorded interest shown from potential buyers interested in being kept informed, a sale may be re-arranged far more quickly than if it has been removed from the market altogether.
The continued presence of a ‘Sale Agreed’ property on the websites is not therefore a cunning ploy, it’s a protection plan, only likely to be implemented if the buyer fails to come up with the goods. On learning this, my friend was re-assured that there was no plan afoot to pull the rug from under his dear dad’s feet and immediately gave him a call to put his mind at ease.