Selling your house is a big decision, and it’s natural to want the best possible outcome. You may be wondering if it’s wise to continue marketing your property even after accepting an offer from a buyer. In the UK property market, the question of whether or not to keep your house on the market after accepting an offer is a common one, especially for those concerned about the sale falling through or wanting to keep their options open.
In this blog post, we’ll explore whether you can keep your house on the market after accepting an offer, the implications of doing so, and the best steps to take during this stage of the house-selling process.
What Does “Accepting an Offer” Mean in the UK?
In the UK, accepting an offer on your house doesn’t immediately make the sale legally binding. This is because property transactions only become legally enforceable after contracts have been exchanged, which can occur weeks or even months after the offer is accepted. Until that point, either party—buyer or seller—can back out without facing legal penalties, although it might be frustrating for the other side.
For sellers, this period before exchange of contracts is often a source of anxiety. Buyers might change their minds, encounter mortgage issues, or face delays in selling their own property. As a result, some sellers consider keeping their home on the market to attract potential backup buyers.
Can You Keep Your House on the Market After Accepting an Offer?
Yes, you can keep your property on the market after accepting an offer, but there are important considerations. In the UK, this practice is known as “continuing to market” and is relatively common in certain circumstances, especially if the seller has concerns about the buyer’s ability to follow through on the purchase.
However, this decision can have various implications, both positive and negative.
Benefits of Keeping Your House on the Market
- Attract Backup Offers: Keeping your house on the market allows you to attract additional interest from other buyers. If your current buyer pulls out or faces difficulties securing a mortgage, having backup offers can reduce delays and ensure the sale process continues smoothly.
- Avoiding Chain Breakdowns: Many property sales in the UK are part of a chain, where each transaction depends on another. If a link in the chain breaks, it could jeopardise your sale. Keeping your property on the market reduces the risk of being left without a buyer if such a situation occurs.
- Leverage in Negotiations: If you receive a higher offer after accepting one, you could use this as leverage in negotiations. While it’s not always advisable to go back on an agreement, a new offer could put you in a stronger position if your current buyer tries to renegotiate the price.
Drawbacks of Keeping Your House on the Market
- Straining Trust with the Buyer: Keeping your property on the market after accepting an offer might lead to tension with your buyer. The buyer could feel that you’re not fully committed to the sale, which may make them anxious or less likely to follow through. This could also increase the likelihood of the buyer pulling out of the deal, especially if they feel pressured.
- Lowering Appeal to New Buyers: Once a property has an accepted offer, new potential buyers may be hesitant to invest time and energy into viewing or considering it. They might not want to compete with an existing offer, leading to fewer interested parties than you might hope for.
- Damaging Relationships with Estate Agents: Your estate agent might advise against continuing to market your property after accepting an offer. This is because they are focused on getting your sale over the line and continuing to advertise may complicate the process or lead to miscommunication.
Gazumping: A Risky Move?
If you keep your home on the market and receive a higher offer after accepting one, you could be in a situation where you’re tempted to gazump. Gazumping refers to accepting a higher offer from a new buyer, even after an initial agreement has been made with the first buyer.
While gazumping is legal in the UK (since contracts haven’t been exchanged), it is often seen as unethical and can harm your reputation as a seller. Additionally, some estate agents and buyers may decide not to work with you in the future if they feel you’ve acted unfairly during the sale process.
Best Practices for Sellers
If you’re considering keeping your house on the market after accepting an offer, here are a few tips to follow:
- Be Transparent with Your Buyer: If you plan to keep your property on the market, make sure you communicate openly with your buyer. Explain your reasons, such as concerns about the speed of the transaction or their mortgage approval process. Clear communication can help avoid misunderstandings and reduce frustration.
- Set a Time Frame: If you’re unsure whether the buyer will follow through, you could agree to a time frame. For example, give the buyer a deadline for securing their mortgage, after which you will continue to market the property. This approach can protect your interests while also giving the buyer a fair chance.
- Consider the Impact on Your Sale: While keeping your property on the market may seem like a safety net, it’s important to weigh the potential impact on your buyer’s confidence and the overall smoothness of the transaction. If the buyer feels pressured, they may decide to withdraw, potentially delaying the sale process.
Conclusion
You can keep your house on the market after accepting an offer in the UK, but it’s essential to carefully consider the potential benefits and risks. While attracting backup buyers may seem like a smart move, it could strain your relationship with the current buyer and slow down the overall sale process. Before making a decision, consult with your estate agent and consider the specifics of your situation. Remember, clear communication with your buyer is key to ensuring a successful sale.
