Encourages Gazumping
I made an offer on a property that stipulated it was taken off the market.
After keeping me waiting for around a week because they wanted more money (even though the property was clearly overpriced) they told me on the Friday that my offer was accepted and asked for certain details and documents.
I sent the details I could and let them know I was not around that weekend so would send the remaining documents on the Monday.
It was not until the Monday that this estate agent sent me a smug email stating that they had sold the property to someone else.
So in addition to ignoring (without letting me know) my stipulation that the property be taken off the market as part of my offer, they were more than happy for me to waste money on instructing a solicitor and a survey on a property they had led me to believe I was buying.
They gave the pathetic excuse that they tried to contact me whilst I was away (but not via the most direct form of contact: email) to INCREASE my offer - why on Earth should I increase an offer that was supposedly already accepted?