Bit confused-can anyone explain?

rasmus

O/h's family is selling the family home in th uk (we're abroad so just get the odd phonecall update)

I've seen the house on 2 websites, one says "sold STC" the other "under offer" we've been told by the family that we have a closing date in march but confusingly we think they also said contracts havn't been signed yet?
Can that be right?

We've already been messed around by the people buying it (gazundering i think?) so its all nail biting stuff waiting for a phonecall saying "its done"

Robert_Sterling_3

Yes that certainly can be right up to a point.

Under offer means just that. Someone has made an offer.
This does not mean they have arranged a mortgae, had a survey done etc etc.

STC means Sold subject to contract.
It means that the buyer and seller have agreed a price and now the buyer will be trying to get a mortgage, have a survey done which will perhaps cause a reduction in the offer ... etc

The key thing is have the buyer & Seller "Exchanged Contracts" because if they have they will have agreed a date for completion. But if they have exchanged contracts then the house is no longer subjecy to contract.


As there are two websites being used one website would not always know that the contracts have been exchanged.

You can contact the appropriate people by email.

Cissi

It sounds to me as if they haven't exchanged contracts yet, so yes, it could all still fall through. I'm assuming they're in England or Wales? The way it works here is different from most other countries (where the offer is binding on both parties once it's been agreed). Here, either side can pull out at any point up to exchange of contracts, which usually takes at least 6 weeks, often much longer, while surveys and searches are made, mortgage put in place, contracts drawn up etc. And yes, in a falling market like now, buyers quite often "gazunder", ie renegotiate the price during the process.

rasmus

the people who are buying it agreed on it in november so all the surveys etc have already been done, 11 weeks later they decided they couldn't afford it so a new price was agreed.