Reducing the price after SSTC?

When_is_the_reset?

I have noticed a few houses on Rightmove that have gone SSTC but have reduced the price a few weeks later.

Why do they do this? Are they still marketing it after accepting an offer or is there something more sinister; like it is not really SSTC but they want to look like they are selling a few houses.

If you have propertybee have a look at this for an example.....

http://www.rightmove.co.uk/property-for-sale/property-16851792.html

Blackpool_Saver

aye, some reet funny goings on these days.............

giddypenguin

Maybe they accepted an offer well under the asking price last time, the sale fell through, and now want a quick sale so have lowered the asking price.... at least that's what happened to ours, on at 325k, accepted 290k, sale fell through, now on for offers in excess of 285k.

westlondonbuyer

I keep seeing "premium listings" - a red banner on houses that have been on the market for ages. What does that mean?

iB1

Wow - That wasn't on the market for long

myhouse_2

I believe the most common reason is that people are unable to get mortgages. They put in an offer on a house and cannot raise the funds (bank disputes value of house, won't lend as much of a salary multiple etc).
Expect this to continue happening for at least 2 years (either banks lend more or sellers become more realistic).

When_is_the_reset?

I am not talking about whether people can get mortgages - I know houses go SSTC and then 'Reavailable' for lots of reasons.

I am talking about the houses being marked as 'SSTC' but then the estate agent still reducing the price.

henpecked1

westlondonbuyer wrote: »

I keep seeing "premium listings" - a red banner on houses that have been on the market for ages. What does that mean?

means it has been hanging around longer than Bruce Forsyths goolies.

poppysarah

westlondonbuyer wrote: »

I keep seeing "premium listings" - a red banner on houses that have been on the market for ages. What does that mean?

Desperate?


Might be a repo the first one - they have to declare offers...

mufi

westlondonbuyer wrote: »

I keep seeing "premium listings" - a red banner on houses that have been on the market for ages. What does that mean?

It means that instead of lowering the price after many futile months on the market, the somewhat gullible vendor has paid extra to the EA for a cyber-sticker.

There's one born every minute...

westlondonbuyer

:rotfl:

I checked it out with my pet EA, it's done to 'relaunch' a house after a price cut to appeal to fresh viewers in a new price bracket.

I've seen a few asking-price cuts on property bee today, most unannounced though.

I've also seen a few listings go multi-agency, but with no price cut. As a buyer I HATE multi-agency sales, the agents always seem really uninterested and ill-informed about the house and sale particulars.