Difference between Under Offer and SSTC

MissMessy_2

What is the difference between "Under Offer" and "Sold subject to contract"

We had our offer accepted on a property 3 weeks ago. We have our mortgage offer, solicitors are instructed and working and the survey has been booked, but its still only "under offer" online?

DVardysShadow

Practically, there is very little difference, although there may be a subtlety that with Under Offer, there may be a little dissatisfaction with the offer, so the vendors could be nudged into taking another offer - mostly asa marketing ploy, to maintain interest in the event that the sale falls through.

G_M

Same thing.

You've made an offer which has been accepted. So it is 'under offer'.

However until contracts are Exchanged either side can change their mind, so the offer is 'subject to contract'.

Ulfar

Under offer is when an offer has been made but not accepted, SSTC is when an offer has been made and accepted but before exchange, sold is when contracts have been exchanged.

fg22

Although SSTC may seem more concrete it's probably nothing to worry about. The estate agent I'm buying through only uses "For Sale", "Under Offer" and "Sold". Check to see if any other properties on your estate agents website are marked as SSTC. If you still aren't confident that it is off the market, get a friend to phone the estate agents pretending to be interested in viewing it.

googler

Ulfar wrote: »

Under offer is when an offer has been made but not accepted, SSTC is when an offer has been made and accepted but before exchange, sold is when contracts have been exchanged.

'Under Offer' is when an offer has been accepted, in East Scotland, at least......

pastmybest

From the Righmove site and they should know as they are run by agents.

http://www.rightmove.co.uk/stc.html


Under Offer

A property is under offer when a homebuyer has made a formal offer to purchase the property but the homeowner has not confirmed whether to accept.

If the offer is rejected then the property remains on the market until the next formal offer is made at which point the homeowner must again decide whether to accept the offer or reject it.

If the offer is accepted then it becomes 'Sold Subject to Contract' (Sold STC).

Sold STC and Sold STCM

Sold 'Subject to Contract' (STC) means that the homeowner has accepted an offer from a buyer but the paperwork is not yet complete.

You can still enquire about a Sold STC property as the sale is not complete until the signed contracts are exchanged.

Technically the property is still available.

It may still be worth contacting the estate agent to discuss the strength of the accepted offer, particularly as there is no legal obligation on homeowner or homebuyer to complete the sale. On average about 15% of Sold STC properties come back on the market after the sale has failed to proceed.

The house buying and selling system in Scotland is slightly different in that once offers are made they are legally binding if accepted; there is no 'subject to contract' stage. However the concluding paperwork (known as missives) may in rare cases fall through hence we use Sold Subject to Conclusion of Missives (Sold STCM).

googler

pastmybest wrote: »

From the Righmove site and they should know as they are run by agents.

Under Offer

A property is under offer when a homebuyer has made a formal offer to purchase the property but the homeowner has not confirmed whether to accept.

Um, I don't think so. Which agents 'run' Rightmove (or Righmove) ?

I'll say it again; for my part of the world at least, this isn't how 'Under Offer' is defined..... and Rightmove's last para doesn't clarify this, either.

googler

" property is under offer when a homebuyer has made a formal offer to purchase the property but the homeowner has not confirmed whether to accept."

What's the point of distinguishing Under Offer from On the Market if the offer hasn't been accepted?

If others are still at liberty to make further offers, why not just leave the status as On the Market or Active, or whatever....

Leory

A lot of people use rightmove these days but in reality there isnt much difference.

What does matter is that properties marked 'under offer' or 'STC' is that they wont show on searches unless requested

PasturesNew

Although Rightmove put up fancy words on their website about the difference, it is then down to the efficiency and intelligence of the individual agents to properly update their listings to truly reflect the status of each property.

On the basis that you can often find something like a shed advertised as a detached house, or a flat described as a detached house, or a piece of land with planning permission on it listed as a detached house .... you can have little faith in the agents actually updating the status' properly.

If you like something enough, phone and ask.