Sold houses returning to market?

zaksmum

In my area recently I've noticed several houses showing as SOLD on RM, only to reappear a few weeks later for sale again, usually at the same price the house was offered for previously.

Is this a case of a sale falling through, or a buyer deciding they'd made a mistake and the house wasn't for them after all?

Do RM show a property as SOLD when the sale is still going through? I would've thought UNDER OFFER would be more appropriate until the sale is actually finalised.

I'd be wary of even viewing one of these houses - one has been back on the market 3 times in the last 8 months.

Neil_in_Bristol

What's shown is largely down to the estate agent. Once an offer has been accepted, some show "sold" others "under offer".

In any event, a lot of sales are falling through at the moment, which is what you're seeing.

It only takes one person in the chain to find out that they can't get the mortgage they needed, or the survey reveals a problem, or perhaps someone loses their job and the whole chain collapses.

I wouldn't be put off from viewing these houses, though. A seller might well be prepared to accept a lower offer to get the chain moving again.

zaksmum

Neil_in_Bristol wrote: »

What's shown is largely down to the estate agent. Once an offer has been accepted, some show "sold" others "under offer".

In any event, a lot of sales are falling through at the moment, which is what you're seeing.

It only takes one person in the chain to find out that they can't get the mortgage they needed, or the survey reveals a problem, or perhaps someone loses their job and the whole chain collapses.

I wouldn't be put off from viewing these houses, though. A seller might well be prepared to accept a lower offer to get the chain moving again.

Unfortunately round here there seems to be very little chance of having offers accepted on any property.

I've offered between 5% and 10% below asking price on four properties in the last few months and each offer was rejected, but the property remains unsold, and EA says there's no other current interest.

celyn90

zaksmum wrote: »

Unfortunately round here there seems to be very little chance of having offers accepted on any property.

I've offered between 5% and 10% below asking price on four properties in the last few months and each offer was rejected, but the property remains unsold, and EA says there's no other current interest.

It could be they just need the asking price and are willing to sit it out.

I can't keep up where I live - I phoned about three properties yesteday - all were sold

shar46y

I have seen this happening a lot in the area that we are searching, over the past 3-4 months. I get the RM email alerts every day and at least 5 of the houses that we had "flagged" as interesting have gone Under Offer or SSTC and then reappeared after a few weeks.

I do wonder whether it is to do with people in the chain having problems getting mortgages, as we can't be the only ones who, after having an offer accepted, are waiting weeks later for a mortgage decision (and still no idea whether we are going to get it).:(

evoke

It's most likely to be deals falling through. This is caused by a combination of FTBs not able to secure a mortgage, unrealistic pricing by vendors and a lack of common sense by buyers when they expect the property to be absolutely perfect in every way.

DVardysShadow

shar46y wrote: »

I have seen this happening a lot in the area that we are searching, over the past 3-4 months. I get the RM email alerts every day and at least 5 of the houses that we had "flagged" as interesting have gone Under Offer or SSTC and then reappeared after a few weeks.

I do wonder whether it is to do with people in the chain having problems getting mortgages, as we can't be the only ones who, after having an offer accepted, are waiting weeks later for a mortgage decision (and still no idea whether we are going to get it).:(

I would suspect devious Agents, triggering Rightmove alerts on houses they have just sold. This generates the illusion that the market is moving very quickly and encourages buyers to panic despite the realities of the market.

zaksmum

DVardysShadow wrote: »

I would suspect devious Agents, triggering Rightmove alerts on houses they have just sold. This generates the illusion that the market is moving very quickly and encourages buyers to panic despite the realities of the market.

I hadn't thought of that.

celyn90

One of the ones I'd phoned about yesterday she said that the vendor was considering an offer made earlier that day and promised to phone me back to update me "first thing this morning" - still no call :mad: I don't want to phone them constantly; I already had to chase a promise to return a call last night from them.

There is no indication on RM that it has been sold yet; so I don't know what to do.

poppysarah

Relax. Be cool.

There'll always be another house.

celyn90

Ahh, I know - we are in no rush - I just get annoyed when they say they'll call then not cel x