We are "SOLD STC" on rightmove, we haven't got a solicitor even yet!!?!

skidom

What is going on, can someone explain this one to me, please? We've had an offer but although we have verbally agreed to it, we haven't appointed a solicitor yet, nor are we aware of a formal offer from the buyer or the buyer's solicitor to our estate agent. On Tuesday only there was someone around to do his mortgage valuation. I thought we'll be "UNDER OFFER" but not "SOLD" ! How about if someone was to offer more than the price to which we've agreed with the current buyer?

Alter_ego

Then you'd probably gazump your buyer

navmanwestmids

well you have sold your house subject to contract by accepting their offer........ The sale is not binding untill you have swaped contracts, until then you can still consider other offers....

but less people seem interested in viewing houses under offer.

holly_hobby

The agent updates records on right move.

Under offer - means awaiting instruction/results of survey

Sold subject to contract - means survey in awaiting exchange/completion

If you aren't happy, get the lender to amend RM info.

Hope this helps

Holly

paul1964_2

skidom wrote: »

How about if someone was to offer more than the price to which we've agreed with the current buyer?

If you've agreed a price, you shouldn't expect your estate agent to be looking for better offers. If you're not happy with the price, then reject the offer.

googler

paul1964 wrote: »

If you've agreed a price, you shouldn't expect your estate agent to be looking for better offers. If you're not happy with the price, then reject the offer.

Couldn't agree more.

You've agreed verbally to sell your house at the price they offered to your current buyer. If you're still open to further viewers and possibly further offers, when are you going to stop? When the buyer gets their survey done? The day before you exchange contracts with them?

Also, if you're going to be open to further viewing and further offers even though you've accepted their offer, don't you really need to let them know that you're not taking the property off the market for the time being......?

Homeowner_by_30

If you have verbally accepted the offer then you have agreed that this is the price you have accepted and will move forward with the sale. If you were not happy with the price you should not have accepted it as your buyer has now invested hundreds of pounds on the survey and you are likely to change your mind about the sale. This money cannot be recovered by the buyer. You need to be honest with the buyer about the sale sooner rather than later.

Aberdeenangarse

skidom wrote: »

What is going on, can someone explain this one to me, please? We've had an offer but although we have verbally agreed to it, we haven't appointed a solicitor yet, nor are we aware of a formal offer from the buyer or the buyer's solicitor to our estate agent. On Tuesday only there was someone around to do his mortgage valuation. I thought we'll be "UNDER OFFER" but not "SOLD" ! How about if someone was to offer more than the price to which we've agreed with the current buyer?

OK - do you expect the Vendors of the property you buy to treat you accordingly?

westv

holly_hobby wrote: »

Under offer - means awaiting instruction/results of survey

Sold subject to contract - means survey in awaiting exchange/completion

Technically that may be the case but I'm sure most EAs just use one term or the other (not both) for when an offer is accepted up to the point of exchange.

Old_Git

can you post a link so we can be nosey

GDB2222

googler wrote: »

Couldn't agree more.

You've agreed verbally to sell your house at the price they offered to your current buyer. If you're still open to further viewers and possibly further offers, when are you going to stop? When the buyer gets their survey done? The day before you exchange contracts with them?

Also, if you're going to be open to further viewing and further offers even though you've accepted their offer, don't you really need to let them know that you're not taking the property off the market for the time being......?

Couldn't agree less!

Sure, you've agreed a price, but what if your buyer drops out? I think it's essential to keep marketing the house so that you have an alternative buyer lined up just in case. That's not the same as being open to further offers, but it is being sensible.