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

jjlandlord

The vendor has accepted an offer, so at the moment the property is indeed sold subject to contract.

The agent hasn't removed the property from RM, but rather just updated its status to "sold STC" so it is still visible and an interested party can still learn about it and contact the agent.

Everything's pretty normal, really.

KateLiana27

I've looked this up.

- under offer = an offer has been made, which the vendor is considering but hasn't yet accepted

- sold STC = a sale has been agreed, but exchange of contracts has not yet taken place. Nothing to do with surveys, solicitors, etc.

The terms are often used wrongly on Rightmove and the like, so a lot of people don't seem to be aware of their true definitions.

There's no obligation to mark a property as under offer or sold STC if you, as the vendor, don't want it to be. Just tell the EA. When buying our house, we made it a condition of our offer that the house was marked as sold STC, taken off the market and all further viewings cancelled - but the vendor was under no obligation to accept this.

paul1964_2

GDB2222 wrote: »

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.

The problem is that any sensible buyer would not spend money on surveys, solicitor, etc. until the property was off the market.

The_Palmist

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?

I will tell you exactly what's going on. You have found a no nonsense buyer who is not a time waster and you should be glad about it.
If you had doubts about the price then you shouldn't have "verbally agreed". If you are having doubts or if you wish to entertain further offers then you must inform this guy ASAP.
No wonder the market is losing credibility.

GDB2222

paul1964 wrote: »

The problem is that any sensible buyer would not spend money on surveys, solicitor, etc. until the property was off the market.

They do when it's a repo.

WebGuru

would you like it if you spent hundreds of pounds on mortgage and survey fees onto for somebody to change their mind?

Thought so

skidom

I begin to understand everything now, thanks, what still bothers me is why we have't been told by the agents in writing that we have an offer but we'll sort it with them. Thanks very much for everyone's opinions!

kiki*_2

You must have bought a house before if you are selling one. Dont you remember how it all worked?

If you've verbally accepted an offer then that buyer is expecting to buy your house.

hazyjo

Most things are dealt with verbally - the letter will follow, but the'll be in no rush to do it now as there'll be other priorities, and it's pretty much taken as read that there's an agreed offer. Putting it in writing is merely a formality.

Jx

skidom

kiki* wrote: »

You must have bought a house before if you are selling one. Dont you remember how it all worked?

If you've verbally accepted an offer then that buyer is expecting to buy your house.

Oh yes, indeed, I bought a property once but it was over 30 years ago and everything was different. Let me know if you'd like me to explain the details but I wouldn't have thought this matters now.