Sold STC back on the market, will estate agents say why if asked?

advice_please_2

Sold STC back on the market, will estate agents say why if asked?

seen a house, although not in a real position to buy as ours isnt on the market, but would be interested i.e. maybe if it was a survey issue etc.

callmechar

Yes I expect so, although this happened to use and the original buyers said they were out (because of survey - potential asbestos) but then they were back again!

property.advert

Why not just go and ask the people who live in the house ?

Davesnave

Interesting answers so far.

My experience is that you cannot guarantee a straight answer, even if you ask the owner, because they may not know the real reason, or they may have been told porkies. If they don't know you, they may also think it's none of your business, giving them the green light to tell you anything. Losing a sale is an emotional matter, so tread carefully.

As for asking the agents, well, they never lie, do they?

breadlinebetty

advice_please wrote: »

Sold STC back on the market, will estate agents say why if asked?

seen a house, although not in a real position to buy as ours isnt on the market, but would be interested i.e. maybe if it was a survey issue etc.

SOLD signs are not put up until after exchange, and exchange never takes place BEFORE a survey has been carried out. It just wouldn't happen.

If the buyer was taking out a mortgage, the bank would INSIST on a survey before exchange, and if a cash buyer was purchasing they'd still not put a SOLD sign up until after exchange - and I can't imagine any cash buyer (who would clearly be flush!) buying a property without having a survey done!

The only thing I can think is that the buyer suddenly had a change of mind, in which case they would have lost a considerable amount of money! That's the whole point of exhange - so that people can't renege on their offers as they'll lose HEAPS of money!

So given how much money they'd lose pulling out at such a late stage, I'd take a guess that in between exchange and completion, the buyers solicitor discovered some kind of bad debt against them, and the bank withdrew their mortgage offer. Serious muck if that's the case!

Davesnave

breadlinebetty wrote: »

SOLD signs are not put up until after exchange, and exchange never takes place BEFORE a survey has been carried out. It just wouldn't happen.

Betty, dear....


From Rightmove today:
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).

tyllwyd

You can ask the question, but you have no right to expect a reply. But there are lots of reasons why a sale might be agreed and then fall through which have nothing to do with the actual house - for example a chain might fall apart, or the buyer loses their job.

paulsad

...Or you get buyers from hell like we did on our last house who had offers in on about 3 other completely different spec houses - ours got as far as the contracts ready to be signed - would I kill anyone??? ...not till I'd met them!

BizzleBozzle

breadlinebetty wrote: »

SOLD signs are not put up until after exchange, and exchange never takes place BEFORE a survey has been carried out. It just wouldn't happen.

If the buyer was taking out a mortgage, the bank would INSIST on a survey before exchange, and if a cash buyer was purchasing they'd still not put a SOLD sign up until after exchange - and I can't imagine any cash buyer (who would clearly be flush!) buying a property without having a survey done!

Strange...I am right now sitting inside a house with a Sold sign outside which has been there since the day after I accepted the offer from my buyers! Survey has yet to be done. We are nowhere near exchange as chain has yet to reach it's end (what a pain that is!). As I understand it, the board means SSTC the same as our house showing on Rightmove as SSTC.

breadlinebetty

BizzleBozzle wrote: »

Strange...I am right now sitting inside a house with a Sold sign outside which has been there since the day after I accepted the offer from my buyers! Survey has yet to be done. We are nowhere near exchange as chain has yet to reach it's end (what a pain that is!). As I understand it, the board means SSTC the same as our house showing on Rightmove as SSTC.

Well in that case then you should tell your estate agent to remove the board. The house is NOT yet sold, and that board will prevent any passing prospective buyers from enquiring about your place. Your estate agent must be an idiot.

breadlinebetty

Davesnave wrote: »

Betty, dear....


From Rightmove today:
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).

Davesnave dear........

What's wee bonny Scotland got to with the question? The OP didn't even mention Scotland! Scotland, as we all know, is quite different to England as far as property selling goes, and it's also falling in value at a tremendous rate in comparison to much of England.

There. Now you can ask me what all THAT'S got to do with this thread?:D

SOLD signs only go up once exchnge has taken place - round my way, anyway! Prior to EXCHANGE OF CONTRACTS they occasionally put up signs saying UNDER OFFER.

SOLD STC usually only go on AFTER exchange. But you'd know wouldn't you? Being up in wee bonnie Scotland.........:D