Property under offer - can we still offer?

Dan-Dan

Voyager2002 wrote: »

"Under offer" means that the offer has not yet been accepted; once the vendor accepts then the status changes to "STC". Of course, some lazy EAs may forget (or 'forget') to change the status once the offer has been accepted, but that is a detailed complication...

Not in my neck of the woods it doesnt , so its a fair chance `under offer` means STC elsewhere , either way why didnt the op just say , the offer hasnt been accepted ? , and while they were at it , that they were planning to offer 20k under the current offer in any event

As i said , pointless , gives the rest of us FTB`s a bad name...

verulamium

When we bought our house, under offer under the estate agent we dealt with meant literally just that. It was under offer. So the OP was technically correct when he/she said it was under offer. But I understand how confusion can arise as most EAs would list the property as under offer, despite having the offer accepted.

I've also seen many properties where contracts has been exchanged, but the EAs only switch to Sold subject to contract, which is blatantly not true. Personally I think there should be more regulation in how these terms are used.

To the OP, if you seriously want the property, put your best and final offer.

GBNI

When my offer was accepted, my house was changed to 'sale agreed' within the day! And the sold sign was put up that afternoon as well.

Trig3

Under offer & Sold STC are gimmicks estate agents use to frighten buyers into making a quick decision.

I was told a woman had offered to buy a flat I was viewing & her offer had been accepted, she was waiting for a quote from a builder.

Later I found out the woman didn't exist & there had been no offers from anyone, the flat eventually sold at auction for £10,000 less than the EAs fake buyer.

Another 2 places I looked at had Sold STC boards up for months & are still up for sale at reduced prices over a year later.

googler

Voyager2002 wrote: »

"Under offer" means that the offer has not yet been accepted; once the vendor accepts then the status changes to "STC".

That's not universal to the whole country, though.

In Scottish transactions, Under Offer means an offer has been received AND accepted, and that no further offers will be considered unless the current one falls through.

Sold subject to conclusion of missives is the equivalent of STC, and applies after the Under Offer phase, once all Home Reports and surveys have been accepted, and the solicitors on each side move forward with title checks, searches, etc.

googler

Surely the terms are used to indicate an actual change in the status of the property, and some event has to take place to mark such changes?

"On the market" - clear enough

"Under Offer" - some people say 'offer received but not accepted', others say 'offer received and accepted, but surveys not finalised', but if it's the former, what's the status change? The latter is an actual change of status, whereby once the offer is accepted, there's a commitment to proceed from both parties. If an offer has been received but not accepted, I'd suggest the status of the property hasn't changed.

"Sold Subject to Contract/Missives" - following the above, solicitors move forward to conclude the transaction.

"Sold" - Contracts have been executed committing both parties to the transaction

"Completed" - money has changed hands, new owner gets keys

thenewbee

Dan-Dan wrote: »

Not in my neck of the woods it doesnt , so its a fair chance `under offer` means STC elsewhere , either way why didnt the op just say , the offer hasnt been accepted ? , and while they were at it , that they were planning to offer 20k under the current offer in any event

As i said , pointless , gives the rest of us FTB`s a bad name...

Why are you being so rude? I didn't know how much the existing offer was on for before I made my offer, which is the most we can stretch to. Given that you know very little about the circumstances of the offer you're being very presumptuous and frankly not very nice. Uncalled for.

ValHaller

thenewbee wrote: »

Why are you being so rude? I didn't know how much the existing offer was on for before I made my offer, which is the most we can stretch to. Given that you know very little about the circumstances of the offer you're being very presumptuous and frankly not very nice. Uncalled for.

Well, the reason he does not know the circumstances of the offer seems to be that you are not quite telling us all the relevant stuff you know. House buying can be a bit rough and tumble, it might help you to review how sensitive you are. Just laugh it off and move on.

Even if the agent has told you how much the offer is, you still don't really know

jules888

As someone who was gazumped,but then still got the house eventually as the gazumpers pulled their offer.I"m totally against gazumping .My friend years ago gazumped a daughter who wanted to buy the house next to her mother, i think it"s an awful thing to do.