Sold STC

Woolwich_Kim

Is it just me or are many people finding that there isn't much on the market lately?

Also, many estate agents websites have lots of homes with the SOLD STC banner across it.

Does this mean there is no point viewing or enquiring about the property if it is sold?

If so, why keep it on the website?

da_rule

Many keep it on there for one of 3 reasons:
1) It shows people how good they are at selling
2) If they're slightly unscrupulous there is a possibility of gazumping/gazundering the current offer
3) Should the buyer/seller pull out before the exchange of contracts it is easier to remove the Sold STC marker than it is to re-do the listing

Woolwich_Kim

da_rule wrote: »

Many keep it on there for one of 3 reasons:
1) It shows people how good they are at selling
2) If they're slightly unscrupulous there is a possibility of gazumping/gazundering the current offer
3) Should the buyer/seller pull out before the exchange of contracts it is easier to remove the Sold STC marker than it is to re-do the listing

Thanks, that's quite annoying.

Maybe it's worth making some enquiries if I saw something I really like anyway. Nowt to lose (apart from a bit of time).

da_rule

Exactly. Some estate agents (in my opinion the good ones) won't let you attempt to gazump but they could note that you're interested should the sell fall through.

Talc1234

da_rule wrote: »

Exactly. Some estate agents (in my opinion the good ones) won't let you attempt to gazump but they could note that you're interested should the sell fall through.

Actually they can't stop you from gazumping as they are legally obliged to pass all offers to the seller.

http://www.oft.gov.uk/about-the-oft/legal-powers/legal/estate-agents-act/handling-negotiations#.UyZE_Pl_uSo

kingstreet

Woolwich_Kim wrote: »

Does this mean there is no point viewing or enquiring about the property if it is sold?

You will probably not be able to view, but ask if they can note your interest and contact you if the property comes back on the market.

anselld

Talc1234 wrote: »

Actually they can't stop you from gazumping as they are legally obliged to pass all offers to the seller.

http://www.oft.gov.uk/about-the-oft/legal-powers/legal/estate-agents-act/handling-negotiations#.UyZE_Pl_uSo

They are not obliged to pass on offers if the vendor has given specific instructions by whatever criteria.

da_rule

Talc1234 wrote: »

Actually they can't stop you from gazumping as they are legally obliged to pass all offers to the seller.

http://www.oft.gov.uk/about-the-oft/legal-powers/legal/estate-agents-act/handling-negotiations#.UyZE_Pl_uSo

Not if the seller has instructed them not to accept any further offers on the property or to withdraw the property from the market.

Road_Hog

Woolwich_Kim wrote: »

If so, why keep it on the website?

Two reasons. One, it is free advertising and secondly there are many idiot buyers out there.


I recently sold a property in London, which is meant to be a hotspot.


The first buyer took four and a half months and then offered £15K less under his initial offer just before exchange. The second buyer mucked about and went on holiday for a whole month and only got his ac into gear when I told the EA to remarket the property.


Now, I'm a pretty decent person, a handshake is a deal/my word is my bond. However, I'm finding more and more, that other people aren't like this and quite frankly, I would leave a property on the market until someone signed the exchange contract.


It is sad to behave like this, but culture has changed and you can't trust people to do the decent thing.

Contessa

What I find annoying is when the sold banner remains after the sale has fallen through.

I've noticed that a few of the properties I saved in RM appear to be sold or under offer. "Another one I've missed out on" I thought. I've recently reinstalled Property Bee and can now see that the sale appears to have fallen through on some.

As a seller I'd want potential buyers to know my house is still available.