Under Offer

Pixie5740

Lord_Baltimore wrote: »

Ok thanks. So if you were selling at £150k and someone offered you £145k and you accepted, you would not accept an offer the next day for your full asking price because this would be gazumping?

I live in Scotland and I've only ever bought and sold property here so I can't honestly say what I'd do since gazumping and gazundering can't happen here.

Mardle

It seems to mean different things to different EAs. We have recently sold my late mothers bungalow & that was marked as 'under offer' right up to completion. The house we are buying has been marked as SSTC since the paperwork was sent to our solicitors.

ellie27

I am in Scotland.

I accepted a verbal offer on thursday, and we recieved the written offer from buyers solicitors on friday. My property now says 'SOLD STC' and will only show on rightmove if you select the checkbox that says 'include under offer/sold stc'

googler

ellie27 wrote: »

I am in Scotland.

I accepted a verbal offer on thursday, and we recieved the written offer from buyers solicitors on friday. My property now says 'SOLD STC' and will only show on rightmove if you select the checkbox that says 'include under offer/sold stc'

Part of the problem is the lack of flexibility in online systems which were designed with the English market in mind, and which have been pressed into service for the Scottish market without adaptation.

Strictly speaking, your property is 'Sold, subject to conclusion of missives', but I wouldn't want to be the one arguing with Rightmove about adding an acronym for that to their display software.....

kingstreet

Lord_Baltimore wrote: »

The term 'under offer' seems to have several definitions on the web:

1. The vendor has accepted an offer and the deal is being formalised;
2. The vendor has accepted an offer but is open to a better one;
3. An offer below the asking price has been received by an EA;
4. Etc.

Is there a reliable definition for the term please? And how does it differ to SSTC?

Some people regard offering on an 'under offer' property as gazumping but is this the case if the offer received is under the marketed price?

Moralistic and business opinions appreciated please!

Under offer, spoken for, sold, sold subject to contract, whether online or on a for sale board all say the same thing.

The property is subject to an offer accepted by the vendor, but the sale is not yet confirmed as contracts have not yet been exchanged.

IMHO "under offer" is not a stage between fully available and sold subject to contract. I've never come across an agent which changed the status from "for sale", to "under offer" to "sold subject to contract".

They use under offer, or sold subject to contract to mean the same thing.

Lord_Baltimore

Thanks for all contributions.

I think I'll put this to the test with an EA that has Under Offer and SSTC properties on its books. Perhaps it will clarify for us. It may of course just clarify how ONE agent uses the terms....not sure there is a consistent description.

I'll report back here for anyone that's interested.

DRP

I've always thought it describes a property which has received an offer (that may or may not have been accepted), and the vendor is open to further offers.

ie. it is for showing there is interest in the property and for drumming up more offers...

Lord_Baltimore

DRP wrote: »

I've always thought it describes a property which has received an offer (that may or may not have been accepted), and the vendor is open to further offers.

ie. it is for showing there is interest in the property and for drumming up more offers...

Well, I called in on an EA today and was told under offer means the vendor has accepted an offer and the formalities are underway. No further viewings can be arranged and, no, they are not drumming up interest. Whilst a contract has not been signed, the acceptance means the property is not on the market.

In effect, to this EA anyway, under offer and SSTC mean the same thing as kingstreet said.

DRP

Lord_Baltimore wrote: »

Well, I called in on an EA today and was told under offer means the vendor has accepted an offer and the formalities are underway. No further viewings can be arranged and, no, they are not drumming up interest. Whilst a contract has not been signed, the acceptance means the property is not on the market.

In effect, to this EA anyway, under offer and SSTC mean the same thing as kingstreet said.

I guess that shows it is best not to assume too much as these terms are not well defined...

TrixA

In my experience, yes, under offer and SSTC mean the same thing. As a buyer, I would not proceed with an offer unless the agent had agreed not to market the property further - by which I mean, no further viewings, no including the property in email mail outs etc.