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Chances of "sold STC" falling through and coming back up for sale?
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Legacy_user
Posts: 0 Newbie
What are the chances? 5%?
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1.2%..........0
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How long's a piece of string?
And, if it does, why? Is it because the buyer can't proceed - or is it because the buyer doesn't want to proceed, because something show-stopper has popped up on the survey or legals?0 -
Always a chance until exchange...0
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Low in my experience but a chance is a chance, and if you really fancy a property there's no harm in asking the EA to let you know if it comes back on. Beware of two things, though:
1) An EA who tries to encourage you to make a higher offer on a SSTC property - not only is it unethical and a nasty practice, but, from a purely self-preservative standpoint, if they'll do it to the current buyer, you can bet they'll do it to you.
2) If a place you like does come back on, make sure you understand why before offering, and don't take *coughcouldn'tgetamortgagecough* for an answer.
3) Finally, don't get your hopes up. Earlier in my process an EA actually sent me an STCC property I hadn't even seen which was PERFECT for me, and told me that the buyers were likely dropping out and he'd call me in a week. 10 days pass with nothing so I call him, only to be cheerfully informed that 'nope, they're exchanging as we speak'. Great for them, gutting for me!
Good luck!0 -
Ask the agent to make a note you are interested and keep tabs on it. I didn't once and missed out when it came back. I'd guess the chances are 25% to 30% but then I just googled "fall through index"
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Bossypants wrote: »
2) If a place you like does come back on, make sure you understand why before offering, and don't take *coughcouldn'tgetamortgagecough* for an answer.
Any tips on how to manage this point BP? Could be useful.0 -
Any tips on how to manage this point BP? Could be useful.
Personally I'm a big fan of guileless naivety. Wide eyes, open smile, just looking to be filled with all the wisdom of the all-knowing EA, and adding "but why?" after everything they say.
And if you still can't get a straight answer after a few rounds of that, that's the straightest answer of all, isn't it?0 -
The figure often quoted is 30% of purchases fall through. I don't know how accurate that is.Changing the world, one sarcastic comment at a time.0
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