Worried Deal Might Fall Through due to Estate Agent

jis

Hi, my husband and I are first time buyers and have found our idea property and put an offer in.
So far, we have had our offer accepted by the seller, started the process with a lawyer, had the application accepted by the bank and are now waiting for the bank to carry out the valuation, so that our mortgage can be formally issued to us.

However, I am feeling a bit nervous about the seller but mainly the estate agent. When we got the letter of acceptance from the estate agent, on the Memorandum of Sale the offer conditions state that "Aim to exchange contracts within two weeks of purchaser's solicitor receiving draft contracts". A week later, once we had gone to the bank and reserve mortgage, the estate agent stated the property wont be available till July.

Alongside the Memorandum of Sale, was a letter from the estate agent stating - "Following instructions from the seller, I can also confirm that the property will not remain on the market". What doe that mean for us - the buyer? Should the property remain online marked STC, and should the agent be adding new pictures to it every week, like it is still being advertised, as this is what he has been doing.

Should we be concerned? We don't want to be gazumped as we really like the property.

G_M

I can also confirm that the property will not remain on the market".means they will not seek another buyer. That's good for you.

Just a thought? Who lives in the property? The sellers? No one? Tenants........? That "wont be available till July." is strange......

jis

The sellers live in the property but are in a chain I suspect.

Why is the estate agents updating the pictures every week, if it is marked sold STC?

Since being marked STC, the posting for the property, has gone from having one picture of the outside of the property (week 1), to pictures of the surrounding area (week 2), to pictures of the inside of the property (this week) ?

marksoton

Whilst strange pictures being added don't change the STC status.

Maybe your vendor is buying a new build and the build timeframe has slipped?

jis

I dont know. Should we ask the estate agent about this?

marksoton

jis wrote: »

I dont know. Should we ask the estate agent about this?

No harm in doing so. Or even better speak to the vendor directly.

dc197

Could the seller have suddenly realised they cannot escape a fixed prior on their current mortgage without paying a penalty? One house we liked was not available until a certain date because of this.

dc197

Fixed *period*

bigfreddiel

dc197 wrote: »

Fixed *period*

Did you know there is an edit option you could use to correct your own post? Maybe not

Good luck fj

ScorpiondeRooftrouser

marksoton wrote: »

Whilst strange pictures being added don't change the STC status.

Maybe your vendor is buying a new build and the build timeframe has slipped?

There's no such thing as "Sold STC" status.

if they are leaving it online with "Sold STC" stamped on it, they are hoping someone is going to come along and ask whether they can have a look at it anyway.

If they are updating the pictures, they are still actively promoting it.

The best you can say is that the Sold STC stamp might stop some people from asking about it, either because they don't know what Sold STC means (ie, nothing) , or because they know they can't make low offers if one has already been accepted.

"Sold STC" is simply something Estate Agents use to try and fool buyers into thinking they will no longer entertain further viewings.

marksoton

ScorpiondeRooftrouser wrote: »

There's no such thing as "Sold STC" status.
Ok maybe "status" was a poor term to use...
if they are leaving it online with "Sold STC" stamped on it, they are hoping someone is going to come along and ask whether they can have a look at it anyway. Most i see go through this process for at least a few weeks before dropping off...

If they are updating the pictures, they are still actively promoting it. Maybe....

The best you can say is that the Sold STC stamp might stop some people from asking about it, either because they don't know what Sold STC means (ie, nothing) , or because they know they can't make low offers if one has already been accepted. Or they don't fancy a bidding war...

"Sold STC" is simply something Estate Agents use to try and fool buyers into thinking they will no longer entertain further viewings.

As we all know until exchange there's no certainty for anyone. But i'd suggest STC at least offers a bit of piece of mind and is better than being fully on the market.