How soon for house to be marked SSTC?

booksandbikes

Hello - we accepted an offer on our house last Monday, but it still hasn't been marked as SSTC on Right Move. When does this generally tend to happen?

I will call our estate agent later today, but just wondering if there is a certain process or it just depends on the agent?

Grizebeck

Varies
Depends when they have checked your finances etc.

Hoenir

Have you applied for a mortgage yet? 

What stage has the potential buyer reached? 

Normally it's the buyer that's in a hurry to mark the property as SSTC. 

RHemmings

The OP appears to be from a seller, but the two replies seem to be addressing OP as a buyer. 

caprikid1

Depends on what you agree with the buyer and agent, some sellers want a survey booked or completed to take it off the market. 

Be careful removing the house from market till you are sure the buyers and proceedable and committed to your house.

eddddy

booksandbikes said:

Hello - we accepted an offer on our house last Monday, but it still hasn't been marked as SSTC on Right Move. When does this generally tend to happen?

I will call our estate agent later today, but just wondering if there is a certain process or it just depends on the agent?

The technical answer is... the estate agent just has to click a button in Rightmove.

But the estate agent might be waiting to do things like a 'financial evaluation' of the prospective buyer, before marking it SSTC  (i.e. check they have a mortgage AIP, and bank statements to show their deposit.)

(Or if the estate agent is being a bit sneaky, they might be using your house as 'bait' to get more people to call them - so they can tell them about other similar houses on their books.)

FlyMeSomewhere79

When I went through buying and selling last year it was all about getting identity documents across, and mortgage approval in principle and solicitors appointed before they'd change the houses to SSTC

DullGreyGuy

eddddy said:

booksandbikes said:

Hello - we accepted an offer on our house last Monday, but it still hasn't been marked as SSTC on Right Move. When does this generally tend to happen?

I will call our estate agent later today, but just wondering if there is a certain process or it just depends on the agent?

The technical answer is... the estate agent just has to click a button in Rightmove.

Or update their own software tool which then syncs with RightMove. 


As to the OP's question... Estate Agents typically leave it as long as they can get away with it just in case someone else comes along who's willing to out bid the existing offer. Normally it's the buyer that wants it marked off as quickly as possible to stop this happening. As such agents will often put several hurdles in the way to justify why they've not done it yet

booksandbikes

What stage has the potential buyer reached? 

Normally it's the buyer that's in a hurry to mark the property as SSTC. 

They are a cash buyer apparently; when we rang to accept the offer the agent said they would start the process to confirm proof of funds.

(Or if the estate agent is being a bit sneaky, they might be using your house as 'bait' to get more people to call them - so they can tell them about other similar houses on their books.)

Yes, the cynical part of me was wondering if that was what they were doing.

 Normally it's the buyer that wants it marked off as quickly as possible to stop this happening. As such agents will often put several hurdles in the way to justify why they've not done it yet

Yeah, I guess it is really no skin off my nose for it to stay on the market, although they have ceased accepting viewings, hopefully they are still taking details of any interested parties.

annetheman

When I went SSTC, it was after AML checks had cleared, proof of deposit had been checked and an AIP was in hand (AND my housing association had approved them - not relevant for you though, only for Shared Ownership). I had to chase EA to find this out, as it was approx. 5 days after they had been HA-approved that the SSTC mark was added; turns out it was the AML checks pending (they are Polish, and their deposit is in Polish bank account so had to be transferred to a UK account and their Visa etc checked etc etc).

booksandbikes

annetheman said:

When I went SSTC, it was after AML checks had cleared, proof of deposit had been checked and an AIP was in hand (AND my housing association had approved them - not relevant for you though, only for Shared Ownership). I had to chase EA to find this out, as it was approx. 5 days after they had been HA-approved that the SSTC mark was added; turns out it was the AML checks pending (they are Polish, and their deposit is in Polish bank account so had to be transferred to a UK account and their Visa etc checked etc etc).

Ah ok, so it sounds like it could be a little while.