House Sold Under Our Feet

eddddy

MeteredOut said:

Unlikely, but don't discount someone making a mistake and  mistakenly flagging it on RightMove on SSTC rather than under offer. Call the EA.

What do you see as the difference between "SSTC" and "Under offer"?

Most people take it to mean the same thing.

Here's what a spokesman for Rightmove said back in 2014...

On Rightmove, properties appear as both Under Offer and SSTC.

We asked the portal whether it thought there was any difference.

A spokesperson told us: “We provide agents with the chance to use either status, as it could depend on what terminology they are most used to.

“Some agents would say there is a difference but to the majority it means the same, and the majority of buyers and sellers would take it to mean the same thing.

“For some, Under Offer could mean there is an offer but the conveyancers are not yet instructed and it has not been totally checked out, and once instructed then it is all agreed and becomes Sold Subject to Contract.”

Link: https://propertyindustryeye.com/agents-use-offer-sstc-says-ombudsman/

MeteredOut

eddddy said:

MeteredOut said:

Unlikely, but don't discount someone making a mistake and  mistakenly flagging it on RightMove on SSTC rather than under offer. Call the EA.

What do you see as the difference between "SSTC" and "Under offer"?

Most people take it to mean the same thing.

Here's what a spokesman for Rightmove said back in 2014...

On Rightmove, properties appear as both Under Offer and SSTC.

We asked the portal whether it thought there was any difference.

A spokesperson told us: “We provide agents with the chance to use either status, as it could depend on what terminology they are most used to.

“Some agents would say there is a difference but to the majority it means the same, and the majority of buyers and sellers would take it to mean the same thing.

“For some, Under Offer could mean there is an offer but the conveyancers are not yet instructed and it has not been totally checked out, and once instructed then it is all agreed and becomes Sold Subject to Contract.”

Link: https://propertyindustryeye.com/agents-use-offer-sstc-says-ombudsman/

It's never bothered me to the extent that I've checked what it actually meant, but I'd have assumed something along the lines of "Under Offer" - offer has been received and is being considered but property is still for sale. "SSTC" - offer has been accepted and property is no longer actively being marketed.

Interesting to hear other thoughts, but I'd be surprised if most thought it was the same thing.

But, as I said, that's very unlikely, so hopefully the OP has contacted the EA before they lose any chance to up their offer.

artyboy

I'm not sure if there is any consistency at all in approach, but with the flat we are buying, the EA refused to mark it as SSTC until they had details of our solicitor and we had provided proof of funds. 

Basic anti-time waster checks of course but generally that's "it" as far as any reputable seller goes (that isn't playing the gazumping game)

Grumpy_chap

njturner said:

We put in an initial offer as guided by the estate agent to get us on the table and we knew there was another offer being made. I spoke to the estate agent on Tue and they said they had no further update but yet today its sold - surely if someone has come in between Tue and today, we should have been given the opportunity to up our offer?

There is no right to be offered the opportunity to increase your offer.

Maybe the other offer was via another EA so the EA who received your offer was also unaware.

Maybe the other offer was made at asking price, or very proceedable, or with a clear statement that it was the offer and only available if accepted swiftly and the property taken off the market.  The other buyer may have been clear they would not get into a bidding war.

How much was the gap (percentage) between your offer and the asking price?

Sapindus

I would take "under offer" to mean "if anyone else wants to make an offer they need to get their skates on". SSTC is open to interpretation depending on the ethics of the seller but as you say the estate agent is likely to want to move on with progressing the sale and not mess around with gazumpers.

I don't think it's a very good tactic to make an offer and say it's an "initial offer".  It's admitting you've got more in reserve, but suggesting you'd rather get it for less and you're not entirely sure how much you can afford.  If the seller got a higher offer they would probably rather just go with that than try and tease out what your next offer might be.

J63320

If you are still interested in the house, let the agent know, and also make sure they know you have all your ducks in a row so you can proceed quickly - you do have all your ducks in a row, don’t you ?? Give them every reason to think you’d be a good buyer.

When I lost out on a probate property, the agent told me that the successful offer had been so high that the executors hadn’t thought it worthwhile to go back to any other interested parties. But a couple of weeks later I got a call to say that person’s chain had collapsed - was I still interested? I viewed it again, re-stated my previous offer, it was accepted the same day, and now I live here. 

If you can make sure that yours is the first name that comes to mind if something goes wrong and the agent needs to find another buyer, you might still get the house.

Bigphil1474

Are you 100% sure they haven't accepted your offer but just not told you? As above, speak to the EA and see what they say.

Elliott.T123

MeteredOut said:

It's never bothered me to the extent that I've checked what it actually meant, but I'd have assumed something along the lines of "Under Offer" - offer has been received and is being considered but property is still for sale. "SSTC" - offer has been accepted and property is no longer actively being marketed.

Interesting to hear other thoughts, but I'd be surprised if most thought it was the same thing.

But, as I said, that's very unlikely, so hopefully the OP has contacted the EA before they lose any chance to up their offer.

I would definitely take it to mean the same thing in this context. 

If a property had an offer that had not been accepted I wouldn't expect an agent to bother changing a status online to show this. If a status has changed it means the property is off the market.

In my mind a property is either for sale or its not, there is no middle ground of well maybe it is but we are speaking with someone else etc. No its on or off. So both mean the same or dont bother to update it at all.

MeteredOut

Elliott.T123 said:

MeteredOut said:

It's never bothered me to the extent that I've checked what it actually meant, but I'd have assumed something along the lines of "Under Offer" - offer has been received and is being considered but property is still for sale. "SSTC" - offer has been accepted and property is no longer actively being marketed.

Interesting to hear other thoughts, but I'd be surprised if most thought it was the same thing.

But, as I said, that's very unlikely, so hopefully the OP has contacted the EA before they lose any chance to up their offer.

I would definitely take it to mean the same thing in this context. 

If a property had an offer that had not been accepted I wouldn't expect an agent to bother changing a status online to show this. If a status has changed it means the property is off the market.

In my mind a property is either for sale or its not, there is no middle ground of well maybe it is but we are speaking with someone else etc. No its on or off. So both mean the same or dont bother to update it at all.

I thought of it as a marketing tool for "look, we've had an offer on this property but its not off the market yet - if you want it, you'd better get your own offer in now"

But, to know for sure, we have to get a view of an estate agents psyche, and I don't think that would be a pretty place.

BikingBud

lincroft1710 said:

It would appear you're a First Time Buyer.


Some vendors regard FTBs as a pain, they can be over cautious, hesitant and always asking questions. Fine and sensible if you are a buyer, annoying if you are a vendor. So if an acceptable offer is made by 2 prospective purchasers, one a FTB, one a non FTB, a vendor may well go for the non FTB

I really do not get this about knocking FTB all the time.

The fact that some buyers are risk cavalier are not cautious, nor hesitant and aren't: "always asking questions" is maybe not an issue with FTB but a symptom of the housing market where risks are seldom fully understood and consumer protection rights amount to very little.

Caveat emptor is extremely hollow when you are faced with 35 years of paying for a house with problems you didn't understand or that randoms on a website advise you are perfectly normal.

Prospective buyers wishing to undertake due diligence and then reconsider their offer after a survey highlights issues that will cost them money often get derided. Why? 

It's a stereotype and perpetuates a myth that does potential buyers that might be cautious a great disservice.