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Sold Stc --> Under Offer

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Lately, I have noticed quite a lot of properties that the bee shows as moving from Available to Sold STC and then changing again to Under Offer.

Here is an example and there seem to be many others around this price range. I haven't seen it as much with higher price houses.

Does this mean anything? It occurred to me that perhaps surveys are coming up with valuations that fall short of the offers people have made. They then either have to find the difference out of their own pocket or lower their offer to keep within the LTV requirements of the lender. If this is what is happening, then the seller will understandably want to see if there are any higher offers out there.

Do you think this interpretation is reasonable, or am I reading too much into it?

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Lately, I have noticed quite a lot of properties that the bee shows as moving from Available to Sold STC and then changing again to Under Offer.

Here is an example and there seem to be many others around this price range. I haven't seen it as much with higher price houses.

Does this mean anything? It occurred to me that perhaps surveys are coming up with valuations that fall short of the offers people have made. They then either have to find the difference out of their own pocket or lower their offer to keep within the LTV requirements of the lender. If this is what is happening, then the seller will understandably want to see if there are any higher offers out there.

Do you think this interpretation is reasonable, or am I reading too much into it?

On Rightmove, it seems to mean anything number of things. It's ridiculous that they go from 'Available' to 'Sold STC'.

I wouldn't read too much into it, if I were you.

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After extensive research, I have come to the conclusion that:

Under Offer : "Somebody who still has their own house on the market likes it".

SSTC : "Somebody who still has their own house on the market likes it even more".

VMR.

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Lately, I have noticed quite a lot of properties that the bee shows as moving from Available to Sold STC and then changing again to Under Offer.

Here is an example and there seem to be many others around this price range. I haven't seen it as much with higher price houses.

Does this mean anything? It occurred to me that perhaps surveys are coming up with valuations that fall short of the offers people have made. They then either have to find the difference out of their own pocket or lower their offer to keep within the LTV requirements of the lender. If this is what is happening, then the seller will understandably want to see if there are any higher offers out there.

Do you think this interpretation is reasonable, or am I reading too much into it?

STC means SUBJECT TO CHANGE - and these days that change means coming back on the market!

I watch 50 + properties (not on bee not got my own PC currently), in Dorset, £200000 to £250000 range, best of the bunch, been watching them for months and months and months NOTHING has sold. Some withdrawn (fed up I assume of being offered 30% off peak). Some went Under Offer or STC then back on again. Others then go STC but not many and NOT ONE HAS SOLD.

Not surprising if the NAEA report is anything to go by, as they said that many offers are made by people who have not even put their property on the market yet, I assume because they do not want to pay for HIP + estate agents fees unless they can find something. The problem is that sellers want to buy at 2010 values and sell at 2007 values I believe. Can't imagine ANYONE accepting an offer from someone who hasn't even started marketing their property can you? But I guess if someone offers you a 2007 value you accept it not realising that : "we live in a land of broken chains" (BLOO LOO 2009)

There is no "perhaps" about it

Realistic Valuations Lead to Chains Breaking

See also:

Homebuyers Left High and Dry as Mortgage Offers Are Cancelled

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Guest DissipatedYouthIsValuable

It's when EA scum have nothing to do other than rotate signage in order to attempt to achieve an illusion of something other than stagnation.

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Thanks for the replies and the links.

That Times article fits my theory, although I have no idea if what I am seeing on RM is a reflection of that or just EA's changing classification on a whim.

When the valuation comes in lower, the buyer and seller are in deadlock. The seller wants the price they agreed to sell at but the buyer cannot pay it. The buyer does not want to walk away, or they lose their deposit and all fees they have paid. Interesting.

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Since the default search option on Rightmove is to exclude houses that are Under Offer or SSTC, I would seriously doubt that an EA would change the status on a house unless a serious offer had been made and accepted.

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I thought that STC or SSTC meant 'sold (subject) to contract', ie, the sale is proceeding with mortgages etc in place, but contracts have not yet been exchanged, but 'under offer' just meant someone had said they wanted to buy it but nothing had been confirmed.

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Since the default search option on Rightmove is to exclude houses that are Under Offer or SSTC, I would seriously doubt that an EA would change the status on a house unless a serious offer had been made and accepted.

Bless ;) I am sure someone who uses Property Bee regularly will put bb7t6 right!

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Well go on then, put me right.

I don't use property bee as I haven't got my own PC currently, but I am referring to the thread after thread I have read on HPC that confirms agents do put properties on RM that have sold as if they are new properties then put them as STC etc., if you phone about the property they say it is no longer available. I tend to do the 7 day search option, but properties come up that have been on for MONTHS AND MONTHS.

Edited by Sybil13

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A link to property bee tells me precisely ****** all.

Sybil had to refer an explanation as to why EAs would lie about the status of a property (despite taking a patronising tone), so I still think I am right.

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A link to property bee tells me precisely ****** all.

Sybil had to refer an explanation as to why EAs would lie about the status of a property (despite taking a patronising tone), so I still think I am right.

I run a search on PB every other day and although the default rightmove search is not to include SSTC I use i-macros and have it set to include those, it's always nice to see which sellers are becoming distressed so that when the right property is on at the right asking price I'll be in a good position to know, ball park, how much lower they will be willing to go.

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Lately, I have noticed quite a lot of properties that the bee shows as moving from Available to Sold STC and then changing again to Under Offer.

Here is an example and there seem to be many others around this price range. I haven't seen it as much with higher price houses.

Does this mean anything? It occurred to me that perhaps surveys are coming up with valuations that fall short of the offers people have made. They then either have to find the difference out of their own pocket or lower their offer to keep within the LTV requirements of the lender. If this is what is happening, then the seller will understandably want to see if there are any higher offers out there.

Do you think this interpretation is reasonable, or am I reading too much into it?

Without wishing to sound as if I like or trust EAs, for the sale of my Mums house recently, SSTC on Rightmove meant just that.

The buyers offer was accepted, everything else remained to be done.(survey etc) There was no EA antics. This was two months ago, contracts will exchange soon.

However there are houses on Rightmove that have been SSTC for more than a year, which seems a little hard to believe.

I can't see the motivation for this, a house marked SSTC will attract less interest from some buyers.

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There are definitely some EA's which are putting new houses on as SSTC, which were sold months & months ago. I suspect exchanged/completed & put onto RM as a new 'sold' instruction just to enhance the market data and keep the EA profile higher than it should be

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