Jump to content
House Price Crash Forum
Sign in to follow this  
TheCountOfNowhere

How Long Do You Wait In Sstc Limbo...

Recommended Posts

Bejesus 6 months is about 1/140 of the average life...so it's a long time to wait on your house sale going through.,,,

I saw loads of places going SSTC at the start of the bounce and lots of them are still SSTC, especially at the top end of the market...e.g.:

http://www.rightmove.co.uk/property-for-sa...ncludeSSTC%3Don

03 March 2009

* Status changed: from 'Available' to 'Under offer'

13 January 2009

* Price changed: from 'Guide Price £575,000' to 'Guide Price £545,000'

http://www.rightmove.co.uk/property-for-sa...ncludeSSTC%3Don

01 May 2009

* Status changed: from 'Available' to 'Under offer'

12 November 2008

* Price changed: from '£845,000' to '£795,000'

03 October 2008

* Price changed: from 'Guide Price £895,000' to '£845,000'

http://www.rightmove.co.uk/property-for-sa...on%26index%3D30

16 April 2009

* Status changed: from 'Available' to 'Sold STC'

23 January 2009

* Initial entry found.

must be lots of examples of this sort of loooooooooooooooong chain ?

I dont often search with the rightmove include SSTC option so there are probably loads of these that i dont see!!!

Edited by TheCountOfNowhere

Share this post


Link to post
Share on other sites

There have been quite a few threads lately about how long it takes for a chain to complete , Bloo said this a few weeks ago:

Sybil, I do not think this mortgage collapse after exchange is a major contributor to broken chains.

What is, and just looking at the number of SOLD SSTC on the 3 mile journey to the bank, is that anyone can walk into an EA, go look at a property and make an offer. Its then SSTC.

great, the seller may already have made an offer, but couldnt move because he needs to sell, now hes happy and confirms with his target he wants to go ahead, and its going to be soon.

this guy, however hasnt made an offer yet cos he wasnt sure he could sell. Well, now he definitely has sold, he goes and makes an offer on his target.

and so on.

to break this chain, it only needs ONE of the participants to have been a little optimistic on his mortgage requirement. He is simply rejected for his 6 times salary IO mortgage he needs ( werent like that last time he bought)

I must pass 400 houses to see 25 SSTC in a town of 50,000 houses. thats roughly 3000 SSTC in my town.

say it takes 3 months to complete... thats 1000SSTC per month...with 38,000 approvals, that only leaves 37,000 for the rest of the country, and there are way more than 37 towns larger than Colchester.

all guesswork, but the number of SSTC is quite incredible.

Share this post


Link to post
Share on other sites
theres loads of morons who put in offers, that get accepted, then find out they cant borrow that amount of money

Or indeed that the property is overvalued by 25% + Realistic Valuations See Chains Breaking

British Bankers said recently:

it was "worth noting that the only people lending are banks", Ms Knight added.

"Building societies can't do it due to their business model and they can't get access to funds as easily."

It was also clear that many borrowers were becoming "stuck in chains" when trying to buy somewhere to live, she said, meaning banks were "granting more mortgages than are being taken up".

Share this post


Link to post
Share on other sites

I see many places Sold STC on first appearance, frequently new build.

In such cases I think it's a bogus attempt to start the bidding. Would

like to hear from an insider on this phenomena.

Status Sold STC to Available always pleases me.

I guess sometimes it has to do with chains and others it's due to the lightminded element,

fantasists and attention seekers.

Share this post


Link to post
Share on other sites

I'm watching about 4 properties locally that are SSTC and have been for 3-6 months. Scarily, a couple of them are vacant possessions (1 of which was allegedly bought by someone for cash). So what's taking so long? Are surveyors/solicitors/EA just SO busy with other sales or is it that surveyors are still 'under' (ie 'correctly') valuing property, thus leading to a lengthy negotiation process between vendor/buyer after the SSTC sign goes up?

I'd be really interested to know what's happening in terms of surveyors's pricing at the moment given that the quarterly trend according to Haliwide is up. Are surveyors bullish again now, or still the voices of HPC? Presumably the banks can't be stupid enough to want to see valuations rising on the basis of such flimsy HPI evidence from Halliwide? Can they? :blink:

Share this post


Link to post
Share on other sites

I have about 40 properties saved in my Rightmove list, all of them went SSTC summer last year but more than half of them have still NOT completed - probably rotting in lengthy chains. As the noose on credit tightens most of them will start appearing on market again :rolleyes:

Share this post


Link to post
Share on other sites

I am actively looking at the moment as my buyers have a cash buyer who wants to be in by end of this month. However, as soon as I arrange a second viewing on a property it has gone under offer.

One agent is being a right twonk. I asked to look at a property one street away from one I saw last week (which is now under offer) and his first question was "What is it that attracts you to this property?" What sort of question is that? He knows from speaking to me on the phone and in person what area and type of property I am looking for. He has already taken me to see two properties in the same area and of the same size.

I am getting rid of my mortgage so do not have problem with finance and want to move quickly. A couple of houses were vacant possession so I would assume they want a quick sale.

The market is very strange at the moment so I am now thinking of moving in with parents and waiting till this silly season is over. Could be that these same properties come up again in few months time when the chain collapses? How long do you think the average seller is prepared to wait in a chain? How long would a seller of a vacant possession property be prepared to wait in a chain? In a few months time when those properties are still SSTC and I am effectively a cash buyer should I make an offer via agent with copy to vendor?

I viewed seven properties (via 6 agents) last week and only one agent called me asking for feedback. It is very odd out there.

Share this post


Link to post
Share on other sites
I have about 40 properties saved in my Rightmove list, all of them went SSTC summer last year but more than half of them have still NOT completed - probably rotting in lengthy chains. As the noose on credit tightens most of them will start appearing on market again :rolleyes:

I must confess to wondering what the impact of a change in sentiment will have on the market when agents are already selling only about 1 property a month .

If chains are taking months to create let alone complete a slight shift in sentiment could see the whole thing collapse as buyers regret believing the summer

bull ......leaving EA's with an even BIGGER backlog of overvalued stock.....

Can't help thinking that if EA's want to sell anything this winter they are going to have to reduce at least the 25% that Miles Shipside has been saying they needed to reduce since January 2009 .

Share this post


Link to post
Share on other sites
How long do you think the average seller is prepared to wait in a chain? How long would a seller of a vacant possession property be prepared to wait in a chain? In a few months time when those properties are still SSTC and I am effectively a cash buyer should I make an offer via agent with copy to vendor?

DO YOU THINK SELLERS HAVE A CHOICE?

Sellers I assume are waiting in chains because some idiot buyer has offered them close to 2007 value .......

I am of the understanding that there are not many buyers who are willing to do that (cash buyer) or able to do that (lender will not lend the asking price on an overvalued property ). I guess if you find someone mad enough to offer you the asking price YOU WILL WAIT AND HOPE......

Meanwhile ....in the real world.....all those properties that are not selling because they are overvalued......are falling by the minute.....there will come a time soon...that agents are going to have to think....do I want to stay in business?

Meanwhile Rightmove continues to put property on at 2007 + 20% ....madness ....

Share this post


Link to post
Share on other sites

Houses stay SSTC until the chain collapses.

This is why the house sale figures are so screwed.

Does anyone know if Nationwide/Halifax stats are based on Approvals or completions... I though it was on approvals?

Share this post


Link to post
Share on other sites

Aaagggghhhhhh......just sat here for nearly 2 hours providing some evidence of just how long people are waiting Under Offer and SSTC only to go to post it and I was not signed in and OMG its ALL gone......

Haven't got time to do it again with links but essentially a lot of property in by STC folder has been sitting there since May / y June some with Under Offer still on!!

Quite a few have been taken off with Rightmove as if sold and then relisted with NO HISTORY or Property Bee , some £30000 more than in the summer! Some just at the same price but not showing ANY history despite them having been on for ages.

Odd, but a lot which have said STC for months and months zzzzzzzzzzzzzzzzzzzzzzzzzz, now say STC with TODAYS date which seems a bit strange to say the least.

Don't you just LOVE computers when you hit that key on a posting with LOTS of links and it all just goes!

Ah well must go and get on and do some real work ;)

Share this post


Link to post
Share on other sites
This is real work :lol:

p.S. it's still there as SSTC, but the date has changed.

Rightmove are screwiung around.

http://www.rightmove.co.uk/property-for-sa...ncludeSSTC%3Don

That one was sold at £500k in May 09 according to LR

http://www.houseprices.co.uk/e.php?q=The+D...sborough%2C+NN6

Share this post


Link to post
Share on other sites
How Long Do You Wait In Sstc Limbo

At the moment you wait until your morgage offer expires, then you go back to your bank, find out they wont renew it and insist on you re-applying and paying another application fee. Then they turn you down as the new value it too low, and you chain collapses.

Share this post


Link to post
Share on other sites

Think it depends on the agent.

Some update to "under offer" when they are actually waiting for completion (i.e. SSTC), then when they are sold flag them as SSTC. Have no idea how long after they are sold they leave them listed as SSTC (but at least over a month for one agent I know).

Share this post


Link to post
Share on other sites

Some buyers really pi55 you around. It took 5 months between accepting an offer and completion in 2005. And that was a buyer who my agent told me was ready to move.

Misinformation abounds.

Share this post


Link to post
Share on other sites

There are some weird things going on with Rightmove/EA's, that's for sure!

A house we put an offer on in July (rejected) was SSTC 2 days later and then dissappeared from the radar until yesterday when it would appear (if I didn't know better), that it came onto the market yesterday and was Under Offer by the evening......

Share this post


Link to post
Share on other sites
There are some weird things going on with Rightmove/EA's, that's for sure!

A house we put an offer on in July (rejected) was SSTC 2 days later and then dissappeared from the radar until yesterday when it would appear (if I didn't know better), that it came onto the market yesterday and was Under Offer by the evening......

Got to make it look like its GO GO GO in House Price La La Land ......clearly sellers do not read the monthly RM HPI, this months stating that it will 10 years for bank lending to recover :

..... too few buyers can put down the 40% deposits that are needed in order to secure the best mortgage deals. Finance greases the wheels of the property market, and it is anybody’s guess when we might see the necessary level of competitive funding return. Frustrated homehunters should note the expected ten year timetable to wind up Lehman Brothers, giving a clear indication of the time required to rebuild the banking system.â€

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   292 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.