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Ursa Minor

Sale Agreed?

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Mr UM's parents live in Sevenoaks - when we visited this weekend it seemed like every other house had an EA board outside! A lot of them were labelled "Sale Agreed". What does this mean? I assume it is not the same as SOLD STC since if it was why wouldn't it just say that? Is it some kind of EA blather?

Cheers,

Ursa Minor

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It means the estate agent has written down "sale agreed" on the back of an envelope.

I doubt it has must 'enforcable' legal meaning. ;)

Edited by SE1

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Mr UM's parents live in Sevenoaks - when we visited this weekend it seemed like every other house had an EA board outside! A lot of them were labelled "Sale Agreed". What does this mean? I assume it is not  the same as SOLD STC since if it was why wouldn't it just say that? Is it some kind of EA blather?

Cheers,

Ursa Minor

It means it will be 'For Sale' in a month.

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An Estate Agency near me has a sticker saying "Sold STC.Offers Recorded" on some of the properties in the window. :blink: Don't they have a legal obligation to pass on all offers to the vendor?

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I just found out that a house in my street (also in 7oaks by chance) is up for sale. When I looked up the asking price, I was not surprised to find that it was a silly figure compared with what I think the house is worth.

Because of this, I was rather hoping that it wouldn't sell. The G/F and I have been having a long-running debate about house prices so I was hoping to prove her right about sales falling through the floor.

So imagine my despair to see the house is "under offer". I hope that it's going to fall through though. I'll let you know what happens. Even if it does complete, I'll keep a very careful eye on the actual price it sold for when the figures come out.

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Sale agreed means nothing is cast in stone, basically someone has offered an amount of money for the property, thats when the fun starts.

I have had two offers on my property in the last seven days, both fell through due to either a lack of funds, or just plain scared of the coming adjustment.

Take it from me as a seller in the current enviroment, its not nice out there.

My property is priced realistically, 15 viewings in three weeks, and it ain't gonna get easier for peoples in my position. :(

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Sale Agreed/Under Offer: we've happily watched one little house in Sevenoaks go under offer, on sale, under offer, on sale. The price creeps down a little each time. Keeps the estate agents busy. Must keep busy.... helps them not to think about where their next sale is coming from.

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I just found out that a house in my street (also in 7oaks by chance) is up for sale. When I looked up the asking price, I was not surprised to find that it was a silly figure compared with what I think the house is worth.

Because of this, I was rather hoping that it wouldn't sell. The G/F and I have been having a long-running debate about house prices so I was hoping to prove her right about sales falling through the floor.

So imagine my despair to see the house is "under offer". I hope that it's going to fall through though. I'll let you know what happens. Even if it does complete, I'll keep a very careful eye on the actual price it sold for when the figures come out.

Sale Agreed is what EAs usually put up when an offer has been received. As others observe - it is always 'subject to contract'. I would not be disheartened by seeing a 'Sale Agreed' sign up. I have business dealings with a number of EAs. What is going on at the moment is that one deluded soul with a house worth say 325k makes on an offer on a house priced at 395k and they make an offer on a house worth £465k etc. They all have Sale Agreed signs up - except the one at the bottom - because he still needs to find a buyer. However, people are so desperate in today's market they will take offers from people who are not in a position to proceed - they take their offer and hope, wait and pray that their buyer will find a buyer themselves.

An agent told me the other days that apparently quite a few chains are breaking now - not because of the usual reasons but because someone maybe one or two up from the bottom of the chain gets so worried the chain will not proceed - they decide to sell anyway (move in with family, rent, whatever) rather than take the chance of the chain breaking in the future and losing the precious FTB at the bottom.

So, lots of properties are receiving offers at the moment but the chains cannot proceed because of the lack of FTBs in the market. I know houses near me that change from Sale Agreed to For Sale like a yo-yo.

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Panda,

I should stress it isn't us making offers and withdrawing them. We put in a 'cheeky' offer (but one we thought matched reality) that was refused. However the house we are targetting has since gone through a series of under offer-on sale-under offer and each time is edging down towards our original offer (which the owner could have taken months ago and be earning interest on etc...). Classic chasing the market down.

Sorry for your predicament - I do strongly feel that if folk make offers they ought to stick by them. Word is bond and all that.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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