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Will!

Sold Stc For Four Months

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Hi all

Back in September 2010, I put in an offer on a flat in Camberwell at 10% below asking price. The flat had previously belonged to an elderly person who had died and was being sold by their children. The day after I made my offer, the EA informed me that the vendor had received an offer at close to the asking price and asked me if I wanted to increase my offer. I didn't and the EA subsequently told me that "the sale has progressed to a point of exchange".

Four months later the flat is still listed as SSTC on Rightmove (and Under Offer on the EA's website). I'm wondering if the sale is not as close to a point of exchange as the EA told me. Should I e-mail the EA again to ask what the situation is, or should I wait until the flat is re-listed as For Sale?

Cheers

Will

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Don't play their games on their terms. If you do contact them, remember that prices have dropped again since September and you should lower your offer accordingly and this time suggest you'll lower it each week they need to think about it too. You should then find out pretty quickly who is calling the bluff here.

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Some of the local agents around here have properties as SSTC on rightmove etc, even though they completed ages ago and are even on the land registry, probably trying to make it look like they are selling properties in larger numbers than they are.................

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Hi all

Back in September 2010, I put in an offer on a flat in Camberwell at 10% below asking price. The flat had previously belonged to an elderly person who had died and was being sold by their children. The day after I made my offer, the EA informed me that the vendor had received an offer at close to the asking price and asked me if I wanted to increase my offer. I didn't and the EA subsequently told me that "the sale has progressed to a point of exchange".

Four months later the flat is still listed as SSTC on Rightmove (and Under Offer on the EA's website). I'm wondering if the sale is not as close to a point of exchange as the EA told me. Should I e-mail the EA again to ask what the situation is, or should I wait until the flat is re-listed as For Sale?

Cheers

Will

I'd guess it's sold and the sale has gone through. EA's often leave properties listed as SSTC for months after completion, rather than remove them completely they like to keep their successes in everyone's face!

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I would suggest checking the sold prices to see if it shows up yet. Generally takes 2 months from completion toappear.

There is one agent in our town guilty of leaving things on rightmove for 3-4 months after they complete (and he don't sell much ....,). He's one of the two we are battling with at moment .

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There can be any number of reasons why the property will still be listed as SSTC, however when it moves to exchanged on many of the computer systems used by agents, it usually updates the various websites automatically too. To answer the conspiracy theorists above, if the agent is an independant they may be keeping it online for "marketing" reasons - although that can be counter-productive and can give an agent a negative reputation. If it is a corporate I would imagine exchanges would be registered ASAP to keep upper management happy, if it is a franchise I can think of several reasons for not telling upper management a property had exchanged :ph34r:

Anyway...there can be many genuine reasons, common at the moment is a problem with the mortgage offer or it could just be a long chain. The best thing to do is to phone up (don't email - these can get ignored for hours, days or even weeks at the bottom of some numpty negotiator's desk drawer in some cases) and mention that you've noticed the property is still listed as SSTC and ask if there is any mileage in making an offer. I wouldn't have thought you will be told the real reasons why the property is still SSTC, but if the buyer or the chain is looking shaky then the agent might be glad of a back-up. Beware though - an unscrupulous agent might use your position only to give the chain a hurry up. If is has exchanged, they'll probably just tell you.

Don't spend any money on the transaction until you know your offer has definitely been accepted and make it a condition of the offer that the vendor's solicitor WITHDRAWS the contract from the other party. Once you have instructed your solicitor and again before you pay any money (or at least before they order searches if your sol insists on money up front) get your sol to speak to the vendor's sol to confirm that the contract has been withdrawn from the other party. Solicitors don't like lying about this kind of thing. If not walk - they could be exchanging tomorrow.

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Thanks for the advice - especially about confirming withdrawal of the contract by the vendor's solicitor from the other potential buyer. The flat's now been de-listed so I guess I've missed the boat. Oh well, on to the next one.

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  • 312 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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