What Exactly Does "sale Agreed" Mean?

[shermanator]

Around Dulwich there are plenty of "sale agreed" boards around but the EAs are still advertising the properties.

Now is "sale agreed" just another term for "sold" OR "under offer"?

I'm a bit confused as many of these "sale agreed" properties still haven't changed hands.

OTOH, I could just be reading too much into it but there do seem a distinct lack of removal vans around here

[libitina]

Around Dulwich there are plenty of "sale agreed" boards around but the EAs are still advertising the properties.

Now is "sale agreed" just another term for "sold" OR "under offer"?

I'm a bit confused as many of these "sale agreed" properties still haven't changed hands.

OTOH, I could just be reading too much into it but there do seem a distinct lack of removal vans around here

I wondered that when perusing right move yesterday. Still some STCs as well, and I'm sure some were from the same ea??

[tahoma]

'Sale agreed', 'Sold STC' etc = 'Not been actually sold yet and probably never will at this price, but you had better get on the ladder now because a wise investor has just joined the free money party! Go on! Ring us on the number on this sign this minute, otherwise you are nothing. NOTHING.'

'Sale agreed' is just more... snappy.

Edited April 29, 2006 by tahoma

[delite1]

I think it means the Vendor and the estate agent have agreed to sell it.

Now all they need is a buyer!

[tahoma]

Now all they need is a buyer!

Well, if you will split hairs. Have you not heard of perpetual financial motion? It's different this time. There is a new par-a-dime chamone.

Ow!

[devils advocate]

You have a 'property' for sale. B&Q would describe it as a garden shed. Messrs Shyster Lyster, Estate Agents of repute are marketing it.

I'm easily led, and want to get on the mythical ladder. I wander along to Shyster Lyster on my day off, and speak to their mortgage advisor. He hears details of my income and says that I'm just the sort of person a 'lie to buy' mortgage is aimed at. He's really nice, and as a special favour he offers to fill in all the forms in his spare time that night. It saves me the bother, and all I have to do is sign in 14 places on the application form before he takes it away.

Because the estate agent is really good as well, he manages to get you to accept only 95% of the market value for your property. I know what the market value is, because that's what its being marketed for.

I'm going to be a property owner, and the sale agreed sign goes up in front of your property. This, however, doesn't mean that I have to buy it, nor does it mean that you have to sell it to me. But when it happens, that's going to be great because I've never had an investment before. It's an investment because it's costing me a lot more than my current rent, and I'll be able to sell it in a few years for more than I paid for it, and then I can use that to repay my mortgage and also move further up the ladder.

I now know that I've managed to become an investor like all these people in the city I hear about. No, I don't want a £1million salary like them. I don't want to be greedy.

[tahoma]

I now know that I've managed to become an investor like all these people in the city I hear about. No, I don't want a £1million salary like them. I don't want to be greedy.

...and you are thus a true investor! Joy! Free money! Doubtless, prior to this investment you would know where the nearest Audi/BMW/Nicole Farhi outlet is.

How come prievious generations did not find it so easy? Suckers!

Edited April 29, 2006 by tahoma

[Spring In The Air]

The innocence on here is touching. All you twenty somethings that have never bought or sold a property and you know SO MUCH about it!

[tahoma]

The innocence on here is touching. All you twenty somethings that have never bought or sold a property and you know SO MUCH about it!

Bought one. Sold one. 100K. Avoided paying child in a shiny suit one penny. Go home SITA. You desperate little t*rd.

[backtoparents]

It should read...

SELLER GREED.

...

btp

[Veritas]

Around Dulwich there are plenty of "sale agreed" boards around but the EAs are still advertising the properties.

Now is "sale agreed" just another term for "sold" OR "under offer"?

I'm a bit confused as many of these "sale agreed" properties still haven't changed hands.

OTOH, I could just be reading too much into it but there do seem a distinct lack of removal vans around here

"Sale Agreed" is EA code which means that someone in an eight strong chain, with no hope of it holding together, has offered to buy the property. Don't despair however, because if you're interesed in the property (and have a smaller chain than eight), why not ring the EA and arrange a viewing, as the vendor is willing to play purchasers off againt each other, and thus totally P*****g off the initial hopeful purchaser.

In other words "sale agreed" means that the vendor can brag about achieving a sale, whilst still playing the field looking for better placed punters willing to buy his overpriced house.

Now you know.

[Guest Bart of Darkness]

I think it means the Vendor and the estate agent have agreed to sell it.

Now all they need is a buyer!

Love it!

It should read...

SELLER GREED.

Even better.

Lay off having a go at Spring has gone out of his Step, his mum is forcing him to clean up his room every week or he gets no pocket money, that's why he's so cranky these days.

One day she'll find his jizz mags, then he'll be in a really bad mood.

[apom]

Around Dulwich there are plenty of "sale agreed" boards around but the EAs are still advertising the properties.

Now is "sale agreed" just another term for "sold" OR "under offer"?

I'm a bit confused as many of these "sale agreed" properties still haven't changed hands.

OTOH, I could just be reading too much into it but there do seem a distinct lack of removal vans around here

Poor old dear a few doors down from my folks has been trying to sell to move closer to her daughter..

for over a year and a half..

she now has a buyer, who have just put a similar house on the market... they need to sell.

FTB'S ARE BEING AGRESIVLY TARGETED..the ladder is broken.. sale agread means its on a broken chain..

find the buyer who is not an idiot FTB with his IO self cert..

people cannot move up the ladder now..

[Seen It Before]

Bought one. Sold one. 100K. Avoided paying child in a shiny suit one penny. Go home SITA. You desperate little t*rd.

Just because he is pointing out some of the complete rubbish be posted on this site there is no need to be rude.

It is very clear that quite a lot of comments are made without thinking it through and based no actual facts or real life experience.

The armageddon a lot of you are wishing for would not just stop at house prices and the knock on affect on everyone would be disasterous.

[tahoma]

The armageddon a lot of you are wishing for would not just stop at house prices and the knock on affect on everyone would be disasterous.

'disasterous' - is that a new EA term? Sorry SITA, just as you could not take a financial article seriously due to a spelling error, you have just completely discredited yourself IMO!

Sorry if I was rude. But you are an infuriating little git.

[Seen It Before]

'disasterous' - is that a new EA term? Sorry SITA, just as you could not take a financial article seriously due to a spelling error, you have just completely discredited yourself IMO!

Sorry if I was rude. But you are an infuriating little git.

You can't even spot the difference between to posters as I am not SITA but obviously better at spelling so well done.

[tahoma]

You can't even spot the difference between to posters as I am not SITA but obviously better at spelling so well done.

Oops! Sorry mate. I'm a bit too eager to have a go at SITA it would seem. Blush icon needed.

[Fantastic Light]

Sale Agreed, Sold Subject to Contract, Under Offer, all mean exactly the same thing i.e. that an offer has been accepted on the property . Yes, even "Under Offer" as I've had this argument with EA's on more than one occasion.

In reality, none of this means anything anyway as until contracts are exchanged there is nothing to stop either side changing their mind, what I was objecting to was the fact that "Under Offer" seems to be inviting other offers, where at least "Sale Agreed" seems to imply that the vendor is happy with the offer.

So what to do, if your offer is accepted and they stick up an "Under Offer" sign. Well quote them Pgph 6(e) of the Residential Estate Agency Code of practice:

"When an offer has been accepted subject to contract you must consult and take your client's instructions as to whether the property should be withdrawn from the market or continue to be marketed. In the latter case you musta dvise the prospective purchaser in writing"

So, unless they specifically write and tell you they are still marketing the propery, tell them to take the sign down completely or the deal is off !

[teddyboy]

Sale Agreed, Sold Subject to Contract, Under Offer, all mean exactly the same thing i.e. that an offer has been accepted on the property . Yes, even "Under Offer" as I've had this argument with EA's on more than one occasion.

In reality, none of this means anything anyway as until contracts are exchanged there is nothing to stop either side changing their mind, what I was objecting to was the fact that "Under Offer" seems to be inviting other offers, where at least "Sale Agreed" seems to imply that the vendor is happy with the offer.

So what to do, if your offer is accepted and they stick up an "Under Offer" sign. Well quote them Pgph 6(e) of the Residential Estate Agency Code of practice:

"When an offer has been accepted subject to contract you must consult and take your client's instructions as to whether the property should be withdrawn from the market or continue to be marketed. In the latter case you musta dvise the prospective purchaser in writing"

So, unless they specifically write and tell you they are still marketing the propery, tell them to take the sign down completely or the deal is off !

Great post and advice - think this should be on the Wiki tbh - its very informative.

TB