Can I make an offer on a property that is SOLD STC?

[kashmiribelle]

It is currently still on the market so obviously the vendor is not completely happy with the offer they have currently received and thus are looking out for better offers.

I know some people might see this as gazumping, but honestly the vendor could back out any way and decide not to accept the offer...

Please don't get into the moral side of this, I'm not here for an argument on gazumping. Thanks. :)

[Yorkshirebornandbred]

I've worked as estate agent sales negotiator. Generally we would tell you the house was stc but if you insisted on putting forward an offer we would have to put it to the buyer but wouldn't generally advise they accept it as it's not really fair.

[Out2pasture]

Yorkshire can I ask you a question, in Canada if an offer was accepted and then gazumped the seller (who changed their minds) could be taken to court. are agreements in the UK not legally binding?

[Yorkshirebornandbred]

No, in the uk unless the law changed in the last three years accepting an offer is not legally binding, not until the paperwork is signed.

[Porpoiselife]

Yes you can make an offer.

But it isn't the right thing to do.

[Onedaylikethi5ayear]

What do you mean when you say 'it is currently still on the market' ? Most SSTC houses are still listed online for example but marked as SSTC, sometimes the agents take some time updating listings

[kashmiribelle]

I mean the estate agent has told me that the vendor wishes for the property to stay on the market incase any better offers come their way.

[Pootles2010]

Well if they've told you that, I'm not sure what your question is - they've told you that you can?

[NiceCuppaTeaAndASitDown]

Of course you can, but you need to bear in mind that they probably won't take it off market for you either if you are successful.

[kashmiribelle]

EAs almost always lie though. They're probably just saying that as they know how keen I am and are trying to be greedy and obtain a higher price.

[kashmiribelle]

NiceCuppaTeaAndASitDown - Very good point.

[kashmiribelle]

Also, can I just say how blunt and rude some people are on here! Like jeez, people come on here to ask for advice, not to be judged and ridiculed. If you don't know how to answer a bloody question without being sarcastic and downright pathetic, then bugger off.

[kashmiribelle]

Yorkshirebornandbred- Thanks for the info.! Much appreciated. Do you know when it is OK for the EAs to reveal how much the property sold for? Thank you.

[ilovewinterpansies]

Absolutely nothing is legally binding until the exchange of contract stage. SSTC generally means an offer has been accepted and the process is before the exchange of contract stage. There will have been lots of surveys and searches etc paid for which is why the moral bit comes in, but the legal position is that either party can back out before contract exchange (prior to completion which is the total transfer of monies and house title, which often happens simultaneously with exchange).

Hope that helps. X

[Semaphorically]

Legally yes you can offer without any consequences and the EA should pass the offer on. And yes it is gazumping if it's accepted.


can I just say how blunt and rude some people are on here

Participation isn't compulsory. If it's not to your taste there are other forums available

[wowfudge]

No one has been blunt or rude and you haven't been ridiculed or judged. You have drip feed though by not mentioning what the EA told you.

Is the house a repossession? I ask that because in that case there is a duty to get the best price and the house will continue to be actively marketed up to exchange.

[wowfudge]

Fed not feed

[FrenchLavender]

It is currently still on the market so obviously the vendor is not completely happy with the offer they have currently received and thus are looking out for better offers.

Just because you are still seeing it on Rightmove doesn't mean it's still on the market or that the vendor is still casting around for better offers. Agents often keep houses advertised up to and even for weeks after they have completed, just to keep their profile up. Especially if they don't have much else on their books at that time, or if it's a particularly desirable house that will attract lots of enquiries.

They also frequently show houses as being 'for sale' and when you enquire about them yo get told that actually they are SSTC or under offer. They just want you to phone up so they can try to interest you in something else. I have many times phoned up about a house that is 'for sale' only to be told that a sale is already well under way and they aren't taking more viewings. When I've asked why they don't mark it as SSTC they give me some guff about not wanting to say it's sold until it's exchanged as it could still fall through. But if that was the case they'd be encouraging more viewings.

If a sale is proceeding well and there is no reason why it is likely to fall through the agents are very reluctant to pass on higher offers as they'd rather not have to start from scratch on all the sales progression stuff for a relatively tiny rise in their fee. Although I believe they are honour-bound to inform the vendor of subsequent higher offers, I suspect they frequently don't because there is nothing in it for them.

I know some people might see this as gazumping, but honestly the vendor could back out any way and decide not to accept the offer..

It's not a case of 'might be seen as gazumping' - it IS gazumping. That is the very definition of gazumping. Whether people find it immoral or not is not the point. It is what it is.

[Thingvellir]

I wouldn't trust the seller if they are encouraging gazumping one bit

[FrenchLavender]

I mean the estate agent has told me that the vendor wishes for the property to stay on the market incase any better offers come their way.

Well if that's the case then I am very surprised that the house is listed as being SSTC. That doesn't make sense. If I, as a vendor, was not happy with an offer and wanted to hedge my bets then I'd be honest with the prospective purchaser and say 'look, if you want to progress this and get a surveyor in, instruct a conveyancer etc, then by all means go ahead but be aware that the house is not officially off the market and if I get a more attractive offer I'll take it. So the risk is yours.'

It's a pretty crap EA (or one that isn't working for the benefit of his client but for his own ends) who knows his client wants him to actively marker the house in the hope of a higher offer but lists the house as SSTC anyway.

[user1484830599]

Most EAs keep properties SSTC on Rightmove until exchange of contracts.

You may not want to discuss morality on this thread but as it is a public forum you can't dictate the responses you would get. I think it is a horrible thing to contemplate doing and I hope any EA with an ounce of decency would tell you where to go.

[FrenchLavender]

market

[Miniwookie]

Even if you're not concerned about the morality of gazumping (I am, it's a shitty trick) just looking practically, you will be dealing with a shady agent and a shady vendor if your offer is accepted so don't expect a smooth ride.

[ElsieMc]

Usually if the EA say they are open to offers whilst the house is SSTC it could be a repossession. That means they have to post a public notice stating what offer has been made and how much. The property is open to offers until exchange of contracts.

If this is not the case here, it may be that the seller has been let down previously and still wants to show buyers around until exchange. It is unusual to take another offer over the one they have accepted though and it is frowned upon.

However, if you wish to view and make an offer that is a matter for you. Just do bear in mind that while you are waiting to exchange the sellers could also do the same to you.

[miserablemolly]

Well I've learned a new word, "gazump ".

[OlennasWimple]

Far better, surely, would be to let the EA know that if the sale falls through you would like to hear about it so you can consider making an offer at that point?