What does it mean if a house is under offer
When buying a house, "under offer" means that a tentative agreement has been reached between the buyer and seller, but no official documents have been signed. Thu Jun 1, Everyone commenting is existing in a tunnel.
SSTC is exactly what it says — sold subject to contract i. The general public most widely understand what sstc means so it is the most appropriate status to use. It should be a no brainer. If a property has a sale proceeding through an agent, yes the selling agent should have sstc on it or under offer — either way it shows the property is not 'for sale'.What Does Under Offer Mean?
I don't agree with other agents marketing the same property having under offer or sstc on their advertising — as that is very misleading, as it gives the impression they have sold it when they haven't — they could falsely win business by doing that.
Everyone commenting is existing in a tunnel. First, a property is never SOLD until a contract is exchanged and the money changes hands. I say the Seller is being Held Hostage illegal while everyone else fritters around doing their own things.
Power to the Seller and stop estate agents for playing in both camps illegal. You must be logged in to post a comment.
What does "under offer" mean when buying a house?
You may unsubscribe at any time and we promise never to sell or pass on your email address. Christopher Hamer said that, for consumer purposes, Under Offer is a more accurate description.
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Why estate agents have not been able to discern this is beyond me. If anyone wishes to discuss, I would be interested to listen to their input. Agree with the comments above. Both are used interchangeably really. Some agents use Sale Agreed. Asking price is not an offer but in legal terms, it is an 'invitation to treat'. If it would be an offer, a buyer could agree to pay it and the acceptance would be instantaneous. Didn't find what you were looking for? How do I find Landlord contact details?
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Sold STC and Reserved properties
The terms of the contract aren't officially met until closing day, when consideration and ownership of the home changes hands.
You'll occasionally see the word "contingent" in a home's under-contract status. This means the contract contains one or more stipulations.
The sale proceeds only if the stipulations are met. Buyers often make offers contingent on their ability to secure financing, whereas sellers may make counteroffers contingent on the successful closing of a new home. The home's status returns to "active" if the sale falls through and the home goes back on the market. The status changes to pending after the contingencies are met. You can make a back-up offer on a home that's under contract. You need to be a member in order to leave a comment. Sign up for a new account in our community.
Already have an account? What Exactly Does "under Offer" Mean? Prev 1 2 Next Page 1 of 2. Posted February 23, What exactly does "Under Offer" mean?
Share this post Link to post Share on other sites. Under Offer A property is under offer when a homebuyer has made a formal offer to purchase the property but the homeowner has not confirmed whether to accept. Once in a lifetime. Posted February 24, Posted February 15, Just resurrecting a thread!
There are a few properties on my watch list on RM now flagged as "under offer" I'm still confused as to the meaning of this despite reading this thread. If the offer has not been accepted then whats the point?
Agents should use Under Offer and not SSTC, says ombudsman
Posted February 15, edited. What does, "An extra yard of pace" mean? I have never figured that one out.
Posted September 29, Think of it this way. A house is up for sale for K. The estate agents granny has made an offer of 2K.