What does it mean if house sold stc

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Found 20th Jan
I'm interested in a house in London and it's sold stc does this mean I can still buy or is it sold. At this stage can the buyer before me pull out?
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Sold subject to contract. Not a done deal yet
It's SOLD. Here you go...
Sold STC and Sold STCM Sold 'Subject to Contract' (STC) means that the homeowner has accepted an offer from a buyer but the paperwork is not yet complete. You can still enquire about a Sold STC property as the sale is not complete until the signed contracts are exchanged.
Both buyer or seller can still pull out. The background checks are being done on the property and until that’s all completed in theory the property is still for sale until the actual contract to buy has been signed by both parties.
You could still approach the estate agent, but to entertain your request to view the property and then put in your offer would be considered bad practice in the industry, if you do put in a higher offer and the seller then accepts your offer that’s called gazumping
Edited by: "Toptrumpet" 20th Jan
This highlights one problem with Estate 'Agents'. As your agent, they should continue to market the property after SSTC but many don't. It can be worth a letter through the letter box if the agent tells you the buyer isn't interested just to confirm.

The one circumstance in which this is not true is when the seller agrees to stop marketing. This is usually in return for a survey within 7 days and Exchange (at which time the sale is binding on both parties) within a finite time period. Say 30 days to allow for Searches.
Nothing stopping you viewing and putting in an offer
When they put this on, it means the property is sold and they won't be showing anyone else the property.

They are taking the property off the market so that the legal paperwork can start.

The legal stuff can cause the sale to fall through, at which stage, they will put the property back on the market.

When a property is sold subject to contract, it has an 80% chance of going through to completion.
markvirgo1 h, 33 m ago

Nothing stopping you viewing and putting in an offer


wrong
It’s sold but not legally sold
Unless your thinking of making a huge offer, probably not worth it. Estate agent has done his job and is waiting to get paid. He will get paid more if you offer more, but only a little, so he would rather get a slightly smaller payout, sooner, than gamble on a slightly larger payout later. Unless of course, you offer big bucks. He may take your details and call you if there is a problem with the sale.
Pandamansays12 h, 18 m ago

Unless your thinking of making a huge offer, probably not worth it. Estate …Unless your thinking of making a huge offer, probably not worth it. Estate agent has done his job and is waiting to get paid. He will get paid more if you offer more, but only a little, so he would rather get a slightly smaller payout, sooner, than gamble on a slightly larger payout later. Unless of course, you offer big bucks. He may take your details and call you if there is a problem with the sale.


The buyer will more than likely ask that the property be taken off the market as part of his offer as he will be spending money on the survey and solicitor costs, so he wants to be sure that the seller has stopped looking before he spends money on the sale process.

When I buy a property, I always stipulate this as a condition and if the seller refuse to do so, I would withdraw my offer as I don't want to end up in a bidding war when I have started to incur costs. There are plenty of other properties out there where the seller is not so greedy so I don't need to deal with this kind of behaviour. I can take my business/money elsewhere.

Some seller will continue to market the property once it has been sold subject to contract, but often it will be without the buyer's knowledge, and this tend to happen if the offer price falls far short of the asking price so the seller is hedging his bet. However, this is not that common in the current market where 'gazumping' takes place as the property market has cooled and properties are no longer flying off the shelf.
markvirgo16 h, 22 m ago

Nothing stopping you viewing and putting in an offer



morals perhaps?
Gazumping is sad I would look at another property.
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