The phrase "Under Offer" seems to have replaced "Sold Subject to Contract" round here. Even the respectable Estate Agents seem to suggest that it means further offers would not be unwelcome.
Is it nowadays the moral as well as legal norm that no house is "Sold" until contracts are exchanged?
In message , Troy Steadman writes
Technically there is no difference although as you say it sounds as if they are trying to encourage higher offers which of course suits both the agent and the seller.
Only if we all go along with it so if buyers avoid agents who work that way it will be less likely to become the norm.
There is no legal commitment until the contracts have been exchanged (England & Wales). The system in Scotland is different.
In practice I doubt buyers would avoid such an agent for fear of missing an "ideal" house.
seems to have replaced "Sold Subject to
But it doesn't suit the agent. Normally he'd rather have a quick sale at a lower price rather than a delay and a slightly higher price.
Robert
(Not disputing; merely curious)
Pete
You got firefox and property bee for rightmove?
Work the % out... the increase money from a higher sale is barely worth the extra effort / extra wait
"mogga" wrote
What extra effort?
"mogga" wrote
But doesn't the increased money only need to compensate for the missed interest on the smaller amount that could be received earlier?
With interest rates being so low at the moment, the missed interest from waiting for a higher sale would also be quite low, no?
Welcome to whom? Any further offers must be conveyed to the owner and an agent has no choice in that matter. Both respectable and disreputable agents should at least obey the law and observe their fiduciary duties towards the principal under their agency agreement.
Tony
The estate agent does have a choice. He has the choice to either relist it in Rightmove and in his window saying (in effect) "further offers welcomed" - which is what they all seem to be doing - or of putting it out of sight where no one will know the property is still for for sale.
House prices have jumped so fast here - SW London - on the shortage of stock, that properties "sold" two months ago are cheaper than new properties coming on to the market.
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