Quick Answer: What Is Under Offer Or Sold STC?

Is 90 of asking price a good offer?

If it’s low—say, less than 21 days—you’ll need a strong offer.

If it’s been on the market for more than 90 days, though, then it’s okay to present a low offer.

FYI, 90 percent of the asking price would be considered low, McGill says..

How do you ask for a lower price?

5 Tips On How To Negotiate Fair Prices Without Offending The SellerBe Reasonable When Negotiating. … If You Don’t Have the Money, Don’t Offer It. … Ask For a Lower Price. … Be Friendly. … Don’t Be Afraid to Move On.

Can a seller withdraw an offer?

To put it simply, a seller can back out at any point if contingencies outlined in the home purchase agreement are not met. … A low appraisal can be detrimental to a sale on the seller’s end, and if they’re unwilling to lower the sale price to match the appraisal value, this can cause the seller to cancel the deal.

Can I put an offer on a house that is under offer?

In a word, yes. Well, usually. ‘Under offer’ is slightly more open to other suggestions. Some buyers ask for estate agents to add ‘STC’ to a listing once their offer is accepted so that “rivals” are discouraged.

Does Under Offer mean sold?

Sold ‘Subject to Contract’ (STC) or ‘Under Offer’ (UO) means that the homeowner has accepted an offer from a buyer but the paperwork is not yet complete. Under offer (UO) is also used by some Estate Agents to indicate that an offer has been made, but not yet accepted.

What is the difference between sold and under offer?

Under offers is a term used by estate agents and means that an offer has been put to the seller and accepted, but will normally be below the asking price. Sold Subject to Contract (STC) is really the same thing an offer has been accepted by the seller, but the paperwork has not yet completed.

Should you offer less than the asking price?

In a sellers’ market, you would be foolish to offer less than the asking price (if that price reflects the current market value of the home). While in a buyers’ market, you have less to lose by offering below asking price. Even if the seller rejects your initial offer, they will likely come back with a counteroffer.

Can a seller accept another offer after accepting one?

This is quite a common question when it comes to buyers. … But, once an offer has been signed off by the seller, the property is under a legally binding contract with buyer and seller and the owner cannot accept any other offers, even if they are higher.

Can estate agents lie about offers?

Estate agents are unlikely to lie about offers, because the risk of a buyer withdrawing from a sale is not worth the small amount of money they will gain if you increase your offer. It is true that many estate agents earn commission on the final sale price of a house.

Can a house seller accept two offers?

My question is, can the seller continue to accept other offers from buyers after I’ve made my offer?” Yes, the seller can continue receiving offers from interested parties for as long as they want. In fact, they could keep the home listed for sale right up until the closing date, if they chose to.

Can you still offer on a house that is sold STC?

If a house sale is STC, is there anything to stop other another buyer making an offer? Unfortunately, no. This is sometimes known as ‘gazumping’ and while it’s widely frowned upon as unfair and unethical, it’s not illegal.

How long can you keep a house under contract?

That said, the length of the settlement period typically lasts between 30 and 90 days. The most common time period for settlements in different states is 60 days, except in New South Wales where it is 42 days.

What’s considered a lowball offer?

A low-ball offer is a slang term for an offer that is significantly below the seller’s asking price, or a quote that is deliberately lower than the price the seller intends to charge.

What happens if you put an offer on a house and change your mind?

Once signed by both buyer and seller, your offer to purchase becomes a legally binding sales contract, at which point you can no longer withdraw your offer unless certain contingencies are not met. For instance, if your loan does not go through, you are not obligated to purchase the home.

What does STCM mean in property?

STCM is a term used in Scotland and means that once offers are made and accepted the house is Sold Subject to Conclusion of Missives. 5. Closing date. Where there are several notes of interest on a property, the seller can instruct the estate agent to set a closing date.