Chances of house sold STC not being sold
Statistically, what is the chance of a house that is sold STC not being sold?
Asked on Dec 3 2017,
Selling in North West England |
Hello - I don't believe there are any hard and fast statistics. It would depend on a number of factors including the search results, mortgage approval and whether there are other chain-related complications. It's always worth keeping an eye and speaking to the agent marketing the property.
Answered on Dec 4 2017,
Losing out on what may have been your dream home is always a tough pill to swallow, and hard facts and statistics can be hard to come by in this area, but one recent claim (from April 2017) states that as many as just over a third of sales fall through before completion for houses that are sold subject to contract. This can be due to a multitude of reasons, after all there is no legally binding contract in place during this period, so it is still possible for either party to back out or change their minds without giving an explanation.
Worse still is when a third party comes in with a better offer for the seller a.k.a. ‘gazumps’ you, and you can no longer compete. Then there are the circumstances that cause you to pull out of a deal, even if it does break your heart, say if your dream house doesn’t come up to scratch during its survey. It’s also possible that a failure to acquire mortgage approval from a lender will mean that a deal falls through. As exciting as it is to agree on a price for a property, it's important to remain vigilant in case you (or the seller) find a reason to back out!
Web reference: http://zo.op.la/eUmCnt
Answered on Mar 27 2018,
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