Is it possible to propose a purchase for a house that is under contingent contract conditions?
Buying a house can be an exciting time, but for one potential buyer, the process has become a little more complicated. The house they are interested in is currently marked as "Sold Subject to Contract" (SSTC), which means the seller has accepted an offer but the sale is not yet legally finalized.
In England and Wales, this means the property is still technically on the market, and other buyers can make offers. However, making a late offer comes with its risks, particularly the act of "gazumping." This is when a seller accepts a higher offer or changes their mind before contracts are signed.
Liam Gretton, an estate agent, advises potential buyers to consider the moral implications of gazumping. Not all sellers will be happy to accept other offers, and many may view the concept with disdain.
The original buyer may have already invested significant time and money into the transaction, often spending thousands on surveys, legal fees, and mortgage arrangements. Gazumping can make things uncomfortable for everyone involved.
That being said, offers made after the property has been marked SSTC may be considered by the seller, especially if the initial contract falls through. The seller may weigh the new offer carefully against the progress already made.
If you find yourself in a similar position, it's essential to move quickly with your own legal checks and financing to avoid losing the opportunity during the SSTC period. It's also advisable to make it clear you are in a strong position if that is the case - the more attractive your circumstances, the more compelling your offer will be.
If you do want to proceed, contact the estate agent handling the sale and explain that you would like to submit a serious offer. It's important to remember that gazumping can result in real financial and emotional loss for those buyers, so it's crucial to approach the situation with caution and respect for all parties involved.
- In such a situation, potential buyers might need to discuss the ethical aspects of gazumping with themselves, considering the potential discomfort it might cause for the original buyer who has already invested significant time, money, and effort into the transaction.
- Realizing that offers made after a property is marked as SSTC may be considered by the seller, it's crucial to move expeditiously with legal checks and financing to ensure one doesn't lose the opportunity during the SSTC period.
- When approaching a property still marked as SSTC, it's advisable to express a strong position by clarifying one's financial capabilities and making a compelling offer, preferably through the estate agent handling the sale.
