When a property is sold subject to contract (STC), it can make the stressful and complicated process of buying a home even more confusing. However, there are a few things to take into account before making an offer on a house that is sold STC.
A property is said to be sold STC if the seller accepts a buyer’s offer, but the transaction has not yet been finalized. This typically indicates that the buyer and seller have not yet exchanged contracts. Other prospective buyers may still view the property during this time and submit an offer. The seller can only accept the offer, though, if the initial purchaser cancels the transaction.
You can still submit an offer if you are interested in a home that was sold STC, but it’s crucial to take the original buyer’s viewpoint into account. You probably won’t be able to make a good offer if they’ve already exchanged contracts. However, there might be a chance to submit a greater offer and buy the house if the transaction hasn’t yet been finalized. Also crucial to keep in mind is the fact that even if your offer is accepted, the sale is not finalized until the contracts have been exchanged. As a result, either the original buyer or an other buyer who makes a better offer could complete the transaction and take ownership of the property.
Before submitting an offer, it is also advised to have the property surveyed. There are two different kinds of surveys: a structural survey and a survey of homebuyers. A homebuyers survey is a fundamental examination of the property that will identify any significant concerns or possible troubles. A structural survey is more thorough and offers a comprehensive report on the state of the building’s structure. Depending on the style and size of the property, a survey might cost anything from a few hundred pounds to several thousand.
In conclusion, making an offer on a home that is sold STC is doable, but there are dangers. Before making an offer, it’s crucial to take into account the situation of the original buyer and to have a survey performed. The price of a survey can vary, but it is a wise investment to make to make sure the property is in good shape and to prevent any future problems.
The location, size, and nature of the property will all have an impact on how much a thorough structural survey will cost. A comprehensive structural survey can run you anywhere from £500 to £1,500 on average. Before choosing which surveyor to hire, it is advised to obtain estimates from a number of them, compare their offerings, and weigh your options.