When is a property "Sale Agreed"

How long does it normally take for a property to be designated "Sale Agreed" on the Web and on the physical sign following the acceptance of an offer and payment of booking deposit?

Thanks

It really depends on how efficient the agent is and i would assume their efficiency has been reduced due to staff cutbacks.

Some agents are not putting the property down as sale agreed (no sign or notifcation on the web) in the current market.

I just bought a place. It officially went sale agreed the minute I put my booking deposit in place (or so I am told-or pretty much). No sign was put outside the house and the house was still listed for sale online.

I imagine this is beacause of the current market and th fact that many sales have fallen trhough for one reason or another.

In short- if you have gone sale agreed and there is no sign up I wouldnt worry about it too much. I just completed a purchase with no problems with no 'sale agreed' sign.

If you are concerned I would talk to the estate agent

to be honest i would worry about it too much either.my house is still as sale agreed on my auctioneers website even though the sale completed in may!

I think you may take it that if the house is now sold, you no longer live in it and the purchasers have taken possession that the deal is well past the stage of sale agreed. I would call it completed. Perhaps your EA is bulking up/padding their web site.

mf

You are well within your rights to ask the estate agent to mark it as Sale Agreed on the web, whatever about the physical sign outside the house. Whatever market conditions it's not fair to the buyer to still be advertising the house when someone has agreed to buy it. In my experience the property is marked Sale Agreed on Daft within 24 hrs of paying the booking deposit.

" Whatever market conditions it's not fair to the buyer to still be advertising the house when someone has agreed to buy it"

Precisely because of market conditions, its not fair on the vendor to have Sale Agreed on a house until the deal is completed. Deals are collapsing everywhere as purchasers struggle to get funds.

mf

JMR said:

How long does it normally take for a property to be designated "Sale Agreed" on the Web and on the physical sign following the acceptance of an offer and payment of booking deposit?

Thanks

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If your Solicitor and/or Bank Manager can confirm to the Auctioneer that you have sufficient funds/approval to complete the purchase and that you are in a position to sign an unconditional contract subject to survey, then I would expect the Auctioneer to promptly put up Sale Agreed and stop viewings.

If you are depending on selling your existing house or do not yet have sufficient funds/approval they would be right to leave the sign as it is and continue viewings, as you are not yet in a position to sign an unconditional contract.

Sale Agreed on a sign doesn't really give the buyer any protection. The buyer only has protection when contracts are signed and deposit paid. It wouldn't bother me what the sign says after that.

dazza21ie said:

Sale Agreed on a sign doesn't really give the buyer any protection. The buyer only has protection when contracts are signed and deposit paid. It wouldn't bother me what the sign says after that.

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I agree, Sale Agreed does not give any protection, but it does show your offer is being taken seriously and the Auctioneer is not looking for anyone else to sell to during the few weeks after initial deposit while survey is being done and then contracts being signed by both parties.