When browsing property listings online and in estate agent offices, you may come across the term ‘under offer’. If so, you may be wondering what this means and whether you can still view or make an offer on the property.
In this article, we’ll answer the question, “What does ‘under offer’ mean?” and provide an overview of what you need to consider.
What Does ‘Under Offer’ Mean?
Put simply, a property that’s ‘under offer’ means that a buyer or multiple buyers have made the seller an offer to purchase the property.
Usually, estate agents cancel viewings on properties under offer. This is to ensure the buyer who made the offer has a fair chance of being accepted without being gazumped (which means losing the property to someone else after their offer has been accepted).
Once the vendors have accepted the offer, the status of the property will change to ‘STC’ or ‘Subject to Contract’. This means that the sale of the property is progressing with the buyer whose offer was accepted. The sale isn’t legally binding until contracts exchange – which usually doesn’t happen until at least a couple of months later.
Can an ‘Under Offer’ Sale Fall Through?
Technically, a property that’s ‘under offer’ hasn’t sold, so it can’t fall through. But just because the home is under offer, that doesn’t mean it will be sold. The seller could reject the offer or the buyer could pull out.
If you have your eye on a property that’s under offer, keep an eye on the listing to see if the status changes back to ‘for sale’ or to ‘subject to contract’ and ask the local estate agent to be kept in the loop for updates.
How to Find the Perfect Property in East Midlands
If you’ve missed out on a property in Northampton, Nottingham, Leicester or Lincolnshire, we truly believe everything happens for a reason and there’s another home just around the corner for you!
Here are our tips on how to find the right property for you:
- Browse property portals
- Subscribe to alerts for properties that match your criteria
- Register your details with us – we’ll get in touch with you when a property that matches your criteria comes up
If you’re looking for a property to buy, HomeMove Estate Agents are your local property experts. Give us a call today for a chat about what you’re looking for and we can send you information about relevant homes for sale.