What Does an Under Offer Mean?

There are a lot of property buying terms that might be confusing for buyers. One such term is ‘under offer’.

Many people wonder what this means and why properties are left on the market. This article will cover what it means and how you can still view a property that is under offer.

It’s a marketing term

Whenever you see a property that is described as being “under offer”, it means that the seller has received an offer on the property, and they are considering it. This is a bit different from selling a property as a ‘sold subject to contract’ (SSTC), as contracts are not exchanged at this stage. However, it’s still possible for the sale to fall through at this point. The seller could change their mind or the buyer may not be able to get their mortgage or complete the survey.

As such, estate agents often use the term under offer as a marketing tool to encourage other potential buyers to view the property quickly. This is because a property that is under offer tends to sell more quickly than those labeled as sold stc. However, it’s important to note that if a property is under offer, you can still make an offer on it, as long as the conditions are met.

It’s a conditional sale

Generally, estate agents will use the term ‘under offer’ when an offer has been made but it hasn’t yet been accepted. This could be because the buyer needs to sell their existing home, it may be part of a chain, or because they’ve had issues with their mortgage application.

During this time, the property can still be marketed and viewed. This can be a good opportunity for other buyers to make an offer, but the sale won’t be final until contracts are exchanged. This is the point at which things can go wrong – if a buyer changes their mind, or if the seller’s new home doesn’t sell as quickly as expected, then the deal will collapse.

It’s the responsibility of the buyer to push the process along, whether it’s pushing their offer, arranging surveys or completing their conveyancing early, in order to avoid being gazumped by another, higher offer. They can also ask their estate agent to apply pressure, but they can only do so much and are not responsible for the delay.

It’s a conditional offer

Whether you’re buying or selling a property, it’s important to understand the meaning of under offer. This guide explains what under offer means and how it differs from Sold Subject to Contract (SSTC). Also, it discusses other terms that can be confusing, such as can you view a house that is under offer and how long houses can remain under offer.

When a property is under offer, it indicates that a buyer has made an offer that has been accepted by the seller. The sale is not complete, however, and new buyers can still make an offer on the property. This is known as gazumping.

Estate agents will often use the term “under offer mean uk” instead of a more definite phrase, such as sold subject to contract, in order to give potential buyers the impression that the property is still open for inspection. This can make the process much more streamlined and ensure that there are no delays.

It’s a conditional agreement

A property that is under offer means that a prospective buyer has made an offer on the property, and the seller is considering this offer. The term is not to be confused with the phrase ‘sale agreed’, which means that the seller has accepted an offer and the sale is progressing.

Estate agents use the term ‘under offer’ to create a sense of urgency for potential buyers and to encourage them to view the property as quickly as possible. This can be an effective marketing strategy, as it may lead to more interest in a property.

However, it is important to note that a house that is under the offer can still fall through, as no contracts have been exchanged yet. This can happen if the buyer’s mortgage is not approved, or if something goes wrong in the conveyancing process. In this case, another buyer could make a better offer and the property will remain on the market.

Read More – What does an under offer mean