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 if you plan on making an offer on an ‘under offer’ property.
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.
Can I Make an Offer on a House that’s ‘Under Offer’?
Put simply, yes you can make an offer on a property that’s listed as ‘under offer’. In fact, it should be seen as your last opportunity to put in an offer on a property.
Just be aware that if you do this, you could enter into a bidding war with the other buyer that’s made an offer – which can mean you’ll need to make a competitive bid that’s higher than the market value.
How to Find the Perfect Property in Kidderminster and Bridgnorth
If you’ve missed out on a property in Kidderminster, 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:
If you’re looking for a property in Kidderminster and Bridgnorth, Doolittle & Dalley 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.
Call us now on 01562 821 600 or send us an email at firstname.lastname@example.org to arrange a call back from one of our friendly team of agents.
Kidderminster Office: Estate House, Proud Cross Ringway, Kidderminster, Worcestershire DY11 6AE / 0345 3700 300
Bridgnorth Office: 46 West Castle Street, Bridgnorth, Shropshire, WV16 4AD / 01746 763336
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