Are you obsessed with the beautiful properties you see out and about? Are you browsing through gorgeous buildings online looking for your dream home, seriously thinking about making an offer, or have you simply seen a home you like the look of on a walk in a nice neighbourhood?
Whatever stage of your property journey you are at – buying, selling, or just exploring your options – it might seem overwhelming.
There is so much to learn before you can pursue that property you love, and there is even special lingo that you may not be familiar with.
Here, we will look at the meaning of a term you may have seen – under offer. What does under offer mean, and what could it mean for your potential dream home? Read on to find out more.
The Definition of Under Offer
The simplest definition of under offer is that it means the seller has accepted an offer that a potential buyer has made on their property. This is usually subject to certain conditions, and the property will remain under offer until these conditions are met.
While a property is under offer, it is usually the case that no formal offers can be made, and if they are made informally, they should not be accepted.
Under Offer vs Sold
So, is a property that is under offer considered completely off the market? Not strictly. While no offers should be made or accepted during this time, a property that is under offer is not sold.
The difference is dependent on the aforementioned conditions of the sale being met. Usually, these conditions of sale will pertain to the state of the property – the wiring, grounds, foundations, and if there are pests present.
Withdrawal of An Offer
If these conditions are not met, the buyers may be advised to withdraw their offer. In this case, the property will return to the market for a second chance.
Similarly, if the buyers do not achieve the correct financing or if they are part of a property chain that falls through at some point, it is possible that they may not be able to complete the sale.
This is why you may see some properties listed as under offer which then later return to the market, giving you a chance at snapping them up yourself!
Making an Enquiry
If you see that a home is under offer, but you are still seriously interested, then it is more than worth getting in touch with an estate agent! Send that email or make that phone call, as the status of the property may not be as solid as it seems.
You never know what could happen – you might end up getting that home after all, and if not, then you haven’t lost anything by checking.
Looking to Buy or Sell?
Are you looking to make your next big move?
Whether you are buying, selling, or even renting, Harcourts Kingsberry is here to help you find your next dream property or move on to your next big adventure.
Get in touch with us now to view our range of properties and to see how we can best support you during this exciting time.