What does under offer mean?

What does "under offer" mean?

When a property is marked as "under offer" it means that a seller has received an offer from a prospective buyer, which they are considering. At this stage, the offer has not yet been accepted, but negotiations between the buyer and seller are underway.

Does "under offer" mean off the market? 

No, a property that is "under offer" is not officially off the market. While there's a serious interest from a potential buyer, there's still a chance the deal could fall through. This means other interested parties may still have an opportunity to make an offer. 

Can you make an offer on a house that is already under offer? 

Yes, you can make an offer on a house that is under offer. In fact, it might work to your advantage if your offer is more attractive than the initial one. However, it's essential to communicate with the estate agent to understand the current status of the offer in place and whether the seller is open to considering new offers.  It might be that the home seller isn't interested in reviewing competing offers, and instead would prefer a speedy sale if they themselves are looking to move quickly.

Can you still view a property that is under offer? 

Generally, it's possible to view a property that is under offer, but it depends on the seller's preferences. Some sellers may allow additional viewings to keep their options open, while others might halt further viewings once they have an offer on the table. 

Why is a property under offer for so long? 

A property can remain under offer for various reasons. These include both parties (the home seller and buyer who put down the offer) are negotiating contract terms, which can take time. It might be they are waiting for mortgage approvals, which can delay the process, or home inspections and surveys are prolonging the period a property remains under offer. 

What is the difference between "under offer" and "sold stc"? 

"Under offer" and "sold subject to contract" (sold STC) are often used interchangeably but have distinct meanings. "Under offer" implies that an offer has been made and is under consideration, while "sold STC" indicates that the offer has been accepted, but the sale is pending completion of contracts.  When a property is under offer, there is a chance you could still make an offer of your own if the seller is open to alternative options. But if a property is sold STC, this property is likely to be sold as long as the deal doesn't fall through.

What does "under offer" mean in Scotland? 

In Scotland, the term "under offer" is similar to its use in other parts of the UK. However, once an offer is accepted, the sale becomes legally binding much earlier in the process compared to England and Wales, where the deal isn't legally binding until contracts are exchanged. 

You might also like: How do mortgages in Scotland work?

While being under offer implies that a property is under serious consideration, it doesn't mean it's off the table. You could still have the opportunity to view and make offers on a home labeled "under offer." Just ensure you communicate effectively with real estate agents and stay informed throughout the process.