The housing industry has its own lingo – words and phrases that have their place in the business but can be confusing for those not in the know. Brushing up on real estate jargon may help you navigate the buying and selling process more effectively and avoid any unnecessary pitfalls. This article will explore what does under offer mean and why you should still consider making an offer on a property that has this status.
When a property is ‘under offer,’ it means that an offer to buy the home has been made but contracts haven’t been exchanged yet. Typically, the offer will be conditional on various factors such as finance, building and pest inspection and the buyer meeting certain employment or lifestyle requirements. Read more https://www.creatingrealestatesolutions.com/we-buy-houses-alva-fl/
Generally, estate agents will label properties as ‘under offer’ for marketing purposes to create a sense of urgency and increase demand. However, it is important to remember that sales can fall through at any stage if the original offer isn’t accepted or there are issues in the conveyancing process. It’s therefore prudent for buyers to remain a step ahead and make their own offer to ensure that they don’t miss out on the property of their dreams.
Can I still make an offer on a property that is under offer?
Even though a home is ‘under offer,’ it does not mean that it is off the market and that no other offers can be considered. The sale isn’t legally binding until contracts are exchanged, meaning that other interested parties can submit offers until then. Moreover, the original buyer can also back out of the deal before exchange without any legal consequences, opening up the door for other potential buyers.
In Australia, it’s not uncommon for homes to be ‘under offer’ for up to six months. This is because the purchase of a new home can take time to complete due to various factors including approval for finance, the buyer meeting employment or lifestyle requirements and completing the conveyancing process.
If you’re keen to view a property that is ‘under offer,’ you can usually do so with the permission of the agent. However, it’s worth noting that some agencies will stop allowing viewings on properties once they are ‘under offer.’ This is to prevent other buyers from gazumping the seller. It’s still advisable to contact the estate agent and request to be kept in the loop so that you can make an offer on a property once it goes ‘under contract’ or’sold subject to contract’. A good estate agent will be happy to assist. This will also help you manage your expectations and provide a better understanding of the buying and selling process. Good luck!