If the broker says ‘under offer’, it means that he has a serious candidate, which he undertook transactions with others not to promote.
Does Under offer mean accepted?
Sold ‘Subject to Contract’ (STC) or ‘Under Offer’ (UO) means that the homeowner has accepted an offer from a buyer but the paperwork is not yet complete. Under offer (UO) is also used by some Estate Agents to indicate that an offer has been made, but not yet accepted.
Can you still offer on a house that is under offer?
Can You Make an Offer on a House That is Already Under Offer? When a house is under offer, another buyer can still make an offer. As the contracts have not yet been exchanged, the sale is not legally binding and so other prospective buyers are able to present the seller with new offers.
What does it mean when it says under offer?
Under offer usually means an offer’s been accepted
This means that an offer’s been accepted, but the contracts haven’t been exchanged yet.
What’s the difference between under offer and SSTC?
Sold STC can mostly mean the same thing. An offer has been accepted by the seller, but the paperwork has not yet completed. Under offer refers to a marketing and advertising term commonly applied by estate agents. It simply implies that an offer made earlier has been accepted.
How does under offer work?
When a property is “under offer”, it simply means that a person has submitted an offer on a house that the owner has accepted, and a contract has been signed. Meaning, both parties have agreed on the purchase price and applicable terms and conditions, but the contract hasn’t yet been finalised.
Should I accept a gazumping offer?
Whether or not you believe in karma, you may feel that gazumping is simply not morally justifiable. … A lock-out clause would mean that the homeowner would be prevented from accepting any higher offers after the agreement has been made, therefore, your gazumping will come to nothing.
Can under offer fall through?
What exactly does under contract mean? If a property is under contract (or under offer), the vendor and the buyer have agreed on a price for the property and signed a contract. But that contract is still subject to conditions and could fall through before the sale is completed.
What does under offer mean on property 24?
This means the potential property buyer isn’t quite meeting all of the required buying conditions. … When a purchaser makes an offer to purchase immovable property and the offer is accepted and signed by the seller, it is a legal contract binding both parties.
Can you outbid a pending offer?
Do not try to outbid the current pending sale; as stated above, this is a no-win situation. Simply bid what you would have bid on the property anyway considering the home value, the location, and the botional tie that you may have to the house.
Is under offer the same as under contract?
Under Offer vs Under Contract
When a property is under contract, it is further down the track towards a completed sale than when it is under offer. A property is under contract when an offer has been accepted by the seller and identical, legally binding contracts have been exchanged by both buyer and seller.
Are estate agents obliged to pass on offers?
Are estate agents obliged to pass on offers? Yes, an estate agent is legally required to present all offers to the seller up to the point that the contracts are signed.
Can you make an offer on a house that is sold STC?
It is possible to make an offer on a house that is Sold STC. The property is still technically available as the contract is still pending. Other potential buyers may take this opportunity to enquire about the property and make an alternative offer to the seller.
Can a seller back out of an accepted offer?
Real estate contracts are legally binding, so sellers can’t back out just because they received a better offer. The main exception is when the contract includes a contingency that allows the seller to terminate the sale.
Can a seller accept two offers?
Absolutely. We have seen cases where the seller has accepted another offer after the buyer has signed the contract and sent the deposit. A seller can do that before they sign. Either party can do whatever they want until there is a fully executed contract.
Can a seller put a house back on the market while under contract?
Generally, a seller can’t change their mind about selling when a house is under contract. The contract is a legally binding agreement, and both parties must perform their contractual obligations or risk a lawsuit for breaching the contract.