What does under offer mean on?
Under offer is when a buyer has presented an offer which the seller is still considering. It does not mean the property in question has been sold or that the transaction has become legally binding. There are a number of legal terms thrown around and it may make the process seem more disconcerting.
What’s the difference between under offer and SSTC?
The main difference between these two terms is that Under Offer means a seller is considering an offer from a buyer. On the other hand, Sold STC means the seller has accepted an offer from a buyer. The property will be sold to this person once contracts are signed and exchanged.
What does under offer mean on Rightmove?
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 view houses under offer?
You can view any property that’s under offer, there is no legal reason stopping you. Estate agents may still set up viewings even if the seller is considering an offer, in the hope that they attract a competing buyer that will drive up the sales price.
Can I make an offer on a property that is under offer?
A question that often gets asked is, ‘can one make an offer on a property that is under offer or sold subject to contract? ‘ The simple answer is yes, even if the property is already under offer, the agent is legally obliged to pass on your offer to the owner. After that, the ball is in the seller’s court.
Can I view property under offer?
Are estate agents legally 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 estate agents tell you other offers?
Do estate agents have to tell you about offers? An estate agent is legally obliged to tell you about every offer that is made, in writing. Even if the estate agent knows it’s below the price you would accept, they still have to tell you the offer to allow you the opportunity to say no.
What happens when a house is under offer?
Under offer generally means a buyer has made an offer on a property and the seller is considering the offer but hasn’t yet accepted or declined. Some estate agents, however, use it in place of ‘sold stc’, meaning the seller has accepted an offer on the property but the paperwork is yet to be completed.
Can you still bid on a house that is under offer?
A property is only off the market once contracts have been exchanged. If there is a property that you are interested in and it is ‘under offer’ or ‘sold subject to contract’, you can certainly still bid for that property.
Can you still make an offer on a house that is under offer?
Can I make an offer on a house that is under offer? If a property is ‘under offer’ you can still make an offer of your own. This is because it is technically still available. Until all the paperwork has been signed and exchanged, the buyer and seller do not legally have to proceed with the sale.