Exciting times when you come across your dream home on the real estate market! But what does it mean when a property is listed “under offer”?
When a property is listed “under offer”, it means that the selling party has received an offer that they’re seriously considering. The property is no longer actively advertised and no new viewings will be arranged from this point. However, this doesn’t mean that the sale is final. Other interested parties can still make an offer, but the current offer takes precedence.
Not all hope is lost
The good news is that if you’re in love with a property that is listed “under offer”, it doesn’t mean that all hope is lost. It’s still possible to submit a higher offer, but it will have to compete with the current offer. It’s important to stay realistic and set your maximum price range.
For the selling party, it’s a promising sign to receive an offer whilst listed “under offer”. It could also be a strategic move to keep negotiations open and get the best deal for your property.
Back-up offer
But what exactly are the implications for buyers and sellers when a property is listed “under offer”? For the selling party it means another step closer to a successful sale, but it also means now is not the time to sit back. They must remain alert for potential counteroffers and strategic negotiations for them to get the best deal. For buyers, it can be disappointing to find a property listed as “under offer”, but it doesn’t mean there aren’t any openings. These buyers can show their interest in this property to the seller and can even submit a back-up offer, in case the current offer isn’t accepted.
Exciting times
In short, “under offer” means that there is serious interest in the property, but that the sale isn’t final yet. It’s an exciting time in the selling process, for both sellers and for potential buyers. Keep track of the developments surrounding the property and who knows? You might be the new owner of your dream home!
