It is unfortunate, when looking for a property to buy, to discover that the one you have your heart absolutely set on is already under offer from another buyer. Perhaps you delayed viewing because you were trying to sort out financing options, or you were waiting to line up the sale of your own property. There are any number of reasons you might have missed the golden window of opportunity but none of them lessen the disappointment. It might make you wonder though, if under these circumstances, is possible to view and indeed make an offer on a property that is already ‘under offer’.
The short answer is, yes, you can, however, we will go into the ins and outs of how that might work and whether it is a good option. Of course, if a property feels really special to you then this is something you will want to seriously consider.
What happens when a seller receives an offer on a property?
Often, when the seller has received an offer and the sale is moving forward, buyers will insist that the property is taken off the market. This is for the buyer’s protection, as a property sale is not legally binding in the United Kingdom until contracts have been exchanged, and with all the checks that need to happen as part of the sale (surveys, solicitor searches, queries, mortgage applications) it can sometimes be months before a sale is ready to be completed. Usually, estate agents will comply and stop showing a property after an offer has been accepted, however, they will sometimes offer viewings if the seller is still looking for a property themselves just in case things fall through with the initial prospective buyer. Regardless, the property usually remains listed on the estate agent’s website but with a note stating that it is ‘under offer’ or ‘sold subject to contract.’
What is the difference between ‘under offer’ and ‘sold subject to contract’?
In essence, these phrases mean the same thing – that the seller has received an offer that they have accepted, and they are proceeding with the sale process. However, there are some slight differences, mostly relating to how the seller and the estate agent wish to present the property while it is still listed. If a property is listed as ‘under offer’ there might be some suggestion that the seller is open to better offers. Additionally, if a property is listed as ‘under offer’ it may appear more desirable to prospective buyers and may receive multiple offers, thus driving the price up, which is good for both the estate agent and the seller – although it may feel unfair to the buyer. If a property is listed as ‘sold subject to contract’ this suggests that the sale is in process, but the property may yet become available again should the sale fall through before contracts are exchanged. However, most often estate agents will not organise viewings for a property if it is listed as ‘sold subject to contract,’ so if you see this listing it is not worth trying to arrange a viewing.
Is there a time limit for properties being under offer?
In short, no, there is no legal time limit for a property being under offer and technically this process could carry on indefinitely. As we said earlier, there is a lot that needs to happen in between an offer being made on a property and the completion of the sale. The time that this takes can differ drastically depending on how efficient both sets of solicitors are and whether there are any complicating factors impacting the speed of the sale. The average time in the United Kingdom for a property to move from under offer to completed is between eight and twelve weeks – although it can sometimes take much longer depending on the chain of sellers and buyers above you.
Can I make an offer on a property that is ‘under offer’?
Yes, you can. And the estate agent is legally obliged to pass your offer on to the seller, so if it is a better offer than what they originally received then you are in with a good chance at winning the property, especially if you are a cash buyer, so it’s definitely worth having funds directly available for a property purchase.
What does ‘under offer’ mean?
This means that the seller is in receipt of an offer but that the sale is not yet legally binding, and they are potentially still open to receiving competing offers from other prospective buyers.
What is the difference between ‘sold subject to contract’ and ‘sold’?
When a property is ‘sold subject to contract’ that means that the conveyancing process has begun but the property is not legally sold yet, and things may still fall through before contracts are exchanged and the property may return to the market. However, when a property has ‘sold’ the sale has been legally finalised.
The process of buying a property is a journey that involves several working parts, stakeholders, and elements that can make it time-consuming. Understanding all of these elements always means you will be in the best position to secure the home or investment that suits you best, in the most productive way. Remember that until the transaction has gone through and the papers are signed, you will always have the chance to stake your claim for any house on the market.
