What Does 'under Offer' Mean???

qwertyford

Basically, I e-mailed asking if a specific industrial warehouse was still available.

The reply I got was "Unit 6, is now under offer but should the situation
change I will get back to you."

Does this mean that its already been acquired or what. I though under offer means that the property is offered at a lower price.

Is there anything I can do to acquire the property now or am I too late.

Poppycat

As far as I am aware the buyer and seller have agreed a price. My house is under offer at present. But thats as far as it goes.

I wasnt sure myself until I rang a EA a few weeks back, and asked whether I could see a house as it said under offer on there web site, she said that I cant really so left it at that.

tomstickland

It means that a buyer has put in an offer on it.

potnoodle_2

actually it means that an offer has been accepted on it and the sale is agreed. as far as i can see under offer and sale agreed is the same thing.

isnt it?

qwertyford

What sort of period does an 'under offer' take to become legally binding if both parties were to agree on the terms of the lease.

How can I 'gazump'. The agent is Storey Sons and Parker. Should I just go to speak to the agent as soon as possible expressing my interest in the property and that I am willing to pay FULL rent asked. If the property has been on the market for about 1 year and was considered over priced at £8000/annum, what sort of offer could the other party have offered for the property and is it likely that they will have already had their lawyers involved. Does this also mean that the landlord of the property will be delibertaing the offer from the other party and be writing up a lease for the property, which will then be offered to the other party. If the other party signs, then it becomes legally binding, right. OR, should I go speak to my solicitor as soon as possible tomorrow morning and explain to him the situation and let him contact StoreySP.

Alternatively, I've found the property on the land register but the details can't be downloaded and can only be obtained via postage which could take a while. Are there any other ways of finding out the owner of the property and then to contact them directly. Are these people reliable https://www.landsearch.net/owner.html?gclid=CI2Ult_CuIgCFRiUXgod6mAy0A

Just to clarify, this is a lease on an industrial building and I'm not buying a house.

Anyway, thanx for the help.

courtjester

I'm not familiar with commercial property transactions and I don't know if the legals are different, but with residential sales terms banded about such as "under offer", "sale agreed", "sold subject to contract" are all in fact inventions of the estate agent industry (for marketing purposes) which have no legal standing or effect whatsoever. Nothing is binding on any party until contracts are signed (and exchanged).

Robert_Sterling

Under offer may mean different things to different people.

AndrewSmith

Firstly commercial and residential work differently.

Secondly it depends on whether you are looking to buy or to lease the unit.

If you are looking to lease it merely means that a prospective tennant is currently negotiating terms with the landlord and may or may not have instructed their solicitor to draw up contracts. More than likely they will have their solicitor working on it as he willneed to verify certain elements of the lease are satidfactory beofre the final agreement on the lease terms and conditions can be made. It is a very long and drawn out process.

If you are looking to purchase then it means exactly wht it says, that someone has submitted an offer which may or may not be acceptable but is currently under negotiation.

Andy

qwertyford

I'm just looking to rent.

Two weeks ago the property was still readil available so I don't know how far through the process the other party are.

Now I don't know to pursue and Gazump or what.

Thanx for the advice anyway everybody

Alan_M_2

I'm going through the same process at the moment with a 4800 sq/ft Warehouse in Reigate, Surrey.

It means someone has put an offer in that's generally been accepted but they have yet to sign a lease.

In many cases (like me right now) businesses are waiting for expansion funds from a bank, that's where I am right now, My offer has been accepted, but I'm stalling signing until the money actually lands in my account. Sure I have agreement in principal, but people and banks have a habit of changing their minds, so I'm waiting till the cold hard cash is sat there, especially as I'm signing for 5 years on a £25K a year lease.

I also had the owner suggesting they had another interested party, although I've been negotiating for this place now of 5 months, along with a few others and I've heard so much BS about other interested parties I now just put an offer in and they take it or leave it.

What you will find is it's generally surveyors as opposed to EA's that deal with commercial property, don't think they are any more professional, you still get all the tricks in book played. Oh and if you think domestic property is expensive, take a look at commercial premises, it will make your eyes water, I've been quoted as much a £12 sq/ft for 6000 sq/ft units, no wonder they've been vacant for over a year.

AndrewSmith

I have to agree Alan,

In my local undercover shopping arcade there have been the same two retail units empty for over 2 years now except for the annual influx of 'cheap and nasty' christmas shops selling rubbish.

Surely it would be more beneficial to lower the rent and have the place occupied? It also creates unease with the remaining tennants as empty units make the centre less appealing.