Under offer and terminology

Buster_Danog

I'm just curious to know why some agents use the term "under offer" while others use the term "sold - subject to contract". I'm asking in relation to a commercial property I seen. Are there many reasons, apart from a buyer pulling out, that a deal would not go through?

I gather the term "under offer" is used so that the property still attracts interest. Is it therefore the case that if you contact an agent when a property is under offer you would still leave your details with them?

SquatNow

"Under offer" means an offer has been made, "sold - subject to contract" means the offer has been accepted.

In both cases the deal can still fall through for the buyer or seller for any number of reasons:

• Buyer can't get finance.
• Buyer realises buying at the start of a crash is stoopid.
• Seller cant get finance on property they are buying.
• Seller accepts a higher offer.
• Buyer realises buying at the start of a crash is stoopid.
• Buyer changes offer for a lower offer.
• Buyer's surveyer says property isn't worth asking price.
• Buyers surveyer says there is a fault with the property.
• Buyers solicitor says there is something wrong with the paperwork.
• Buyer realises buying at the start of a crash is stoopid.
• Any of the above anywhere else in the chain.

Incidently, the reason there are so many "sold" signs around isn't because houses are selling, it's because they arn't. Seller accepts an offer, sign goes up. House sells, (completion) sign comes down.

Lots of sold signs means no-one is completing. Game over man, game over.

benood

Effectively they mean the same thing - agents don't have different boards (I think) - one agent will have an under offer sign while another will use sold stc. If a sign is up give the agent a call if you're interested - you've nothing to lose.

We've always refused to let the agent put either up until we exchanged contracts - in which case the sale is very unlikely to fall through.

Buster_Danog

This particular property was commercial and from briefly speaking to the agenct it sounds like as good as gone. I wonder how long a commercial seller considers an offer before accepting when it is "under offer".

SquatNow

Depends on how urgently they need the money.

Buster_Danog

There's no way to throw a spanner in the works then. If the agent is just answering the phone and saying it is under offer then I guess they are not exactly taking too interested in what other offers they could get. It would be good if I could let the seller know that there are other potential buyers. The agent probably isn't letting them know.