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"under Offer" -What Does It Mean In The Current Climate?

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A house we're looking at is now "under offer." It's a nice old house in a village, but only has an oil fired Aga and storage heating, meaning potentially ruinous heating bills/full central heating install along with needing all glazing doing and probably electrics etc. Not to mention being a few hundred years old it also has some unassessed cracks here and there which are a bit suss to me.

Now obviously it means the offer's not been accepted, but...why put it at that status on rightmove?

The only thing I can see is to allow other potential buyers to offer more either closer to asking or more.

Any other thoughts from the masterminds of HPC?

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Who knows... Saw one with 7 acres go sstc and then for sale again with another 14 or so acres on for 200k more and gone sstc again!,,

Insane

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A house we're looking at is now "under offer." It's a nice old house in a village, but only has an oil fired Aga and storage heating, meaning potentially ruinous heating bills/full central heating install along with needing all glazing doing and probably electrics etc. Not to mention being a few hundred years old it also has some unassessed cracks here and there which are a bit suss to me.

Now obviously it means the offer's not been accepted, but...why put it at that status on rightmove?

The only thing I can see is to allow other potential buyers to offer more either closer to asking or more.

Any other thoughts from the masterminds of HPC?

I've never really understood the point/logic of the 'under offer' blurb that is put on EA ads either - for anything more than a day or so (in a fast moving market).

A seller is either prepared to accept an offer or they are not - and should know pretty quickly as soon as they are informed of an offer by their instructed EA.

Only in a bull market when buyers are 'chasing' properties could it remotely make sense, as it tells would be buyers they have to hurry up and make an appointment to view, etc very quickly.

But, in the present climate...... it just looks stupid having a house on rightmove with 'under offer' for weeks on end - as I am seeing all over the place.

Edited by anonguest

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Thanks for all the replies guys and gals.

Our battle plan is to call the EA and see if we can elicit what the offer was - it has to be a lowball the vendor will consider as a last resort but they are desperate and have reduced over the last 2 years by >25% I think.

Our sensible heads tell us to take a reasonable guess as to the costs of fixing all the suspected wrongs, take what we consider to be the max sensible mortgage we want to have (under 3x salary etc), deduct the fixing up cost from this and tell the EA we think that we can offer between x and y, is that any good to them etc.

Therefore the EA will either say "fark off that's far too low" or they will say yes it's worth a punt (ie: it's higher than the current offer on the table).

Are there any recommended tweaks to this strategy?

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It means an offer has been made and accepted but in a short time reality will bite and the potential purchaser will realise that they are unable to obtain a mortgage now and the property will return to "available" status.

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It means an offer has been made and accepted but in a short time reality will bite and the potential purchaser will realise that they are unable to obtain a mortgage now and the property will return to "available" status.

I believe this, more than anything else, is driving prices down right now.

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I saw a new one recently- an estate agents sign with 'spoken for' written on it- sounds almost like a betrothal or something;

'with this debt, I thee wed' :lol:

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My understanding of "Under Offer" is that a price has been agreed but the buyer cannot proceed, normally because they have not sold their house yet.

T

Usually it means an offer has been accepted, but survey, searches, mortgage approval etc. are still ongoing, so it's still quite a way off exchange of contracts.

So it could well fall through - but it might not.

We were blithely hoping for one to fall through recently, only it didn't. Completed in a month. :(

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My understanding of "Under Offer" is that a price has been agreed but the buyer cannot proceed, normally because they have not sold their house yet.

T

That is my understanding of it too.

Offer accepted but vendor is still open to better offers.

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"Under Offer" is a meaningless status you can use at ANY time and means nothing - ie. she offered me a jump for it, it is "Under Offer".

Couldn't agree more! :) Hardly anything is shifting though so perhaps even a "under offer" shows that there is interest in it.

If I was selling I would think twice about it, it causes a lot of confusion from potential buyers and even delists the property from rightmove unless you tick the right sstc search box.

T1

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Technically, 'under offer' means that a bid has been submitted to the sellers but not necessarily accepted.

However, in practice it is more readily used to mean that the vendor has accepted an offer and that an exchange of contracts is being worked towards.

'under offer' and 'sold subject to contract,' although intended to refer to slightly different situations have now become interchangeable.

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"Under offer", "sold subject to contract", offers in the region of", "guide price" etc mean whatever the estate agent wants them to mean in a given economic climate.

In other words, these bullsh*t terms are all just methods of pushing prices and sales.

Scumbag, non-wealth-creating parasites the lot of em......

Edited by tallguy

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I've never really understood the point/logic of the 'under offer' blurb that is put on EA ads either - for anything more than a day or so (in a fast moving market).

A seller is either prepared to accept an offer or they are not - and should know pretty quickly as soon as they are informed of an offer by their instructed EA.

Only in a bull market when buyers are 'chasing' properties could it remotely make sense, as it tells would be buyers they have to hurry up and make an appointment to view, etc very quickly.

But, in the present climate...... it just looks stupid having a house on rightmove with 'under offer' for weeks on end - as I am seeing all over the place.

The "Sold subject to contract" is to allow people to come in a gazump the current buyer.

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One near me has been under offer for quite some time now, which starts to make it look ridiculous. It's been under offer before too, at least judging by the sign. It had changed to "under offer" when I went to work, and was back to "For Sale" when I got home the same day :D I suppose in the current climate long periods of under offer are inevitable as desperate sellers hang on to the offer for ages whilst the prospective buyer tries to unsuccessfully shift their overpriced house.

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One near me has been under offer for quite some time now, which starts to make it look ridiculous. It's been under offer before too, at least judging by the sign. It had changed to "under offer" when I went to work, and was back to "For Sale" when I got home the same day :D I suppose in the current climate long periods of under offer are inevitable as desperate sellers hang on to the offer for ages whilst the prospective buyer tries to unsuccessfully shift their overpriced house.

I've not come across too many sellers who would be happy to show their own property as 'under offer', effectively making it seem no longer fully available, whilst somebody tries to shift their own property, especially in these tricky times. ;)

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A house we're looking at is now "under offer." It's a nice old house in a village, but only has an oil fired Aga and storage heating, meaning potentially ruinous heating bills/full central heating install along with needing all glazing doing and probably electrics etc. Not to mention being a few hundred years old it also has some unassessed cracks here and there which are a bit suss to me.

Now obviously it means the offer's not been accepted, but...why put it at that status on rightmove?

The only thing I can see is to allow other potential buyers to offer more either closer to asking or more.

Any other thoughts from the masterminds of HPC?

My house went under offer last week on rightmove as I'm currently selling and accepted an offer. Buyers called today.... can't get a mortgage!

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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