Properties that already have an offer can be disheartening when you think you’ve found the perfect house, but not all is lost.
There are thousands of properties in the UK that are listed on a number of property websites. Many properties are listed through Estate Agents, with these companies listing properties in as many places as they can.
This kind of foot traffic is sure to get a property noticed, especially if the property is a good deal for the area that it’s located. Anyone on the property ladder will quickly jump on a house if they believe that it’s a bargain.
However, there’s nothing more disheartening than seeing a property that is absolutely perfect, saving it to come back to it later, and then seeing that someone has swiped it out from underneath you. The moment that “under offer” banner goes up, all seems lost.
But it’s not quite that simple! Properties that are under offer haven’t gone through the full sales process, and they may end up back on the market if the original offer falls though.
Can I still make an offer?
Certainly, and you should! It’s very rare that any one house on the housing market gets just one offer while it’s up for sale. The owner of the property can choose when to stop letting offers through, which they will relay to their estate agent so that they can make a choice on current offers.
A property that is under offer is just one that has had at least one offer that the owner of the property is considering. The house is still up for sale until the estate agent takes it down or the owner of the property sells it to someone.
However, the seller cannot accept any other offers until they dismiss any that they have accepted. They may accept a second offer if the first one is rejected or falls through.
Similarly, “sold STC” (sold, subject to contract) properties can also end up back on the market if the terms of the contract are not met.
Why do offers get rejected?
Low offers are likely the biggest reason. A lot of homeowners are in a certain mindset when they sell their property, and they want to get as much money as possible for it. They might have been given a ballpark figure by a friend or an “expert”, and this can lead to rejections.
The good news for a buyer here is that a rejected offer means that you can step in and try to beat out that first buyer.
Other times your offer might be rejected if the seller feels that you’re asking too much of them. This happens in the case that repairs are required, usually after a survey has been completed.