Can You Bid on a Property That’s Already Under Offer?
ShareHave you spotted the perfect property only to realise it’s already under offer? If so, you’re not alone. This is a common occurrence in the fast-paced property market, especially in desirable locations like Essex where competition can be fierce. Fortunately, there may still be a chance to secure your dream home. Let’s explore some key strategies to help you navigate the situation and boost your chances of success.
What does “under offer” mean?
You may be wondering exactly what "under offer" means when it comes to property. When a property is shown as "under offer," it indicates that the seller has already accepted an offer from a potential buyer. However, the good news is that the sale hasn’t been finalised, which means that other interested parties can still make an offer for the seller to consider.
The term, which is often used by our estate agents in Wickford, differs from "sold subject to contract" (SSTC), which signifies that the sale is in progress and contracts are being exchanged.
Key strategies when bidding on a property under offer
Before proceeding with a bid on a property that's already under offer, it's crucial to understand the status of the existing offer and assess your chances realistically. Here are some key strategies to consider:
Act quickly
Time is of the essence when bidding on a property that already has an offer on it. Contact the estate agent as soon as possible to express your interest and find out about the status of the existing offer. The sooner you act, the better your chances of putting forward a competitive offer and potentially securing the property.
Make a strong offer
If you’re serious about securing a property that’s under offer, you’ll need to make an attractive offer that stands out from the competition. This could involve offering a higher price or being flexible on the terms of the sale, such as accommodating the seller's preferred timeline.
Show that you’re a serious buyer
Show the seller that you're a serious buyer by providing a mortgage agreement in principle or proof of funds. This demonstrates that you’re financially prepared to proceed with the purchase should your offer be accepted. A mortgage in principle also reassures the seller that you’ve already been assessed by a lender and are likely to secure the required financing for the property.
Negotiate effectively
Negotiation may be necessary when bidding on a property that’s under offer. Work closely with the estate agent during the negotiations, making sure you consider both your priorities and the seller's motivations. You may need to be flexible in your approach to achieving a mutually beneficial agreement, potentially compromising on certain terms to make your offer more attractive to the seller.
If you’ve found a home you love but it’s already under offer, don’t despair - there are still options available to you. Get in touch with our experienced estate agents in Wickford to find out how we can assist you in securing your dream property.