Q: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?
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.
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.