Jonathan Rolande talks about what an estate agent means when they say a property is under offer. This question was emailed in by one of our website users.
What does under offer mean on an estate agents board?
Estate agents use a lot of terms for under offer. It could be sale agreed, STC, sold subject to contract, sold, any kind of thing.
Essentially it all means the same thing, that somebody has agreed to buy the property and that the seller has agreed to sell it to them.
Normally at that stage an under offer board will go up on the property, the property will be taken out of the estate agents window and down from the website and portals such as Rightmove and Zoopla, that’s not always the case but normally is.
Of course, there is no guarantee that the sale will then proceed, it could be that up to about 25 or 30 percent of sales don’t actually conclude once they’ve been agreed. So, there is every chance it could fall through.
But certainly sale agreed/under offer, that’s the initial stage of a sale going to it’s completion.