What does Under Offer mean Online?

What does Under Offer mean Online?

What Does Under Offer Mean? 

Buying a home is a process. Once a buyer writes an offer and has it accepted, the listing is placed in a state online called "Under Offer." During this stage, the various parties such as buyers, sellers, agents and conveyancers involved go through all the conditions of the contract, and once complete, the property is then SOLD and the ownership/title transferred to the new owner.

In Queensland. If a property is under offer/contract there is no ability for another buyer to come in and put in a higher offer and take the property from you, aka gazumping. If you sign the contract, then basically the property is yours.

Sounds simple, but this stage can become incredibly stressful if the contract milestones are not met on time, or if problems are uncovered. Typically, a home sale outlines the term for settlement generally between 30-60 days. During this time, building and pest and any other inspections are completed and reviewed, the valuation is ordered, and final loan approval is obtained. If there are no delays, the settlement will occur on time and the buyer gets the keys to their new home.  

Unfortunately, there are often delays in this process, which can cause the sale to drag on. Some common hiccups include negotiated repairs, financing or credit issues, valuation problems, missing or incorrect paperwork, and title issues. 

At times, delays can become excessive and either buyer or seller may be ready to move on. All contracts have milestones and benchmarks which outline by what date each step in the process must be completed. When these dates are passed, the other party can make a demand to either approve that condition or cancel the contract. Working with an experienced real estate agent can help ensure you are protected from unnecessary delays during the pending sale.