So, your agent gives you a call with good news! Your property is officially under offer. That’s a big win. But what does that mean for you as a seller, and what comes next?
Let’s walk through it together.
First Things First: What Does “Under Offer” Mean?
When your home is under offer, it means a buyer has made a formal offer and you’ve agreed to it. But don’t get excited, this is just the starting point for a property transaction, and the deal isn’t final yet.
Most of the offers in Queensland include conditions that both parties need to consider. These often include a buyer securing formal finance approval and their solicitor reviewing the contract. Until those conditions are ticked off, the agreement isn’t legally binding. So, at the same time as it’s incredible progress, the sale isn’t locked in just yet.
What’s the Buyer Doing Now?
While you wait, the buyer is busy behind the scenes, such as sorting out their home loan, booking inspections or having their legal team check things over.
You’ll likely hear from your agent during this time on updates. If any issues pop up, they’ll walk you through them.
Can You Accept Another Offer?
A question we hear a lot, and fair enough!
Technically, other buyers can still submit backup offers while your contract is conditional. Also, ensure your actions align with the original buyer agreement to prevent breaches. Always speak to your agent or solicitor before making any moves.
What Happens When the Contract Goes Unconditional?
Once the buyer meets all the conditions, the contract becomes unconditional. This is when things get serious, the sale is locked in.
From here, you’re on the road to settlement day, when the keys are handed over and ownership officially changes.
What Should You Be Doing in the Meantime?
Stay in close contact with your agent. Be ready to respond to anything that comes up. Keep your home tidy, just in case anything falls through and a new interest appears
Being under offer is overwhelming, as you have just entered the house-sale journey. But it’s not the finish line just yet.
With the right guidance, you’ll navigate this next stage smoothly. If you’ve got questions or just want someone to walk it through with you, we’re always here to help.
