Should I put in an offer to a property which is "under offer"?

[s050399b]

Not sure if it's a waste of time, or spark of a "private bidding war"?

 

[The Y-man]

If the offer is subject to finance etc, it's great for a vendor to have a fallback position - so yes you can make your offer known.

Cheers,

The Y-man

 

[JamesGG]

it's great for a vendor to have a fallback position

Edit; assuming that you're purchasing in Victoria...

Which, bye the way, is what your offer is likely to be. In most cases, 'under offer' means that the existing offer has already been signed and accepted, but is not yet unconditional.

So whilst you can negotiate with the agent, even offering more cash won't secure the property for you unless the existing deal falls over (in which case, it's probably in your best interest to find out why).

 

[s050399b]

I am see some used "under offer", "under contract", and "deposit taken".

Initially, I thought a property needs to go thru these 3 phases for it to be sold, haha!

Thanks for clarifying!

 

[Young Gun]

I was able to make an offer on a property 'under contract' in Queensland. The conditions of the existing offer were quite complicated, ie. subject to sale of existing property etc.

Your offer will, of course, need to be more attractive than the existing offer, so ask the vendor or agent what kind of conditions are on the rival offer.

Good luck!

 

[s050399b]

I was under the impression that when a property is under offer or contract, it can only be nulled when the buyer didn't proceed (with the building/pest/finance etc)?

conditions on the rival offer, are the agents allow to tell? hmmmm,

 

[The Y-man]

I was under the impression that when a property is under offer or contract, it can only be nulled when the buyer didn't proceed (with the building/pest/finance etc)?

conditions on the rival offer, are the agents allow to tell? hmmmm,

This is correct for Victoria. Different rules for different states.

Cheers,

The Y-man

 

[s050399b]

ahhh, icic, thanks!