According to the Royal Institution of Chartered Surveyors, a property is said to be “Under Offer” when an offer for the purchase or lease has been legally accepted by the Vendor but it remains on the market. If within this timeframe any person submits a higher offer for that property that is acceptable to both parties (meaning they are able to come to terms), then this original contract becomes null and void, and negotiations will commence with the new party.
A property on UK market is under offer.
This means that the seller has accepted an offer from a buyer, but not yet signed a contract.
Property professionals suggest that you should only submit your “offer in line of acceptance” after you have:
1) undertaken some detailed research on recent local sales data
2) verified that because of its condition or location this property may be cheaper than other similar properties
3) considered how some problems might affect its value and so what would need repairing or updating
4) analysed crucial information available such