BACK TO ALL BLOGS 
Why Being Under Offer on Your Property is a Key Step Before Your Next Home Search
Being Under Offer – the first crucial step
We understand the temptation of browsing new properties before you commit to selling your home.
It can be difficult to imagine selling your home, without knowing what your next one looks like but the crucial first step is to be under offer or at least on the market.
Being 'under offer' means you have accepted an offer on your property, and the sale process has officially begun. While not legally binding until contracts are exchanged, it signifies a serious commitment from a buyer.
This position offers several significant advantages when you are looking to purchase your next home:
The 'Under Offer' Advantage: Why It Matters
1. Enhanced Buying Power and Credibility
When you approach a seller as a buyer, who is already 'under offer', you immediately stand out. You are seen as a serious, credible buyer.
This is particularly advantageous in a competitive market like Richmond. It demonstrates that you have a clear path to funding your purchase and are able to move forward, making your offer more attractive.
Your agent should tell your buyer that they must wait patiently for you to find your next home.
2. Clearer Financial Picture
Knowing the amount of equity you will receive from your sale provides a much clearer financial picture for your next purchase.
Without this clarity, you might overextend yourself or miss out on a more expensive property because your financial position is uncertain.
3. Selling On Your Terms
Losing control of timings and price.
If you see a home that you love, then you suddenly need to be under offer, in order to make your offer credible .
You lose control of going at your own speed: selling more swiftly than you had envisaged, and/or accepting an offer under its true value.
4. Seeing The Best Homes
Until you are proceedable, many agents will not show you all their properties, sometimes at the behest of the seller.
Proceedable means that whilst you are selling a property in order to buy, that you have a buyer ready to purchase from you.
5. Agent ‘Tricks’
You may see a property that you love, and the agent promises you have a chance of buying it, but only on the proviso that you sell with them.
Often they will go on to sell that property to a chain free buyer, or someone already under offer – you are now ‘tied’ into a contract with an estate agent that may not be your first choice for your property sale and you have missed out on the property you wanted to purchase.
At Cantell & Co Ltd, we believe in providing thoughtful, honest advice that puts your best interests first.