Buying a Home
Buying a new home is a complex process. The buyers 'offer' to buy a property. They offer a price that the seller then accepts, or negotiates with, once an offer has been accepted, the property is said to go 'under offer'.
Once a property is legally 'under offer', it should be removed from the market with immediate effect.
There follows a long trail of paperwork. The buyer must maker sure s/he has a sufficient mortgage offer or funds available. The seller's solicitor must deal with any enquiries raised by the buyer's solicitor and draw up a contract for selling the property.
During this period, the mortgage lender will require a survey of the property to be carried out. This confirms whether the property is acceptable security for the lender considering the price that is being paid. Sometimes, this can be a stumbling block. Surveyors can down-value a property and identify serious structural problems.
It is important to remember that the surveyor valuing the property for the lender will never confirm the property is definitely 'worth' the price agreed.