Once an offer is initiated, the owner has 24 hours to either accept, reject or counter. If your offer is accepted, it isn’t official until you put down a holding deposit.
Some renters choose to pay the holding deposit manually after their offer is accepted. This is called an offer without deposit. Other renters sent their offer with the holding deposit paid in advance (pre-authorised). This is called an offer with deposit. If accepted, the holding deposit will be withdrawn automatically from your card.
Properties remain on the market until the deposit is paid. The property is fair game to everyone. Offers with deposits have an advantage as deposit payment is automated and instantaneous. Offers with deposits are official immediately upon acceptance.
Offers without deposit, however, take longer with deposit payment. The deposit must be paid manually by you and within 24 hours. If you are busy or forget to do so, you will lose the property. Remember – this is because a property is not officially off the market until the deposit is paid.
Owners can technically accept multiple offers if they are all without deposit. Whichever offer pays the deposit first gets the property. This becomes a competition between renters on who gets the property.