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  • FIRST POST
    • inacrisis
    • By inacrisis 17th Sep 16, 10:25 AM
    • 70Posts
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    inacrisis
    Moving home, putting ours on the market before finding somewhere new.
    • #1
    • 17th Sep 16, 10:25 AM
    Moving home, putting ours on the market before finding somewhere new. 17th Sep 16 at 10:25 AM
    Hi all

    We are looking at moving home soon, we currently have a shared ownership and all the others in block have sold within a few months of going up for sale. My question is would we be best putting ours up for sale asap so that we are not in a chain when we come to buying a new place (options would be renting our staying with parents till we find somewhere.) I keep reading about 'cash buyers' does this mean you have deposit ready and waiting and a mortgage set up ready (our situation) or does it mean you have the full purchase price in cash? Would we be in a better position if we are with parents/renting when we find a house we want? Sorry if these are stupid questions

    Also could anyone point me in the direction of all the costs associated with moving? So far I have estate agents cost for selling 1-3%, then for buying, solicitors fees (1k), stamp duty, surveryor fees (500)

    Many thanks
Page 1
    • Doozergirl
    • By Doozergirl 17th Sep 16, 10:45 AM
    • 21,927 Posts
    • 62,507 Thanks
    Doozergirl
    • #2
    • 17th Sep 16, 10:45 AM
    • #2
    • 17th Sep 16, 10:45 AM
    Most people put their house up for sale before making any offers. You're unlikely to get anything accepted until that point anyway.

    I don't think that being chain free and moving house twice reduces stress at all from being in a chain. It's just swapping one stress for another. All you can do expect that there will be stress, try to be flexible and try to ride it out as inevitable.

    If you are SO then the chain is likely to stop with your buyers at the bottom. You're better off looking for somewhere with no chain above, but you can't help what you fall in love with and there's no guarantee with anything.

    A cash buyer is one with the money all in the bank. No mortgage.

    Solicitors fees will be more than 1000. Fee for sale, fee for purchase, then all your searches on top. Potential mortgage application fee.
    Last edited by Doozergirl; 17-09-2016 at 10:48 AM.
    Everything that is supposed to be in heaven is already here on earth.
    • inacrisis
    • By inacrisis 21st Sep 16, 10:24 AM
    • 70 Posts
    • 5 Thanks
    inacrisis
    • #3
    • 21st Sep 16, 10:24 AM
    • #3
    • 21st Sep 16, 10:24 AM
    Thanks for your reply, done a search online and it looks like about 2200 for legal fees including 700 stamp duty on an purchase price of 160k. We now have ours on the market and it's likely we will end up living with parents for a short time but that isn't a problem
    • BJV
    • By BJV 21st Sep 16, 10:34 AM
    • 1,920 Posts
    • 2,893 Thanks
    BJV
    • #4
    • 21st Sep 16, 10:34 AM
    • #4
    • 21st Sep 16, 10:34 AM
    I am like you and think that you should sell yours before you buy, but my OH thinks what it should be the other way around. In fact I am starting to agree with him after all what is the point in moving if there is nothing on the market that you like/ can afford.

    The cash buyers is if you have physical pound notes. When you buy a house with a mortgage there are lots of legal differences. That can make a big difference. Having a mortgage sorted helps but not being in a chain is the big one. The fact that the people you are buying off know that there is only you in a chain is a huge advantage.

    If you can (and it can take a few months don't forget that unless you are very very lucky the people you will be buying off will be in a chain) move in with parents.

    We had a terrible house move earlier in the year and I honestly do not want to scare you with it but we where lucky we got what we wanted in the end. We do however know people who did what you are thinking of doing and it took the 18 months to move out / find something.

    Good luck and hope that you find something that you like. 1st thing sell yours at the same time start looking you need to look at lots and research the market. Look at what you can honestly get for you money.
    Happiness, Health and Wealth in that order please!
    • AdrianC
    • By AdrianC 21st Sep 16, 10:43 AM
    • 11,170 Posts
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    AdrianC
    • #5
    • 21st Sep 16, 10:43 AM
    • #5
    • 21st Sep 16, 10:43 AM
    A cash buyer is somebody who's paying cash, not needing a mortgage (which can introduce delays and lender requirements, as well as the risk of the lender declining to lend).

    Whether you find a buyer for your place before searching or vice-versa depends on whether you're in a buyer's market where you are. If it's going to take a while to sell yours, and there's plenty of choice for sale, then sell first. If yours is going to sell immediately, but you'll have to search for what you want, then find first - but bear in mind that may make you a less desirable buyer compared to somebody who is chain-free.
    • hazyjo
    • By hazyjo 21st Sep 16, 10:45 AM
    • 8,099 Posts
    • 9,787 Thanks
    hazyjo
    • #6
    • 21st Sep 16, 10:45 AM
    • #6
    • 21st Sep 16, 10:45 AM
    Agree with Doozergirl - I'd go for a chain rather than doing it all twice! Plus if the market rises, are you sure you'd be able to save at the same rate?! For two years, my house went up around 100k per year.


    You would be 'chain free' not a 'cash buyer' if you did sell first. Some wrongly call chain free bods 'cash buyers' which might explain your confusion.


    I'm budgeting for:


    Solicitors
    Estate Agents
    Removals
    Surveyor
    Stamp Duty


    You may also need mortgage fees/valuation/management pack from managing agents or freeholder, and I don't know what SO charges you might incur.


    I've not paid more than 1% for EAs. You can usually haggle or play one off against the other.


    Good luck.


    Jx
    2016 wins: ESPA gift set; jumper; lip balm x 2; kitchen scales; perfume; shoes; theatre tickets; Champagne; books; After Eights; Diet Coke; Molton Brown duo; fish slice; travel set
    • AnotherJoe
    • By AnotherJoe 21st Sep 16, 10:56 AM
    • 3,479 Posts
    • 3,532 Thanks
    AnotherJoe
    • #7
    • 21st Sep 16, 10:56 AM
    • #7
    • 21st Sep 16, 10:56 AM
    I am like you and think that you should sell yours before you buy, but my OH thinks what it should be the other way around. In fact I am starting to agree with him after all what is the point in moving if there is nothing on the market that you like/ can afford.
    .
    Originally posted by BJV
    If you made an offer on my house and i found you hadn't even put yours up for sale, my comment would be "did someone say something? I thought I heard a sound? No? Nope, no one there".

    Many sellers will not even allow viewings from those who are "not proceedable" which means, having an offer on their property.

    So, by all means look around but dont imagine anyone will be remotely interested in what you have to say when you find soemwhere you want to buy, (except perhaps as bargaining chip against a real buyer; "thanks but we currently have an offer for 5k more we are considering, can you match that?")

    You'd also be starting well behind the curve, say I put house up for sale, end of the week I have an offer from someone who has an offer on their house, and you, who haven't even tidied up ready to sell yet let alone instructed an EA or (perhaps) not have a mortgage AIP. How many houses do you think you'd lose out on? You'll also be under pressure to sell at a lower price for a quick sale to avoid losing out.

    So you should be able to determine if there are houses you'd like to buy at a price you can afford, without needing to make visits, and you will as said lose out on some simply because they wont take a visit from you.
    Last edited by AnotherJoe; 21-09-2016 at 11:01 AM.
    • ellie27
    • By ellie27 21st Sep 16, 12:46 PM
    • 900 Posts
    • 628 Thanks
    ellie27
    • #8
    • 21st Sep 16, 12:46 PM
    • #8
    • 21st Sep 16, 12:46 PM
    If you phone up to view a property on the market most estate agents will ask
    -do you have a house to sell
    -is it on the market
    -are you under offer
    -have you got your mortgage in principal

    And the estate agent will pass all these answers along to the seller. You can of course just say yes to them even if you have not sold etc.

    If you came to view my property without even having your house on the market I would not count you as a serious buyer. I would not accept an offer from you until you could confirm you had already accepted an offer on the sale of your own place.

    Estate agents 1% max in my area of Glasgow, and you should negotiate too.

    If you wait til a house comes up that you like......someone ready and able to purchase could put an offer in the day it comes on sale. You wouldnt be able to do that, or at least you wouldnt be taken seriously. You could get your house on the market in a few days and have a buyer in a few days but that still could be a week and by that time the house that you like could be well gone.
    • sheff6107
    • By sheff6107 22nd Sep 16, 11:58 AM
    • 139 Posts
    • 107 Thanks
    sheff6107
    • #9
    • 22nd Sep 16, 11:58 AM
    • #9
    • 22nd Sep 16, 11:58 AM
    I had a viewer who hasn't sold theirs. I have their listing bookmarked on Rightmove so I can give them a call as soon as it says under offer
    • AdrianC
    • By AdrianC 22nd Sep 16, 12:10 PM
    • 11,170 Posts
    • 9,467 Thanks
    AdrianC
    I had a viewer who hasn't sold theirs. I have their listing bookmarked on Rightmove so I can give them a call as soon as it says under offer
    Originally posted by sheff6107
    Not all EAs update the flags on RM - when we bought this place, we'd moved in before it changed from just being unflagged. Then it simply disappeared.
    • Cakeguts
    • By Cakeguts 22nd Sep 16, 1:08 PM
    • 640 Posts
    • 789 Thanks
    Cakeguts
    A cash buyer is someone who has the full purchase price in cash in the bank and who doesn't need a mortgage or to sell a house they are currently living in. We once had someone who claimed to be a cash buyer who then turned out to be selling a house to fund the purchase. If they has sold the house and moved into rented and put the money in the bank then they would have been a cash buyer. You are not a cash buyer if you have to sell a house to raise the cash. A cash buyer is someone who has all of the purchase price in the bank and could pay it over that day.
    • sheff6107
    • By sheff6107 22nd Sep 16, 2:10 PM
    • 139 Posts
    • 107 Thanks
    sheff6107
    Not all EAs update the flags on RM - when we bought this place, we'd moved in before it changed from just being unflagged. Then it simply disappeared.
    Originally posted by AdrianC
    True, but most of the time they do change them. Every agent wants loads of 'sold stc' labels on their Rightmove listings.
    • BJV
    • By BJV 22nd Sep 16, 2:24 PM
    • 1,920 Posts
    • 2,893 Thanks
    BJV
    If you made an offer on my house and i found you hadn't even put yours up for sale, my comment would be "did someone say something? I thought I heard a sound? No? Nope, no one there".

    Many sellers will not even allow viewings from those who are "not proceedable" which means, having an offer on their property.

    So, by all means look around but dont imagine anyone will be remotely interested in what you have to say when you find soemwhere you want to buy, (except perhaps as bargaining chip against a real buyer; "thanks but we currently have an offer for 5k more we are considering, can you match that?")

    You'd also be starting well behind the curve, say I put house up for sale, end of the week I have an offer from someone who has an offer on their house, and you, who haven't even tidied up ready to sell yet let alone instructed an EA or (perhaps) not have a mortgage AIP. How many houses do you think you'd lose out on? You'll also be under pressure to sell at a lower price for a quick sale to avoid losing out.

    So you should be able to determine if there are houses you'd like to buy at a price you can afford, without needing to make visits, and you will as said lose out on some simply because they wont take a visit from you.
    Originally posted by AnotherJoe

    Ok well oh last house which we moved from in Jan we did just that. We where in the fortunate position of not really having to sell. We where in two minds to keep it and rent it our and buy another or sell it. We checked with the bank before hand ref how much limits etc. We saw a house and put an offer in. In fact we agreed a moving date before ours was even on the market. We had not even spoken to an estate agents about ours.

    As it turned out the first people to buy our house had sold theirs but then after we accepted their offer where declined on the mortgage. The house was then re-sold in fact in total it was on the market for less than 72 hours and sold twice. Both times for the asking price and then 2500 below respectively.

    Our move turned into a nightmare not because of the sale / offer protocol but because on the day of exchange it came to light that the house we where buying had issues. Yes it was a mistake from our solicitor who had already exchanged on our house so we where left in the terrible position of having to rent for 5 months Hillel the issues where sorted out.

    I understand where you are coming from but I have to say I think that only following your way would mean that you could in turn miss out of buyers. After all as a person trying to sell your home it should be your job to make it as easy and attractive as possible to as many buyers as you can.

    So if I met a vendor like you???? I would say as you so politely put it Ok thanks I will take my hard earned money else where ?????

    OP I think that you just have to be completely honest about what stage and where you are up to. That way if you meet a seller like me then fab.

    Even if everyone in the chain has agreed and sold things can still go wrong. In hindsight with the amount of different people, different personalities and solicitors involved I am amazed anyone ever manages to move. You can have the biggest most solid chain ever but it can still break. It just takes one person to have a change mind, circumstances and it can crumble. For me I would of hated to find what will be in a few years once we have done some work on it my dream house and to lose it.

    Again just be honest, communication is the key to well everything , house moves included.
    Last edited by BJV; 22-09-2016 at 2:34 PM.
    Happiness, Health and Wealth in that order please!
    • BJV
    • By BJV 22nd Sep 16, 2:35 PM
    • 1,920 Posts
    • 2,893 Thanks
    BJV
    Not all EAs update the flags on RM - when we bought this place, we'd moved in before it changed from just being unflagged. Then it simply disappeared.
    Originally posted by AdrianC
    My new one was there for about two months after we completed and had moved saying "under offer" then disappeared.
    Happiness, Health and Wealth in that order please!
    • Grenage
    • By Grenage 22nd Sep 16, 3:43 PM
    • 654 Posts
    • 621 Thanks
    Grenage
    we will end up living with parents for a short time but that isn't a problem
    Originally posted by inacrisis
    We did that; a short time turned into 9 months. I'd never do that again, not in a thousand years.
    • ViolaLass
    • By ViolaLass 22nd Sep 16, 3:51 PM
    • 4,605 Posts
    • 6,298 Thanks
    ViolaLass
    I had a viewer who hasn't sold theirs. I have their listing bookmarked on Rightmove so I can give them a call as soon as it says under offer
    Originally posted by sheff6107
    Wouldn't you let them come back to you or are you desperate to sell?
    • Hoploz
    • By Hoploz 22nd Sep 16, 5:15 PM
    • 2,782 Posts
    • 2,486 Thanks
    Hoploz
    Estate agents often refer to people as cash buyers when they are not. They say it when people don't have a property to sell. But they often still require a mortgage. Normal people realise that cash buyer means cash in the bank but EAs choose to use the term in a different way to normal people!

    I'd say if you're SO then you'd be best to secure a buyer before you go seriously looking. Of course you want to have a bit of a look in the hope that things might come together but it's wise to get a buyer before you fall in love with something.
    • AnotherJoe
    • By AnotherJoe 22nd Sep 16, 7:52 PM
    • 3,479 Posts
    • 3,532 Thanks
    AnotherJoe
    So if I met a vendor like you???? I would say as you so politely put it Ok thanks I will take my hard earned money else where ?????
    Originally posted by BJV
    What money would that be ? I would certainly welcome you taking your entirely hypothetical money available only on an indeterminate and unknowable timescale, elsewhere.

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