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  • FIRST POST
    • MissCellaneous
    • By MissCellaneous 16th Jul 17, 6:52 PM
    • 57Posts
    • 21Thanks
    MissCellaneous
    Found an ideal house, but not sold ours!
    • #1
    • 16th Jul 17, 6:52 PM
    Found an ideal house, but not sold ours! 16th Jul 17 at 6:52 PM
    Hi all,

    Just after a bit of advice on our first time in a property chain :/

    We're after more space, and feel it's an important time for us to move from our current, smaller home.

    Not the query here, but some background: As a separate consideration, it's worth noting that we have some debts to resolve, and in order to help us make some serious changes to our spending habits and move forward, our intention is to use some of the hopefully sizeable equity in our current property to pay off credit cards and a loan, then using the remainder of the equity to pay house purchasing fees etc. and bring our new house mortgage to 90% LTV (which seems to be comfortably within our reach based on a mortgage advisor we've spoken to, and an AIP from our current lender).

    That requirement means it's really a bit much for us to consider keeping our current property and renting it out - we had originally considered this, but we need to get ourselves sorted out, and that seems like a massive complexity / commitment, etc.

    So, having said all that, we've got our property on the market, and we've been looking at houses. Having looked at about 10 properties, we have viewed one property twice and fallen in love with it. It's in budget.

    But, even though we're with the same estate agent as the other sellers are with, there appears to be nothing we can do to agree any sort of conditional offer to secure the house, even though our agent thinks our house will sell quickly. We're on tenterhooks, and even though we realise we should have accepted an offer on our house before we can make an offer on another - do we have *any* other options here? I've heard of agents making deals etc, but ours seem to be against doing anything at all that will secure us this property. We've been on the market only 5 days, had one not very serious viewing, and one no-show.

    My husband has even pondered whether we could remortgage our current property as interest only whilst we try to sell it, in order to get equity out of it and buy the new property, but that rings a million alarm bells for me, and I don't even think something like this would be possible.

    Any ideas? Or do we just need to wait it out and hope no one else offers for the new property whilst we try to sell? The type of houses we're looking at seem to be selling very quickly around here.
Page 1
    • jakieahmed
    • By jakieahmed 16th Jul 17, 7:20 PM
    • 13 Posts
    • 0 Thanks
    jakieahmed
    • #2
    • 16th Jul 17, 7:20 PM
    • #2
    • 16th Jul 17, 7:20 PM
    Unfortunately, the good houses go pretty fast and thats how life is.

    As for the selling/buying process. I would try to get rid of the house you are living in. Having said that will take months, in that time and space try to find something. And if you cannot find something then go to rented accommodation if it helps for few months.

    Trying to put deposit/hopes in a house you love will simply break your heart, especially the fact that you're not getting many views at your own place.

    Also, don't forget having two properties a the same time means you will be paying high stamp duty and then you would have to claim for the refund. Do you have the budget to do that
    • Crashy Time
    • By Crashy Time 16th Jul 17, 8:11 PM
    • 5,306 Posts
    • 2,223 Thanks
    Crashy Time
    • #3
    • 16th Jul 17, 8:11 PM
    • #3
    • 16th Jul 17, 8:11 PM
    Unfortunately, the good houses go pretty fast and thats how life is.

    As for the selling/buying process. I would try to get rid of the house you are living in. Having said that will take months, in that time and space try to find something. And if you cannot find something then go to rented accommodation if it helps for few months.

    Trying to put deposit/hopes in a house you love will simply break your heart, especially the fact that you're not getting many views at your own place.

    Also, don't forget having two properties a the same time means you will be paying high stamp duty and then you would have to claim for the refund. Do you have the budget to do that
    Originally posted by jakieahmed

    Are you saying that the OP`s house is not good enough?
    • sheff6107
    • By sheff6107 16th Jul 17, 9:05 PM
    • 442 Posts
    • 293 Thanks
    sheff6107
    • #4
    • 16th Jul 17, 9:05 PM
    • #4
    • 16th Jul 17, 9:05 PM
    This is what happens when you look at houses when your hasn't sold!
    They'll be another you'll like just as much when you're in a position to proceed.
    • Mickygg
    • By Mickygg 16th Jul 17, 9:10 PM
    • 1,339 Posts
    • 1,055 Thanks
    Mickygg
    • #5
    • 16th Jul 17, 9:10 PM
    • #5
    • 16th Jul 17, 9:10 PM
    I don't understand why people look at houses when not proceedable. Get under offer and then view, so doesn't waste your time and more importantly the sellers time.

    I always said no to anyone not proceedable who wanted to view my previous house.

    OP get under offer on yours, then offer on the one you like.
    • gettingtheresometime
    • By gettingtheresometime 16th Jul 17, 11:14 PM
    • 3,133 Posts
    • 7,318 Thanks
    gettingtheresometime
    • #6
    • 16th Jul 17, 11:14 PM
    • #6
    • 16th Jul 17, 11:14 PM
    When we looked at the house we now live in, we hadn't put our house on the market.

    However the sellers were buying a new build so didn't want to move fir at least 4 months which bought us some time to put our house on the market & sell it.

    If you don't put your house on the market you'll never know how quickly it will sell
    Lloyds OD / Natwest OD / PO CC / Wescott / Argos Card cleared thanks to the 1 debt v 100 day challenge


    Next on the list - JD Williams
    • Thrugelmir
    • By Thrugelmir 16th Jul 17, 11:23 PM
    • 56,257 Posts
    • 49,625 Thanks
    Thrugelmir
    • #7
    • 16th Jul 17, 11:23 PM
    • #7
    • 16th Jul 17, 11:23 PM
    Focus your energies on addressing your financial issues and selling your current property. Than dreaming of the future.
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • Davesnave
    • By Davesnave 17th Jul 17, 3:31 AM
    • 23,712 Posts
    • 89,694 Thanks
    Davesnave
    • #8
    • 17th Jul 17, 3:31 AM
    • #8
    • 17th Jul 17, 3:31 AM
    If you don't put your house on the market you'll never know how quickly it will sell
    Originally posted by gettingtheresometime
    OP's house has been on the market for around 5 days. They have simply made the mistake of viewing before being proceedable.

    Their agent thinks the house they like will sell easily to someone else, which is probably why they aren't willing to encumber its owners with some special deal with the OP. It's likely that they believe the OP's house will take longer to sell, not necessarily because it's not good enough, as Crashy suggests, but perhaps because they've marketed initially at a 'hopeful' price.

    Despite the above, the people who bought our last house weren't even on the market when they first viewed, so if we'd taken Mickygg's stance, we'd not have sold it to them.

    i agree with Thrugelmir that getting straight financially is key to making a good deal further down the line. Even going into rented can work in a falling market. It worked for us.
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • warby68
    • By warby68 17th Jul 17, 6:52 AM
    • 876 Posts
    • 9,008 Thanks
    warby68
    • #9
    • 17th Jul 17, 6:52 AM
    • #9
    • 17th Jul 17, 6:52 AM
    All you can really do is ask the agent to put forward your serious interest and price you would pay once your are proceedable. Nothing other than making the vendor aware of you so you have some kind of place in the queue.

    At least you're on the radar if, for some reason, they don't attract another buyer quickly. It worked for us but very different market and personal circumstances at the time.

    Truthfully though, if you have debts to sort out and need a 90% mortgage you are not the most attractive buyer in that you might not find a mortgage as easily as some and will have very little wiggle room on price, unexpected things etc along the way.

    As others say, you might be better concentrating on the sale of yours, building some cash for fees etc and securing a firmer mortgage commitment first - sad and not the exciting place you want to be in but probably realistic.
    • gettingtheresometime
    • By gettingtheresometime 17th Jul 17, 10:00 AM
    • 3,133 Posts
    • 7,318 Thanks
    gettingtheresometime
    OP's house has been on the market for around 5 days. They have simply made the mistake of viewing before being proceedable.

    Their agent thinks the house they like will sell easily to someone else, which is probably why they aren't willing to encumber its owners with some special deal with the OP. It's likely that they believe the OP's house will take longer to sell, not necessarily because it's not good enough, as Crashy suggests, but perhaps because they've marketed initially at a 'hopeful' price.

    Despite the above, the people who bought our last house weren't even on the market when they first viewed, so if we'd taken Mickygg's stance, we'd not have sold it to them.

    i agree with Thrugelmir that getting straight financially is key to making a good deal further down the line. Even going into rented can work in a falling market. It worked for us.
    Originally posted by Davesnave
    Ah sorry - brain fog !
    Lloyds OD / Natwest OD / PO CC / Wescott / Argos Card cleared thanks to the 1 debt v 100 day challenge


    Next on the list - JD Williams
    • hazyjo
    • By hazyjo 17th Jul 17, 10:06 AM
    • 9,843 Posts
    • 12,487 Thanks
    hazyjo
    Nothing wrong with viewing before getting a buyer providing you're not going to fall in love with it. And if you do, you have to be prepared to lose it.


    I'm looking some distance away so wanted to see exactly what was available for our budget before marketing. Things look very different in the flesh compared to on paper!


    One we viewed was taken off the market and we approached her privately some months later. Now, several more months on (now we have a buyer), we may buy it privately (ie no EA). We'd never have had that option if we'd not viewed it before.


    I also like being in a position whereby if you view something and like it, when you get a buyer, you can literally just pick up the phone and make an offer. No trying to arrange a viewing, nobody else getting through the door, it's just easier. Different if you live on the doorstep, but even then who's to say you'll be able to view when you want. Also, even if properties sell, they may well fall through (1 in 3 does). Again, you can just pick up the phone and offer. Always good if the property was popular and went quickly before.


    As I first said though - DO NOT DO THIS IF YOU ARE GOING TO 'FALL IN LOVE WITH IT'


    There will be others...
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
    • starshapedbrick
    • By starshapedbrick 17th Jul 17, 10:33 AM
    • 35 Posts
    • 52 Thanks
    starshapedbrick
    We did lots of first viewings before we had an offer so that when we did we would be able to move to second viewings quickly. I have to say though that I don't think we would have accepted a second viewing on our house from someone who wasn't proceedable.

    OP, given that you want to get as much equity from your current home as possible to help tackle debts, a quick sale may not be in your best interests (depending on area and market). It's difficult to separate out the emotions in this process - you are doing the right thing in sorting out debt, but if you let your heart overtake for the 'ideal' house then you could be doing yourself out of the chance to reduce your debts as much as you want to.
    • phoebe1989seb
    • By phoebe1989seb 17th Jul 17, 10:40 AM
    • 3,154 Posts
    • 6,462 Thanks
    phoebe1989seb
    I agree with posters saying only do this if you're not going to fall in love with the property

    It can work out ok, as I know from experience having twice viewed before our own house was on the market.

    First time there was only one road in which we were interesting in buying and within that, only three houses - none of which had been offered for sale for decades.

    One came up for sale, we viewed, fell in love and put ours on the same week. Unfortunately it sold - to an acquaintance - within days. A few months later, ours still unsold, a friend told me one of the two remaining houses might be available via a private sale. We viewed and were given first refusal should he decide to sell. Long story short, as it was tenanted (x4), we completed on our sale six weeks before we got the keys to our new home - a full twelve months after we'd originally viewed it. Well worth the aggro involved.....there was loads

    More recently we were moving two hundred miles away and made the mistake of scoping out the area and what was for sale online prior to marketing our own house that we'd not quite finishing restoring. Again we fell in love Viewed it, offered, offer declined - for obvious reasons.

    We completed the outstanding work on ours which took about six weeks, marketed it, had an asking price offer within five weeks so went back and re-offered - slightly less - on the new-to-us house. All ok and we completed on sale and purchase two months later. In neither area was the market particularly busy though......plus the house we bought was a quirky project in an area where these are less than desirable, lol!

    Both times these were very much one-off properties that we'd have struggled to find anything we loved as much had we lost out.

    To reiterate what Hazyjo said.....don't do it if you're likely to fall in love!
    Paid off mortgage early - mortgage-free since age 40 (2007)

    Over £40,000 mis-sold PPI reclaimed
    • MissCellaneous
    • By MissCellaneous 17th Jul 17, 10:57 AM
    • 57 Posts
    • 21 Thanks
    MissCellaneous
    Thanks all, really beginning to see the folly of our ways (as I say, first time in a chain here, think I was a little ignorant of the point at which offers can be made), but we stupidly thought 'we'll look at houses now, after all we need somewhere to live once ours has sold!' - and then we go and find this lovely house

    We're just going full steam ahead to try and sell this place now, re-taking a few pictures, trying to be more available for viewings etc. Don't want to alter price yet as some have said, financially we don't want to shoot ourselves in the foot, and the EA's don't recommend we alter the price, either. We don't want to mess up getting the finances straight, it's so important, so I agree it's important we don't compromise.

    Having said that, trying to make sure we're prioritising the right things, and with the best efforts in the world, we have to accept that by the time we sell, the house could be gone and we'll hope that another comes along.
    • The_Logans
    • By The_Logans 17th Jul 17, 2:33 PM
    • 235 Posts
    • 181 Thanks
    The_Logans
    I don't understand why people look at houses when not proceedable. Get under offer and then view, so doesn't waste your time and more importantly the sellers time.

    I always said no to anyone not proceedable who wanted to view my previous house.

    OP get under offer on yours, then offer on the one you like.
    Originally posted by Mickygg


    I'm afraid that's unrealistic. If we had said no to someone who wasn't proceedable we wouldn't have sold our house! He came to view, loved it, went home and put his on the market. In the intervening time we had an offer that fell through, then the 'not-proceedable' buyer sold his house and offered on ours. If we hadn't let him in to view, he wouldn't have put his on the market. I think you need to accept that people will shop around while their house is for sale. Why shouldn't they? It makes sense to know what properties you are aiming at.


    Making an offer when you are not proceedable is a different matter though, it's not worth doing as it's meaningless.
    • The_Logans
    • By The_Logans 17th Jul 17, 2:35 PM
    • 235 Posts
    • 181 Thanks
    The_Logans
    Thanks all, really beginning to see the folly of our ways (as I say, first time in a chain here, think I was a little ignorant of the point at which offers can be made), but we stupidly thought 'we'll look at houses now, after all we need somewhere to live once ours has sold!' - and then we go and find this lovely house

    We're just going full steam ahead to try and sell this place now, re-taking a few pictures, trying to be more available for viewings etc. Don't want to alter price yet as some have said, financially we don't want to shoot ourselves in the foot, and the EA's don't recommend we alter the price, either. We don't want to mess up getting the finances straight, it's so important, so I agree it's important we don't compromise.

    Having said that, trying to make sure we're prioritising the right things, and with the best efforts in the world, we have to accept that by the time we sell, the house could be gone and we'll hope that another comes along.
    Originally posted by MissCellaneous


    Good luck. If it helps, we missed out on our 'dream house' as ours didn't sell quickly enough. We're now in a much bigger house that is more of a 'dream house' than the first one was so it actually worked out for the best
    • toc25
    • By toc25 17th Jul 17, 2:44 PM
    • 224 Posts
    • 222 Thanks
    toc25
    Best thing to do is make sure the price of your property is really attractive so you will generate a lot of interest and get it sold quickly. It's never a good idea to view properties until you are proceedable. Fingers crossed you will sell quickly.
    • MissCellaneous
    • By MissCellaneous 25th Jul 17, 12:07 AM
    • 57 Posts
    • 21 Thanks
    MissCellaneous
    Believe it or not, we got great viewing and an offer (asking) within days of this, and a few days after that, got our offer accepted on the place we wanted overjoyed! Fingers crossed it all goes through!
    • glasgowdan
    • By glasgowdan 25th Jul 17, 9:09 AM
    • 2,642 Posts
    • 2,951 Thanks
    glasgowdan
    HPC crazies won't be happy! But excellent news and hopefully it all goes through for you.
    • hazyjo
    • By hazyjo 25th Jul 17, 9:49 AM
    • 9,843 Posts
    • 12,487 Thanks
    hazyjo
    Believe it or not, we got great viewing and an offer (asking) within days of this, and a few days after that, got our offer accepted on the place we wanted overjoyed! Fingers crossed it all goes through!
    Originally posted by MissCellaneous
    It was fate then


    Good luck - hope the chain's not too long
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
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