Buying a house

FMC_2

I'm really stuck as what to do.I have found the house I really want BUT I haven't sold my place yet.Is it the norm for people to buy there new home before they have actually sold there previous one?

The other problem is the person I'm buying of has already bought there new home and wants to complete in about 2 months.Is this unrealistic to think I could get the house sold and completed in that time.

Thanks in advance for your advice.

If it makes any difference I'm in Scotland.

Edinburghlass_2

Its not unrealistic to complete in a couple of months provided you get a buyer soon. I have done it in a month before now.

In fact it used to be the norm really in Scotland to buy first then sell but the market has changed over the years and people tend to play safer and sell first.

HTH

mbamick

FMC wrote:

I have found the house I really want BUT I haven't sold my place yet.Is it the norm for people to buy there new home before they have actually sold there previous one?

I'm in a similar position in the South of England, FMC. The estate agent called yesterday to say that my offer had been accepted.....and I still haven't got mine on the market yet. I'm getting 2-3 estate agents round over the weekend, to value my place and tout their services [and fees]. Make sure you read Marcus' comments on one of the sticky posts within this forum, for advice on selling. So....I'm not sure whether its the norm, but rest assured you are not on your own.

FMC wrote:

The other problem is the person I'm buying of has already bought there new home and wants to complete in about 2 months.Is this unrealistic to think I could get the house sold and completed in that time.

You'll already have read the earlier post confirming that completion within 2 months is reasonable. I've taken the view that, because I really want this new house, I'm willing to pitch the selling price of my existing property at a level that will get interest and sell quickly. Hence the need to get 2-3 estate agents to offer valuations. I s'pose that we'll both need to strike a balance between pitching the selling price at a level that we can live with, and one which ensures a quick sale.

Good luck.

theGrinch

yes the key for a quick sale is being commercial (realistic) with the asking price.

FMC_2

I think the problem is that my estate agent has marked the house to high,hence ive only had one viewing lined up,but apparently the busiest time for the website is on the weekend so hopefully i'll get more viewing on monday.I'm willing to drop the price on the house anyway as i've made a small fortune on it anyway.

GDB2222

What is your contingency plan if you end up with two properties? Will you need bridging finance? Do you know what it costs and whether you would be eligible?

FMC_2

The contingency plan is to get a bridgeing loan of my gf dad ,then drop the price of the house if I have to.I've made my money anyway.The only other thing is that some banks don't like you having 2 mortgages at the same time.I can afford to have the 2 anyway as the original one isnt that much.