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Making an offer on house before selling yours?

scw1
scw1 Posts: 392 Forumite
in House buying, renting & selling
Is this at all possible?

We are putting ours on the market as soon as the HIP is completed (next week or so) and obviously have to wait until we have viewers and offers are made (hopefully) but my husband seems to think we should be making an offer on property we really love (well I am scared to fall in love with it because I have terrible bad luck!) because he is worried we will be left without a house if someone puts an offer in on ours :confused:

Comments

  • Squirreler
    Squirreler Posts: 117 Forumite
    First Anniversary Combo Breaker
    Do you have the money to buy the new one without selling yours? If not, I'm not sure what you would be offering them?
  • pinkshoes
    pinkshoes Posts: 20,074 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Without an actual offer on your house, you have no money to buy another one with!! (Unless you have a stash of cash in the bank!).

    Most people won't allow viewers that don't have an offer on their own property, as they're viewed as time wasters.
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
  • simpywimpy
    simpywimpy Posts: 2,384 Forumite
    First Anniversary Combo Breaker First Post
    Im not sure an agent would put an offer forward in the current climate and would certainly not agree a sale as you could take forever to sell your own.
  • scw1
    scw1 Posts: 392 Forumite
    Well we could afford the 2 mortgages but it would mean nearly starving ourselves for it.

    Thanks for your help though in clarifying this - sorry if it was a stupid question!
  • simpywimpy
    simpywimpy Posts: 2,384 Forumite
    First Anniversary Combo Breaker First Post
    It wasnt a stupid question :)
  • Squirreler
    Squirreler Posts: 117 Forumite
    First Anniversary Combo Breaker
    scw1 wrote: »
    Well we could afford the 2 mortgages but it would mean nearly starving ourselves for it.

    Thanks for your help though in clarifying this - sorry if it was a stupid question!
    I would check with a mortgage adviser - taking out a new mortgage for the new place, you'd have to sort out a new deal, pay the fees etc, and when you sold the old place you may have a redemption fee when you cash the mortgage in.
  • chickmug
    chickmug Posts: 3,279 Forumite
    scw1 wrote: »
    Is this at all possible?

    We are putting ours on the market as soon as the HIP is completed (next week or so) and obviously have to wait until we have viewers and offers are made (hopefully) but my husband seems to think we should be making an offer on property we really love (well I am scared to fall in love with it because I have terrible bad luck!) because he is worried we will be left without a house if someone puts an offer in on ours :confused:

    From my point of view, as an agent, I would not want my sellers to be burdened by offers before you are in a position to proceed.

    It is a pointless exercise, in most circumstances, as you have no idea what the eventual price would be achieved for your house and if lower than you hoped for could mean your revising the first offer downwards.
    A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
  • chickmug
    chickmug Posts: 3,279 Forumite
    scw1 wrote: »
    Well we could afford the 2 mortgages but it would mean nearly starving ourselves for it.

    Just posted and must of missed this - ooops!

    If you are prepared to starve yourself and could persaude the sellers EA that you would you could put in an offer. If the agent was me I would really dig into your finances as 99% of people who say they could can't or change their minds when they realise the huge consequences of doing so.
    A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
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