How to buy a house on a chain?

M157RY

How to buy a house on a chain?
Were looking at purchasing a new house we have seen the house that we like, but i am worried on how this process will work..In order for us to get a 25% deposit together we need to sell our current property.

So what i am wondering is can we put in an offer on the house that we like before selling ours? or does the sale on our property have to be agreed before we can put in an offer?

Any advice on how to buy in a chain would be much appreciated!!

Thanks in advance

tek-monkey

You can offer whenever, but I very much doubt anyone would take their property off the market for you til you've sold yours.

M157RY

thanks, so you think its best to sell ours before we out in an offer on something that we like?

tek-monkey

But of course if you sell yours, then can't find another quickly, your buyer may not want to wait!

M157RY

House buying is a pain in the ar5e!!
:mad:

Anyone else been through this that could help?

Bufger

you can either sell yours first and rent somewhere or live with family. This will make you more attractive to someone selling their house and will possibly get you a better price.

Sell whilst buying. Relying on the chain to hold up will be a worry! if possible try and get first time buyers into your home (if you have the chance) to minimise risk. The bigger the chain the bigger the problems (potentially).

The first option isnt always possible, especially if you have children and lots of posessions!

PasturesNew

I'd put in an offer about 1-2 weeks after my buyers had their survey done on my house. Booking of the survey is the first sign somebody's serious, then it takes them a week to get it back. So 1-2 weeks after the surveyor's been is a safer time to feel your house has actually sold.

tek-monkey

Depending on what the surrvey throws up anyway!

chickmug

There is no reason why you shouldn’t try and offer before you are proceedable (sold with complete chain formed) but in most cases the EA and/or seller would point out that there is no benefit in them even considering your offer. No benefit, for them, as the time will come where you do have a complete chain formed and it may be based on your having accepted a much lower price. So in this scenario the party offering will almost certainly have to make a revised (downwards) offer thus making the idea of ‘provisional’ offers a complete waste of waste of time for the EA and/or seller.

So I would expect an agents and/or sellers position to be thank you for showing so much interest in my home but I would rather wait until you are proceedable and only then can we do a deal. But you should expect the EA to keep you in the picture, once you have expressed serious interest, if any other party is offering.

There is also a whimsical notion that you get on really well with the seller and they will give you time to form a chain. Sometimes the seller is not being objective and agrees to this, often against the agents advice, and after time passing the original party finds a buyer at lower price than they had hoped for and has to revise the offer downwards.

M157RY

Ok thanks for all the replies.. I think looking around it may be best to move into rented for the short term so that we have the funds ready when we do see something thta we like.