When can I make offers....

Kazzabell29

I am pretty much a FTB (bought current property with Right to Buy so that doesn't really count!).

My query is...and I apologise if this has been asked before or it seems like a stupid question but....my OH and myself have seen a property that we really like but our current property is not yet on the market (hoping to have it on the market within the next couple of days). What would be our options to secure the property - we have enough equity in our house for a deposit, but no savings so would we have to sell before making offers??

Any advice would be greatly appreciated....

CloudCuckooLand

Depends on the vendors.

Some don't like to "waste their time", waiting for you to sell.

Others might have had little interest and be happy to have an offer that gives them encouragement.

Don't think you'll be able to secure for definite in such a position, but at least you can ask to be kept in the loop should other offers materialise.

Chains can sometimes fall in place quickly, sometimes take months to get all parties ready to go.

Do you have enough equity for fees and moving costs, as well as the deposit, bearing in mind you might feel under pressure to take a low offer to get things moving so you can get the house you have "fallen for"?

PasturesNew

You shouldn't really be making offers until you've accepted an offer on your house. You can express interest, but the bottom line is that just gets the seller's hopes up ... and holds the price where it is. The best thing to do is to get yours sold and then make an offer... who knows, by the time that happens it might have dropped in price by a few quid!

Kazzabell29

Thanks both for your comments, I had a feeling that was the case...and yes, we have enough equity for the deposit and all associated costs, just can't get at it until the sale.

Patr100

You can't make a realistic offer with money you don't have and you don't have til you at least get an offer on your place. Otherwise as a seller I would say people are just wasting time as its too easy to window shop/browse but not be in a position to try to follow through.
If you price your own competitively from the outset you are more likey to get an early offer but only you wil know then what you can afford and later what offer the seller is willing to accept.