Fixed Price - what are our options?

dccarm

We have found a house that we really want to buy. It is at a fixed price, so basically whoever can stump up the cash first can have it.

Our problem is, we are still a week or two away from having our own flat ready for selling, and I'm worried our house will be sold by the time we are ready to put an offer in.

Is it just a case of crossing our fingers and hoping for the best, or is there anything we can do to improve our chances? (Apart from working flat out to get our own place on the market - we're already doing that!)

mjfusent

Tough one, from the vendor's point of view you're not proceedable, or even on the market yet, so they shouldn't stop marketing on the basis of an offer from you (unless you want to bridge the loan, not reccomended).

IMHO "fixed price" means nothiong as does "offers over" and "in excess of" ALL prices are negotiable. With this in mind you could at least declare your interest, this MAY cause the vendor keep you in mind if they are tempted by a lower offer.

As a really wild long shot, a freind of mine in a similar position managed to get two morgages simultaniously, the lender did it on the basis of affordability, something I'd never heard of, again very risky.

Remeber, there are more houses out there, if this one goes another will come up.

Good luck!

dccarm

Bridging is certainly not an option - I don't think my nerves could cope with that! Our lender has already told us that they now lend based on affordability too, but even at that we couldn't borrow enough to cover both mortgages. Again, I wouldn't want to end up in that position.

I have already stressed to the Estate Agents how interested we are, and according to the person showing us round the property, there were no other viewings at the weekend, so hopefully we'll get there in time.

Lady_Lea

Agree that fixed price means nothing - and as long as you put an offer in writing, they have to put it forward.

It could be that no-one offers the "fixed price"

Suggestion with your own property - if you really do want to sell it- then tell the agent you want to sell it fairly quickly and ask him to put it on at a reasonable price not an inflated one.

Jorgan_2

Lady_Lea wrote:

and as long as you put an offer in writing, they have to put it forward.

If you put in a formal offer be it in wrtiting or verbal the agent is bound by law to put the offer across as soon as possible.