Making in an offer - is there any point?

antsib

Hi,

I am selling my house and intend buying a larger property. Having not gone through the process of selling and buying before I wonder if anyone can offer me any advise.

Our house is going on the market this week, we think it has alot going for it, is competitively priced and hope to get some interest. However we have also seen somewhere we really like. Is there any point in making an offer on this house until we have a firm offer on ours.

We have the mortgage agreed in principle to enable us to put in a good firm offer and be flexible on the price of our house.

We have had a look at other houses but have not seen anything that stands out at the moment. If the house we like should go then we will be pushing for the full price on ours unless something else we like takes our fancy.

I find it hard to understand the best order to proceed, should we be looking for our dream home only to not get offers on ours and lose out, or should we hold off getting interested in properties until we get a good offer on ours putting us in a better position when making on offer on a house ourselves.

Confused! Any advice?

Thanks.

marc-h_2

Most sellers are unlikely to accept an offer until you are in a position to proceed. They may accept but leave in on the market waiting for a comparable offer from someone in a better position. It might be worth it though. If they are waiting for the best price and not in a rush it is probably a reasonable idea to have your offer on the table.

Doozergirl

Your offer is not a firm offer until you are under offer. I think it's fine to tell them that you are really interested but need to sell first but if you offer then you are on the back foot from the start. EAs will advise people to continue marketing and you will likely offer more in desperation and end up paying more if you do sell.

If your house is genuinely well priced then you will be under offer in no time.

mufi

antsib wrote: »

Hi,


I find it hard to understand the best order to proceed, should we be looking for our dream home only to not get offers on ours and lose out, or should we hold off getting interested in properties until we get a good offer on ours putting us in a better position when making on offer on a house ourselves.
Thanks.

We've bought and sold several times over the years, but never in a market as unpredictable as the present one. The way we're playing it is to keep a shortlist of suitable properties from Rightmove, but not actually viewing anything until we're under offer.

Seems to me that, in the current market, viewing before you've even had an offer is not in your, or the vendors', best interests - from your point of view you are laying yourself horribly open to heartbreak.

Having said all that, nearly every one of our viewers has either not yet even gone on the market, only just gone on the market, or been on the market for a while but not sold. They are becoming a little trying, but one of them could be our eventual buyer...

twisty

mufi wrote: »

We've bought and sold several times over the years, but never in a market as unpredictable as the present one. The way we're playing it is to keep a shortlist of suitable properties from Rightmove, but not actually viewing anything until we're under offer.

Seems to me that, in the current market, viewing before you've even had an offer is not in your, or the vendors', best interests - from your point of view you are laying yourself horribly open to heartbreak.

Having said all that, nearly every one of our viewers has either not yet even gone on the market, only just gone on the market, or been on the market for a while but not sold. They are becoming a little trying, but one of them could be our eventual buyer...

Whilst I understand this point of view, I disagree. My flat has been on the market nearly 4 weeks and in this time I have viewed around 20 flats. I am now in a position where, once I get an offer, I can move very quickly as I know what is on the market, and have 3 or 4 properties that I am seriously considering when that time comes.

In terms of making an offer, I am waiting until I am proceedable to do this but I think it is fine - sensible even - to get an idea of what is around beforehand.

As a seller, I don't find it at all trying having people viewing my flat as it is normally during work hours.

antsib

Thanks for the advice everyone. As the market is a little unpredictable I think we will carry on looking for possibles without getting to excited as I think I at least need to know there are a few options out there.

One of the problems is that we are looking for a very specific type of property that may be the house we stay in for a very long time and it likely to be a purchase on an emotional level rather than a functional level like our previous house.

Thanks