Can I make an offer on a house if my house hasn't had one?

daisbuys

Hi guys.

I have seen a house I like and would like to make an offer on it.

Can I put an offer on it if my house hasn't received one yet?

I have no deposit to put down as I will be using the equity in my current home for this.

How does the buying and selling process work for something like this?

Sorry if sounding dull, it's just this is only the second time I am buying a house..

daisbuys

Also hoping to get a mortgage in principle tomorrow...

minikem

We had an offer made on our house from someone in your position and our EA told us to discount it as they were classed as "unproceedable" I'm afraid.
If they haven't had any offers and it has been on the market a long time they may have a different attitude.

daisbuys

No, the house has been on the market for 4-5 weeks, and am not sure of any other offers at the moment.

But I am ok to make an offer otherwise am I? Just wasn't sure on legality of it all?

And also, do you know how the deposit would work?

I am putting my house on the market this week and is a 2 up 2 down aimed at the 1st time buyer in a sought after area. So am hoping it won't be to long before I received an offer on it?

PasturesNew

Wait until you've had an offer on yours. At the moment you can't buy another house until you've got a buyer.... and until you've got a buyer you don't know how much yours will sell for and when.

Also, if you wait and it takes a few months, then the one you want to buy might have been knocked down a bit, or they're more open to offers because they've been waiting so long for a buyer.

Only put an offer in once you've accepted an offer on yours and you feel convinced your buyer really can/will buy your house (e.g. survey booked).

GDB2222

daisbuys wrote: »

But I am ok to make an offer otherwise am I? Just wasn't sure on legality of it all?

And also, do you know how the deposit would work?

It's perfectly legal to make as many offers as you like, whether you are 'proceedable' or not. If you make the offer in writing, remember to put 'subject to contract' in the letter.

You can use your buyer's deposit as part of your deposit on your purchase. Strange but true!

vet8

We have had an offer from a guy who has not got an offer on his place yet.

Our EA said we should consider it, but keep our house on the market and see if someone else comes along who can complete quicker. Having said that the buyer has a flat in an area where they sell quickly, so hopefully he might not be too long.

hunnie

Hi,
Of course you can put in an offer. It is a good idea to express an interest in the property. Have you viewed it? The agents often ask what position you are in at that stage. The main problem for you is if you pay out for a survey when you are quite likely to be beaten to the purchase by someone who is able to proceed now.

My son put an offer in on a property once had an offer on his, but the offer on his fell through! Still the people he was buying from were sympathetic and his is now sold.

regards, hunnie

surreybased

Hi,

As others say - you can make an offer on a house but it might be not accepted. We're looking to offer on a house where they have previously had offers but non are proceedable so non accepted.

Re the deposit - depends on the value of the house you're selling vs buying but usually you can use the deposit from your house sale. When you get a solicitor discuss it with them.

Patr100

I wouldn't put in an offer til you are ready to proceed with an offer on yours. . Otherwise You're offering with money you don't have. Anyone can do that.

daisbuys

Patr100 wrote: »

I wouldn't put in an offer til you are ready to proceed with an offer on yours. . Otherwise You're offering with money you don't have. Anyone can do that.

That was my intention to do that, just thought I would ask here to see everyones views on the topic.

But I would like to show an interest in it by making the offer but obviously can't do no more until I get an offer on mine. So might be all in vain, but then again, might not.....

@ Hunnie, I haven't viewed it yet but the area is what I am after the most. The property is a 4 bed with a double extension, but the house next door is a 3 bed with a single extension which is also up for sale, so if the one I am after sells I will always have the 3 bedder to fall back on, which is 10k cheaper, well here's hoping!

Thanks all for your advice