House to sell and buy procedures

danuk

Basically i have a house to sell, which i have not yet put on the market. I am actively looking for a new house..... problem is whats the first thing i should do ?. Do i go to my bank to get extra mortgage in place ?, i would like to find a house before i put mine up for sale.... where i lvie the houses sell quickly so i really don't want to sell my house to fast...

With this in mind should i continue looking for houses first, then if i find one get the mortgage or get mortgage first then look for houses then if i find one put in a offer and then stick my house up for sale?

Sorry first time moving and well confused lol.


THanks in advance....

PoorDave

People generally won't accept your offer to buy a house unless you have sold yours first i.e. you have accepted an offer. Then if you have any sense (!) you won't have accepted an offer of someone who hasn't sold, unless they are a first time/investment buyer with no sale to make.

I'd get the mortgage sorted first so that you're 100% sure where you stand financially. Also, make sure you know your likely value for selling your house, as surely this affects how much you can spend, unless you have enough in savings to put down the deposit on the house you're buying anyway.

lilyann1

You firstly need to know how much yours is valued at ,so get 3 EA's round to give you price to sell at.Then you need to speak to mortgage adviser to see how much you can borrow,then you can work out what house you can afford to buy.
I'd have a look online and see what sort houses are round for you to go an have a look at and then register with all the EA's in your area.
If you find a house you love though,your offer won't probably be accepted until you have sold yours.

PoorDave

lilyann1 wrote:

You firstly need to know how much yours is valued at ,so get 3 EA's round to give you price to sell at.Then you need to speak to mortgage adviser to see how much you can borrow,then you can work out what house you can afford to buy.
I'd have a look online and see what sort houses are round for you to go an have a look at and then register with all the EA's in your area.
If you find a house you love though,your offer won't probably be accepted until you have sold yours.

All good advice. The last sentence is a nightmare position to be in - when the vendors of the house you've fallen in love with say "your offer is financially great, but we can't accept it because you haven't sold yours yet". Then you have the panic of trying to flog it quickly, but at the price you need to make the rest of your "numbers" work!

Then they accept another offer later that week...

Doozergirl

Put your house on the market now. If you do get an offer quickly, your buyers simply wait for you - the house doesn't get sold from underneath your nose!

Do it your way and you are setting yourself up for disappointment. People are highly unlikely to accept an offer from someone that has their house on the market and hasn't sold; let alone someone who hasn't even put their house on the market - there's no sign of commitment there at all.

If, in the almost impossible circumstance that they do accept your offer, you're likely to go with the vendor's agent in an attempt to woo them and get fleeced along the way. You will probably take a lower offer on your house in desperation and may even not take the time to find the best mortgage deal out there. Not MoneySaving at all. :money:

Use the way you are treated as a buyer to decide who you choose to sell your house and get on the phone to a decent, whole of market mortgage broker.

clutton_2

also look on https://www.nethouseprices.co.uk and https://www.rightmove.co.uk (sold prices) to see what houses in your street have actually sold for, as registered on the landl registry, as opposed to what estate agents say they are worth. Estate agents almost invariable over-value property in order to get your business. so if three agents give you three different prices, go with the middle one.

Doozergirl

clutton wrote:

Estate agents almost invariable over-value property in order to get your business. so if three agents give you three different prices, go with the middle one.

Or quiz the person giving the top valuation REALLY hard. I was so sure that one agent was over the top, I asked him, as he was so confident that I was underselling the flat, if he would take a four week contract. He agreed and sold it twice over. :beer:

icklejulez

Listen to the advice, I fell in love with a house last year and couldnt sell my own. Nothing has ever matched up 18 months later!

danuk

thanks for that will start the ball rolling re: prices for my house then get the money end sorted and then start looking again...

Thanks