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Haven't marketed my house yet but want to put offer in on another house
TrickyDicky101
Posts: 3,535 Forumite
We were not looking for a house but one came on to the market in an ideal location for us and at a price I believe we can afford.
Hence, we have made no preparations for selling our current house or arranging a new (additional) mortgage in principle.
I believe I will have no trouble raising the additional mortgage finance and right now I could (in theory) put a deposit down on the property of c.£50k as I have these funds immediately available.
Current house value c.£220k (based on original purchase in 2005 at £208k)
House interested in on market @ £360k
Currently outstanding mortgage c.£100k, additional mortgage required between £50k and £80k.
Given that I have made no other preparations, I assume vendor's agent may not be convinced of my seriousness - I can deal with that by getting mortgage in principle arranged asap.
Problem: Vendor is not in a chain and doesn't live in property. I would have to sell current property (which isn't on the market yet) to fully fund purchase - so there is a timing issue here that may well put off vendor.
This kind of situation (ie no forward chain, but needing to sell existing house to fund purchase) must arise fairly often. What are my options to persuade vendor/their agent to accept my offer (assuming of a suitable £££ magnitude).
I was thinking that placing some form of deposit (with suitable legal guarantees drawn up by solicitor) might be a plan, but I have no experience of this and wondered what others thought?
Thanks for all replies.
Hence, we have made no preparations for selling our current house or arranging a new (additional) mortgage in principle.
I believe I will have no trouble raising the additional mortgage finance and right now I could (in theory) put a deposit down on the property of c.£50k as I have these funds immediately available.
Current house value c.£220k (based on original purchase in 2005 at £208k)
House interested in on market @ £360k
Currently outstanding mortgage c.£100k, additional mortgage required between £50k and £80k.
Given that I have made no other preparations, I assume vendor's agent may not be convinced of my seriousness - I can deal with that by getting mortgage in principle arranged asap.
Problem: Vendor is not in a chain and doesn't live in property. I would have to sell current property (which isn't on the market yet) to fully fund purchase - so there is a timing issue here that may well put off vendor.
This kind of situation (ie no forward chain, but needing to sell existing house to fund purchase) must arise fairly often. What are my options to persuade vendor/their agent to accept my offer (assuming of a suitable £££ magnitude).
I was thinking that placing some form of deposit (with suitable legal guarantees drawn up by solicitor) might be a plan, but I have no experience of this and wondered what others thought?
Thanks for all replies.
0
Comments
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Nothing stopping you from putting in an offer but it can go no further then that as you are not proceedable.
You could try offering some sort of legal agreement with the vendor but I would be very suprised if they agreed to it. They would have no idea how long it is going to take you to find a buyer for your house. There are threads on this site of people asking for advice on attracting buyers because they have been on the market for 12 months or more. I don't think anybody would tie themself to a non-proceedable buyer.
If a non-proceedable buyer offered a similar agreement on your house would you accept it? Would you put yourself in the position of having to potentially reject offers from proceedable buyers whilst waiting for someone else to sell?0 -
is a quick exchange and a long completion an option?"enough is a feast"...old Buddist proverb0
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is a quick exchange and a long completion an option?
The risk with that is if the OP hasn't sold their house by the completion they would be legally obliged to buy the property without having the means to do so. As they would have exchanged the OP would lose their deposit and would be liable for any of the vendor's costs or losses.0 -
Guys - thanks. Yes, I can see being non-proceedable is a serious problem. If I do decide to make the offer I will prepare myself for it being rejected out of hand.0
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Why not just market your house ASAP and see how it goes. If you get a quick sale on yours you will be in a better position to offer on the new one (at a better price potentially). Your offer at the moment would mean nothing as you are non proceedable currently and it just shows your hand
Good luck0 -
We have accepted an offer on our house, even though the prospective buyers haven't even had a viewing yet on their property!
We've had 2 offers fall through so far, haven't taken our house off the market and haven't given any guarantees but considering how things have proceeded so far, I'm not holding my breath that we'll be selling any time soon!“I tell you, we are here on Earth to fart around, and don't let anybody tell you different.”
Kurt Vonnegut0 -
It's not really an offer though if there are no funds in place or a mechanism to get the funds, it's simply a figure the vendors will accept should your situation change.0
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Philippa36 wrote: »We have accepted an offer on our house, even though the prospective buyers haven't even had a viewing yet on their property!
We've had 2 offers fall through so far, haven't taken our house off the market and haven't given any guarantees but considering how things have proceeded so far, I'm not holding my breath that we'll be selling any time soon!
So for you as a vendor nothing has changed, you are still actively marketing the property. You not accepted an offer as such as there is no offer, all you've done is agree a price with someone. To me accepting an offer is the start of selling process, which as you've not started ...0
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