What to do (selling and buying)

Orange2010

My house is on the market and we have found a house.

We accepted an offer on ours, and our offer was accepted on the house we want, however the person wanting our house is waiting for money to come through so cannot proceed immediatly, we were advised to put our property back on the market incase a FTB came along. Also the house we want is on the market and now another person is interested that also has a house to sell, so its whoever sells first!

If we dont have this house we dont know if we would still want to sell so my question is how can i secure the house?
I have asked if i can give them a deposit but their EA didnt even ask them he just said i dont think its possible.

Its awful situation to be in, i was also wondering how you actually get into a chain, at least then the house status will show as under offer, but both houses are still on market???

Thanks in advance for any advice and replys.

maninthestreet

Deposit is paid at exchange of contracts. Until contracts have been exchanged, either party can pull out of the deal with no liability to the other party - 'Under Offer' does not mean the house has actually sold.

G_M

maninthestreet wrote: »

Deposit is paid at exchange of contracts. Until contracts have been exchanged, either party can pull out of the deal with no liability to the other party - 'Under Offer' does not mean the house has actually sold.

And you cannot Exchange unless you know you have the funds to Complete - ie you've Exchanged on your own house or got the cash from elsewhere (bank loan, family, post office robbery, whatever)

hazyjo

No point in accepting any prices or talking money until someone's in a position to actually make an offer. What if it took 6 months to get a buyer (am ignoring your 'buyer' at the moment as I'm taking 'waiting for money to come through' with a pinch of salt) and the house you want is still on the market. Would you want to still be paying the same price for it as you offered 6 months previously? I doubt it... Also, it won't give you as much flexibility on sale price for yours if someone comes in with a low offer and you've already committed to a price on the house you want, or if you're forced to drop the price of yours, and you won't therefore know what you might need to try and knock off the one you're hopefully buying.

Get a serious buyer, then accept an offer from them. If they're not in a position to proceed, ignore any offers from them. What's the point? Just keep marketing and cross your fingers.

My opinion, anyway...

Jx