When can i put an offer in?

DPJames

We've found a house we both love and have viewed it twice now. We've applied for the mortgage and they've said, over the phone, it should be alright but as of yet we haven't filled in any paper work so don't actually have this mortgage offer in writing. We've put the house up for sale £5,000 below valuation to promote a quick sale, and we'll drop it month by month until we get a bite.
The bloke who's house we want to buy says another couple are interested but are waiting for the sale of their business to go through this week before putting an offer in. This, of course, could be rubbish but he sounded genuine.
So do i put an offer in now and explain we've been offered the mortgage and we're selling below market value to speed things up? Or should i wait till i have the mortgage offer in writing but risk losing out to 'the others'. I might phone the estate agent up and see if these others exist.
Man, this house buying and selling malarky is a right carry on.

Gwhiz

you can do whatever you want ...the issue though is that your offer is not a "real" offer until you are in a position to proceed. That typically will be when your own property is at least "under offer" if not at exchange.

You can explain this to the seller but if it were me I would tell you to come back when you are actually in a position to move forward.

Doozergirl

Don't make any offer until you have a buyer for yours.

It's fine to tell the agent that you are very interested, that you will be pricing your place to sell quickly.

But they can't accept an offer until you are in a position to proceed. The only thing you will do now is offer more than you would if you were in a better position, and it still won't secure the house for you. If someone proceedable comes along (eg. this other couple) then they will go with them anyway.

Better to do what you can to get yourself sold and then, when the other house hasn't gone, you'll be in a position to barter, not beg.

You see what I mean? Offering now will not get you the house but you might end up paying more for it when you do reach the strong position of being able to negotiate. If you'd just waited for that stronger position it would probably save you a few £000s.

DPJames

Awesome, good advice, thanks guys. Making an offer now is simply registering serious interest. The problem though is this house we want is absolutely perfect and we'll be gutted if we miss out. Just have to hope we find a buyer quick and hope that our dream home is still for sale when we're in a better position. And like Doozer says, we can then barter instead of beg.

Thanks again guys. Not what i wanted to hear, but it was what i needed to hear i suppose. Wish us luck;)

lilab_2

Also you won't get a formal mortgage offer until you have made an offer on the property and the mortgage valuation report is done. So as the others have said, once you have a buyer for yours, then you can put in a serious offer.

kford224

DPJames wrote: »

Awesome, good advice, thanks guys. Making an offer now is simply registering serious interest. The problem though is this house we want is absolutely perfect and we'll be gutted if we miss out. Just have to hope we find a buyer quick and hope that our dream home is still for sale when we're in a better position. And like Doozer says, we can then barter instead of beg.

Thanks again guys. Not what i wanted to hear, but it was what i needed to hear i suppose. Wish us luck;)

Good luck with it all!! Let us know how you get on

lkmartin

we had exactly the same thing - rushed our house on the market because we wanted a house at a reasonable price. We put it up on the Monday, the house we wanted sold on the Tuesday! I would suggest you realistically price your house so you don't regret it if the other house sells!