Making an offer without having a buyer

CluelessHomebuyer

Hi,

I wish to make an offer on a property but I have not yet sold my current property. I was considering making an offer for the full asking price subject to the vendor taking the property off the market and giving me X weeks to find a buyer.

Is such an offer likely to be considered?

david29dpo

i doubt it, but you can try. the reason i say this is i have just had an offer on a house i am selling for only £1500 less than the asking price but they have not sold there house. i have accepted the offer but made it clear that my house stops on the market until they sell. they are happy with this and have reduced there asking price because they love my house and dont want to lose it.

Doozergirl

It's not the best thing to do as the answer from most will be a flat 'no'. Estate Agent will generally advise a vendor not to accept an unproceedable offer.

Someone did this to me when I was selling. I said no without even thinking about it. When they did sell and came back with a reduced offer, guess what I said? I'm afraid I knew they could afford full asking and that's what I made them pay.

I would not give up the opportunity to sell quicker to someone in a better position. The fact that someone else is desperate to get hold of the property at full asking is a nice cushion

david29dpo

well said.

james3333

so whats the best way of going about buying a new house....
iam thinking of moving up the ladder, havent found anywhere i like yet and havent put mine on the market....
what comes first ( chicken or the egg?)....

AndrewSmith

Sell your own first to establish your budget and put yourself in a proceedable position.

An offer that is not proceedable is worthless.

theGrinch

secure an offer, have your finance, deposit and solicitor ready and research what you can afford/want. this is the prudent way, but there is another way.

by making offers without selling will only put you under very intense pressure, maybe not at the start of the process but if you are 3 or 4 weeks down the line and havent sold cracks will show.

theGrinch

secure an offer, have your finance, deposit and solicitor ready and research what you can afford/want. this is the prudent way, but there is another way.

by making offers without selling will only put you under very intense pressure, maybe not at the start of the process but if you are 3 or 4 weeks down the line and havent sold cracks will show.

shelly

There is a way to get money to buy another property without selling yours first. Its called a let-to-buy mortgage. I know abit about them (we are currently getting one sorted to buy a house and we haven't got ours on market yet) but not enough to give you definate facts. Getting one depends on you being able to satisfy certain criteria.
I'd advise speaking to a mortgage advisor about what you want to do. We did and they were excellent.

Doozergirl

Nooooooo! :eek:

Don't even think about BTL! Please. Your current house is almost guaranteed not to be a good rental investment and if you did ever buy a BTL, please let it be researched properly.

People are misled by having equity in their current home, but it is equity they don't have in their new home and so while they think they are profiting or breaking even on the rent, they are simply paying more each month on their new mortgage.

Please let a BTL be something that comes from financial security and not the fact that you can't sell your house quick enough. It is entirely the wrong reason.

shelly

Doozergirl wrote:

Nooooooo! :eek:

Don't even think about BTL! Please. Your current house is almost guaranteed not to be a good rental investment and if you did ever buy a BTL, please let it be researched properly.

People are misled by having equity in their current home, but it is equity they don't have in their new home and so while they think they are profiting or breaking even on the rent, they are simply paying more each month on their new mortgage.

Please let a BTL be something that comes from financial security and not the fact that you can't sell your house quick enough. It is entirely the wrong reason.

You have mis-read my post. I'm talking about a let-to-buy, not a buy-to-let. They are two different mortgages. Its a short term solution to not having the cash to hand, once our house is sold we will change to a normal mortgage.