bidding on house when still house to sell

edited 30 November -1 at 1:00AM in House Buying, Renting & Selling
11 replies 1.1K views
dprovandprovan Forumite
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edited 30 November -1 at 1:00AM in House Buying, Renting & Selling
Hi everyone,

I have been reading forum for a few days seems a great resource, Im looking for some general advice and any ideas generally to see if Im doing ok and if there is anything else I can do to help my situation.

My wife and I have found a house we love, yes it ticks almost every single box, we weren't really looking it found us (yes my heart is ruling here).

It is priced offers over 235k when we arranged a viewing there was a bid of 225k on it and when we viewed we were told the couple who viewed mins before us placed a bid of 235k. We slept on it for a few days and put in a faxed offer of 236k.

We have our own property to sell and don't even have it marketed yet, so I feel we could be viewed as not terribly attractive purchasers, but Im not looking to move unless this house is an option, if that makes sense.

So I drafter what I believe was a professional letter explaining we had mortgage in principle, estate agent and solicitor in place to go immediately if our offer was accepted.

I also suggested we would be prepared to put down a deposit (as you would with a new build project as an indicator of our seriousness). My bid has been lodged.

Has anyone else offered to put deposit down before, or is this a crazy idea?
Is there any other ideas what I can do to make my hand stronger?
And am I right in assuming that becasue I have a house to sell I'll be looked upon very less favourably (I don't know position of other bidders at this point).
Lastly does the estate agent need to keep me informed of new bids, descisions etc.

cheers
dprovan
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Replies

  • dougk_2dougk_2 Forumite
    1.4K Posts
    I think you would be viewed far less favourably. If the other party making the offer of £235k have sold and are on the way to exchange/completion as a vendor I would accept that offer despite being £1k less as it more certain to happen.

    If you haven't got the house on the market yet, let alone had an offer, we could be 6 months or more away from completion (houses are not selling that fast in the last few months , though it is improving again).

    I think you need to advertise and then look for a house when you have a buyer, unless you can afford owning 2 houses!
  • SystemSystem Forumite
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    I know what you mean. I havent got my house on the market - but occasionally we see a house that takes our interest. MrJudi wants something big and bold, whereas i want something maybe the same size as my own house, but better if you see what i mean. We have been looking for months now but have seen nothing that we both have fallen in love with. If we see something close, its usually miles away from any town.

    Idealy, i would like to pick up my house and put it on a bigger peice of land.
  • dprovandprovan Forumite
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    Judi, this is exactly the position we are in. I like my own house and didn't want to move. The house found us so to speak, therefore it would be crazy for me to put my house up for sale just now when my bid may have no hope.

    Is it that unique for people to bid on houses when they still have their own place to sell?

    I do appreciate it is a disadvantage,
  • dougk_2dougk_2 Forumite
    1.4K Posts
    It is not unique but it depends on the circumstances of the vendor - they will do what is in their best interest. If they are in no hurry to move then maybe they will not worry about the situation.

    My advice would be put your house on the market - you can withdraw it at anytime.

    Beleive me if that house falls through you will find another you like (perhaps even more) - Perhaps when trying to sell yours you will be more serious about finding a new home and look harder and at a wider range/area.
  • jockettukjockettuk Forumite
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    im presuming and i may be wrong that by saying putting in a bid you are in scotland, as this seems to be the way the do things up there?
    Those we love don't go away,They walk beside us every day,Unseen, unheard, but always near,
    Still loved, still missed and very dear
    Our thoughts are ever with you,Though you have passed away.And those who loved you dearly,
    Are thinking of you today.
  • nbtnbt Forumite
    62 Posts
    Been there, done that. We pu t our house on the market, had a list of people waiting to buy it, all at or above the asking price which is unusual for the area. The first we'd seen went to someone who bid more than us, but in the meantime we saw another house that was even better. This was sealed bids, guide price 185k.

    Despite a nice letter explaining that we had buyers lined up and all that, and offering well over asking price (over 200k), the house went for 185 (I checked on nethouseprices.com) - the estate agent explained that it went to someone who had cash waiting as they'd sold and moevd into rented accommodation

    Still looking, over a year later. House is off the market now though so we're back in your position.
    NBT : Notoriously Bad Typist
  • dprovandprovan Forumite
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    Thanks for the replys guys,

    Jock Im scottish but Im living in Northern Ireland, the slowing of prices doesn't seem to have hit here.

    as for going ahead and putting my own up for sale, I think I'll need to sleep on it,

    although I say this house found me I have been 'keeping an eye' and viewing property for the past two years and this is the first bid Ive made, thats how much we liked this. The ironic thing is I seen this house advertised 4 months ago (but I thought it was in a completely different area and did nothing) I happened to be out driving last week and seen it....doh!!!! now there are 2 other bidders....
  • SystemSystem Forumite
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    My other half says we need a bigger house, to increase our pension in our old age. Which i can see his point, but my house is cheap on bills and we are able to save (Well i can, the other half seems to spend his money on wheels), especially now we have replaced the roof and windows. The sticking point is the fact we have no garage. We have two cars, we have to park the coupe in the back garden in case it gets trashed on the street. Theres no room at the front for a garage, and we wouldnt get planning permission on the back as it used to be a kids play area (till they ripped the swings etc out).
  • dprovandprovan Forumite
    341 Posts
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    I don't know what to do, it is only this house I want so its alot of hassle and costs (the estate agents here charge a fee if you take off market to cover costs approx £200) if Im not in the running, ie someone buying cash.

    Maybe I should try to find out what position the other bidders are in.

    Isd it just a matter of sitting tight or should the estate agent respond to my offer to let me know its rejected/conssidered/upped?
  • It's fairly common to look at property and then to put yours on the market once you've seen your ideal home. You will have to pay top dollar to get the vendors to agree to wait for yours to sell.

    I would keep in touch with the agent, call them as often as you can, several times a week is good if there is a lot of interest in the property (several times a day if the property is about to go off the market). You may want to offer the same agent to market your property if your offer is accepted (they will then get two comissions rather than one!).

    Do due diligence on the other bidders and then put forward your 'best offer' and if you lose the property then you will not feel 'if only I had....'.

    As far as deposits go I would offer to leave a large(ish) deposit with your solicitor as a sign of your seriousness.

    Good luck !
    Z

    "It is better to fail in originality than succeed in imitation." Herman Melville.
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