Buying off plan - selling existing house

fassam

Hi,

I had a quick search and couldn't find another thread - apologies if Imissed it.

We're interested in buying a new build home off-plan. The builders areinsisting that to reserve the property we must have a solid offer on ourcurrent home, even though it won’t be finished until early next year. We wouldthen need to exchange and pay 10% within 28 days.

They said this is normal and when I question where people lived they saidthat most people that buy off-plan have to sell up and rent until the house isready.

I wondered if this was indeed the normal process and whether anyone had beenthrough something similar.

tim123456789

ISTM that it doesn't matter if this is normal process or not. The builder is free to set such a condition and if he does so, you will have to comply

Of course, having a firm offer today doesn't mean that the buyer wont change their mind in 9 months time, does it? People pull out of purchases, for any number of reasons.

(and for the avoidance of doubt, no I am not suggesting that you rustle up a phantom purchaser)

I_have_spoken

That's mad. I'd tell the developer to jog off, but with the new-build market being spurred on by Govt financial support maybe they can 'name their price' to buyers who are Qing up?

solid offer

What does that mean anyway? I can't imagine any buyer will be happy to twiddle their thumbs until 2014, waiting to gain entry to your place.

littlesparkles

I reserved with TW at the end of July when I had an offer from my buyer. New house was ready in December. Buyer waited but some may not. We would have moved to rented if we had to.