Offer of interest

IanP44

Hi All

Im new to this forum, so firstly apologies if this has already been brought up.

If i can explain my situation. My wife and I, currently own our house and plan on moving into a new house with an annex with my parents. My Parents plan on giving me part of the deposit as a gift from the sale of their house. We also need to sell our house to move into the new one. I have a Mortgage in principal so i know we can afford.

We have found our perfect house, ticks every box and love it. Its been on for a couple of months, but we would be devastated if it was sold while we are preparing both our houses to sell. Both houses will be going on the market next week, my question really is: do we put an "offer of interest" to the estate agents stating we are strongly interested, or is there pretty much no point due to neither houses being sold.

Thanks in advance

Ian

AdrianC

You can tell the EA whatever you want, but if somebody else actually puts an offer in before you're ready, your "interest" won't be worth much.

As ever, turn the tables around. When your house is on the market, what would your reaction be if somebody pops up and says "Oooh, I might be interested in a couple of months - do you mind awfully not selling it to anybody else in that time? Thanks everso. Knew you'd understand..."

DRP

i think it is pointless but i know it happens a lot in some markets where there are few sales (e.g. the smallish town where my parents live).

As AdrianC says, what is exactly does it gain you (or vendor)?

Pixie5740

If you're in Scotland you can submit a note of interest via your solicitor. If elsewhere in the UK you can tell the EA you're interested but until you make an actual offer it probably won't mean much.

sinizterguy

You could always make an offer, with exchange and completion depending on the sale of the other properties.

IanP44

Thanks for your responses.

yeah that was my worry, it means diddly squat. I know that by putting an offer in without selling one, let alone the second house, the seller will not take off market.

Sinizterguy - do you mean make an offer then explain our situation? slightly confused.

sinizterguy

IanP44 wrote: »

Thanks for your responses.

yeah that was my worry, it means diddly squat. I know that by putting an offer in without selling one, let alone the second house, the seller will not take off market.

Sinizterguy - do you mean make an offer then explain our situation? slightly confused.

Yes. Anyone can put any offer in at any time.

So put your offer in, and explain your chain situation to the Estate Agent.

It would probably be helpful if your offer was conditional only on any one property being sold, rather than both.

Something you have to think about.

If I was the vendor, I wouldn't be accepting an offer from someone in your position, unless it was at asking or higher, and most likely not if it was dependent on both houses being sold - I would ask you to come back when at least one was sold.

But, someone else, who might not be in any hurry to move, might accept what you offer. You never know until you ask.

Expect to be refused. But an offer is a whole lot more concrete than an 'expression of interest'.

Maybe, you could work out something where you have an exchange and then a long completion period or similar ? There are many risks involved, and you should speak to a qualified professions regarding those. But, you would then get the property you want (if you want it that much).

AdrianC

IanP44 wrote: »

Sinizterguy - do you mean make an offer then explain our situation? slightly confused.

No, he means - effectively - a chain. "I'll buy yours, but we'll have to tie the exchange and completion dates to mine"

Voyager2002

Ian, are you in Scotland?

If in the rest of the UK, then put in an offer based on what you expect to get from the house sale. That is absolutely standard practice, and you will be in a chain.

If in Scotland, take advice from a solicitor: your situation cannot be unusual.

Gwhiz

As a seller, I would not even view an offer from someone trying to sell, as an offer. It's purely a statement of intent and has no value whatsoever.

IanP44

Thanks Guys

Will leave the offer of interest i think wait for the houses to be on the market and pray the house we're after is still on, i think then we will make our offer.