Selling and buying- The process?

smcqis

We own have previously bought and have an existing mortgage of approx. 40% of the house value remaining

Can anyone give a quick overview of the process, e.g. do you need to wait on making offers on other properties till you have a buyer for your own?

Pixie5740

The process depends on where you are. In Scotland the process is different to England & Wales. I'm not sure how it works in NI.

Cuilean

smcqis wrote: »

Can anyone give a quick overview of the process, e.g. do you need to wait on making offers on other properties till you have a buyer for your own?

Like Pixie said, it depends on where you are. I've bought and sold in both Scotland and England, but let's assume you're in England. This is my experience only, everyone's is going to be different.


Our house was put up for sale in May 2014. A few people came to view, but we didn't start viewing till the summer holidays because nothing was happening for our house. Hubby took the opinion that it was a good idea to get to know the market where we were planning to move to. For me, this was disastrous, because I started getting attached to places we'd viewed when we'd not even had an offer on ours.


Come August, we'd changed our agent, seen a nice house in our ideal area, and been to the bank to get our AIP to show the agent we were serious. The agent said that he was hesitant to go ahead with our offer because we'd not sold ours. He had a point - we were not going to be able to proceed.


We were messed around a bit at the end of August with a time waster who offered and walked away. Again, we'd viewed a house we loved, but not got to the point of a second viewing.


After that disappointment, I refused to view any more houses until we'd got an offer. I even removed the Rightmove app from my phone to stop me having sneaky looks.


Fast forward to the end of January, we had an offer, got back onto Rightmove to check out the market, accepted the offer, and only then did we go viewing again. Had to get a new AIP because the old one expired. Solicitor estimates it'll take 8 weeks to go through.


I suppose the moral of the story there is that you can go and view/offer on other properties, but agents may not be keen on you if you're not in a position to move with the rest of the chain.

nubbins

The downside of this of course is you put your house on the market, you get a good offer and typical luck you then cannot find a property you want to move in to. Your buyer continues to look as they know you have not found anywhere, they find something equal or better and pull out. Thats why house buying and selling is so stressful!!

G_M

Free at your local library:

http://www.amazon.co.uk/How-Your-First-Home-Sell-ebook/dp/B004ZEN1GW/ref=sr_1_2?ie=UTF8&qid=1424206774&sr=8-2&keywords=buying+property

http://www.amazon.co.uk/How-Your-First-Home-Sell-ebook/dp/B004ZEN1GW/ref=sr_1_2?ie=UTF8&qid=1424206774&sr=8-2&keywords=buying+property

http://www.amazon.co.uk/Things-Estate-Should-Selling-Property/dp/0956734103/ref=sr_1_29?ie=UTF8&qid=1424206838&sr=8-29&keywords=buying+property


etc