Putting an offer in when your house hasn't sold

Vinniebeebop

Hi,
So I'm looking for some advice about whether to put an offer on a house before we've sold ours.
Our house is up for sale and we're currently getting a couple of people a week wanting to view.
We've seen a house we really like but the question is should we wait till we've got an offer on ours before putting an offer on the house we want?
We suspect the house may go quickly due to the area.
Our house has only been up 3 weeks.
Many thanks

KRB2725

By all means tell the agent that you're interested and will make an offer once yours has sold, but it's completely pointless putting in an offer until you're able to proceed.

Grenage

They will most likely either not accept your offer until you are proceed-able, or accept it unless they get a better offer (until you're proceed-able).

Malmo

Also refer to these past threads, which have discussed this before.

https://forums.moneysavingexpert.com/discussion/comment/69050422#Comment_69050422
https://forums.moneysavingexpert.com/discussion/comment/68396321#Comment_68396321

hazyjo

Adding a few reasons why not to offer:


1. You make that property more appealing to others - human nature!


2. They are far less likely to reduce the price if they've not received any offers in a month or two. They're not gonna reduce if you have an offer sitting on it.


3. It puts you in a rubbish situation with regard to offers on yours. If someone offers low, you might be able to get the vendor to reduce their price. I had a similar situation and took a lower offer from a developer as the vendors of the house I was buying agreed to drop a substantial amount.


4. You don't know how long it'll take to form a complete chain and if prices are likely to go down. If you're all in the same situation in 6 months' time, would you still be offering the same price? Doubtful.


Price realistically and hopefully you'll get a buyer. Feel free to post a link to yours if you're willing to take any advice


Jx

Vinniebeebop

Thanks for the advice everyone.

We'll sit tight until an offer for ours comes in.