What to do RE sale of our property...

Pepperoni

We only wish to sell our property if we are successful in getting a certain other property. As we have put in an offer, we put our house up for sale to show our seriousness / get the ball moving etc.

We now understand from the agents that someone else is interested in said property. Would you halt everything to do with the sale of your house until you know whether your offers been accepted or not?

So hard to know what to do for the best. We are yet to return our contract but it does state the 14 day cooling off period, albeit you pay for what work they've done - so any viewings in the meantime etc will cost us £££.

Levs01

If the other interested party is proceedable then the vendors are
Likely to go with them. You can always just leave your house on and just refuse any offers till the tie in period is over.

AnotherJoe

Depends how much you want it and can afford and are prepared to lose in the hope you'll get it. Even if, for example the vendors accept the other offer, that could still fall through, and if in the meantime you've taken yours off the market, you'll be no better prepared to buy than you are now.

ognum

If you need the equity in your current house to proceed with a future purchase then your offer is worth nothing until you have an offer on your house.

As a vendor I would ignore your offer until you are proceedable and continue to market my property and accept other offers.

So, get moving with your house sale.

Mickygg

Definately don't halt. The vendor won't accept if you are not proceedable, especially if there is a proceedable other party. I would never accept an offer from a party not under offer as it could take you months to sell.

Also you may lose out on this one, but another one may be found the corner. You can always pull out of selling. A hassle I know though.

Cakeguts

Regarding the other property. If you really want it and no other then you have got to offer more than you think anyone else will to secure it. There is no point in trying to do this if you make offers that the seller can easily refuse because they think they can get more from someone else.

Unless you are prepared to make very good offers then you can forget the whole thing because you won't be taken seriously. The seller is not interested in what you personally think you can afford they are interested in getting as much as possible for their house from whoever is prepared to pay that.

Would you be prepared to pay more than the asking price to secure the property? How much do you want it?
Work that out and then decide what to do about your sale.

booksurr

please have the ethics to at least tell your buyers the true position before they spend their own money on surveys and searches on your property if you then pull out because you failed to buy the other house so no longer want to move.

until they reach the point of paying for such things you don't of course need to say anything which would jeapordise the chance of you receiving an offer and thus improving your own chances of being accepted on the other place as a proceedable buyer yourself

eddddy

If you want to get really creative (and you like a bit of a gamble), you could suggest to the seller that you both sign a 'Lock out agreement'.

See:
http://www.ukblawg.com/uncategorized/guide-to-lockout-agreements
http://www.kiteleys.co.uk/corporate-legal/commercial-property/lock-exclusivity-agreements/

Essentially, it could mean that you pay the seller a non-refundable deposit and in return, the seller agrees not to negotiate/sell to anyone else for, say, 3 months.

So if you get an offer on your house and then are ready to exchange contracts within 3 months, everything is good.

If you don't get an offer on your house and/or you're not ready in 3 months, you lose your deposit.

POPPYOSCAR

Our son has just had his offer accepted on a house he really wants.

Several offers were made.

He and one other offered the same and were the highest.

Much to his joy his offer has been accepted because he has sold his house and the other people have not.

warby68

Until you sell yours, you are not proceedable so you really have no choice.

Even if your offer on the new one is accepted BEFORE you put yours on the market, the vendors can easily change their mind if someone else comes along in a better position. You are extremely unlikely to persuade them to take it off the market and give you some exclusivity unless you offer a signficant sweetener in the form of a good price. As you are baulking at the risk of some wasted marketing expenses, that does not seem to be your mindset. If you really really want the house you might have to take some risk on your part.

You can pull out of any sale of yours if you have to but a little honesty may be needed if you are to avoid a bad reputation in the selling game.

jojo9239

You have to sell before anyone will take your seriously. We sold found a house 1 week before exchange our purchase fell through we went ahead and have been living with family since. We are now waiting for our new house to go through it's the risk you take we knew we wanted to sell and get out so we broke the chain