Vendors's contract received. Vendor still searching for a house

Thrugelmir

hounsehunterftb wrote: »

Thanks guys for the replies! I think the safest option here to wait for the chain to complete before proceeding with either mortgage or conveyancing

The vendor will need to establish that you are in a proceedable position, i.e. you'll need to obtain a mortgage offer. Being bottom of the chain isn't pleasant.

Sheep

Reading the replies on here has actually confused me regarding the house buying/selling process.

If I was being nosey on Rightmove for example and foind a house that I really liked would I need to put my house up for sale and have offers before I could even consider viewing houses or would I put an offer in and then put my house up for sale?

Thanks

Thrugelmir

Sheep wrote: »

Reading the replies on here has actually confused me regarding the house buying/selling process.

If I was being nosey on Rightmove for example and foind a house that I really liked would I need to put my house up for sale and have offers before I could even consider viewing houses or would I put an offer in and then put my house up for sale?

Thanks

Vendor might possibly accept your offer. However would continue to market their property. As if you haven't sold yours, i.e. received an offer. Would be impossible to provide a timescale. Creating chains takes time and enormous patience. So much can go wrong.

POPPYOSCAR

Sheep wrote: »

Reading the replies on here has actually confused me regarding the house buying/selling process.

If I was being nosey on Rightmove for example and foind a house that I really liked would I need to put my house up for sale and have offers before I could even consider viewing houses or would I put an offer in and then put my house up for sale?

Thanks

You can do what you want.

However, if your property is sold you are in a much better position when making an offer.

There is not much morality around anymore when it comes to buying/selling houses. You may have your offer accepted but property remains on the market, someone else comes along who has sold theirs and you get dropped.

hounsehunterftb

POPPYOSCAR wrote: »

Yes they would have to pay for any work done.

How long are you prepared to wait for this property? It could take months for them to find somewhere.

As others have said do not pay out for anything until they are ready to proceed.

You could however proceed with your mortgage offer and survey if the mortgage lender is paying for the survey.

Yes that is the concern that I always have! We are not going forward until they have found a property surely. Them sending a draft contract, is that a signal for their willingness to proceed? Weird to receive it when they themselves havent found anything

hounsehunterftb

Thrugelmir wrote: »

The vendor will need to establish that you are in a proceedable position, i.e. you'll need to obtain a mortgage offer. Being bottom of the chain isn't pleasant.

Yes they already know we are "waiting" for them to find a house and ready to go forward once they do find. Mortgage has been agreed in principle. Anything in specific we need to keep in mind being at the bottom of the chain? (chain about which we are unsure at the moment)

cloo

It's normal to get a draft contract early on in proceedings, it doesn't mean they are ready to be signed. I think last time we bought a place we had them within 4 weeks, though it took about another 9 to exchange.


Your vendors are probably wanting to show they are keen to press on despite not having found somewhere yet, hence getting on with their side.

Surrey_EA

hounsehunterftb wrote: »

Yes that is the concern that I always have! We are not going forward until they have found a property surely. Them sending a draft contract, is that a signal for their willingness to proceed? Weird to receive it when they themselves havent found anything

Not really that odd. It's quite normal for a draft contract to be sent out, even before the upper part of the chain is complete.

It's a sign that the vendors are getting prepared so the process can move swiftly when the chain is complete.

As others have said, it's probably wise for you to hold off incurring any expenses with your solicitor or mortgage lender at this stage.

ThePants999

Sheep wrote: »

Reading the replies on here has actually confused me regarding the house buying/selling process.

If I was being nosey on Rightmove for example and foind a house that I really liked would I need to put my house up for sale and have offers before I could even consider viewing houses or would I put an offer in and then put my house up for sale?

Thanks

The "done thing" is to find a buyer first, then find a house. You might be able to do it the other way round, but there's a good chance that the seller of the house you've found would be unwilling to accept an offer from someone who still needs to find their own buyer, or at least be unwilling to take theirs off the market.

onomatopoeia99

ThePants999 wrote: »

The "done thing" is to find a buyer first, then find a house. You might be able to do it the other way round, but there's a good chance that the seller of the house you've found would be unwilling to accept an offer from someone who still needs to find their own buyer, or at least be unwilling to take theirs off the market.

I know I wouldn't! The chain builds from the bottom, not the top.