house buying and my offer

mackan

Hi, started looking for a new home 4-5 weeks back and have seen one that we both like just down the road. called and put in an offer some 15k less than asking. my house went on the market about 3 days ago.
called the EA for an update but she said the offer had been declined- too low, so i advised i could revise the offer. she turned round today and told me i cant put in an offer until ive found a buyer for my house and the seller has found a house and offer accepted for something they like. incidently im using the same EA to sell my house and buy the next!!!

so i called another branch with a bogus name and said my house was with another EA. she happily accepted my offer subject to me selling my current home!!,

where do i stand, as it seems my EA is holding me back. we both like the house and are willing to raise the stakes but it seems like we cannot proceed, is this how it works?..any advice thanks

Mrs_Thrify

Hello Mackan, welcome to our club! The unwritten rule is - it is not a good idea to place an offer on a new home until you have sold your own.
It's sad to say you could be months before you get a buyer and will watch your choosen house go under offer and then sold to a buyer that is in a position to move.
I know, we are in that position too! 16 weeks our house has been on the market, we too have seen a lovely house! Sadly it might sell before we sell ours!
Best wishes and good luck...

Annabee

You know you are really doing things the wrong way round. You should wait until you get an offer on your house before putting in offers on a house you'd like to buy.

Look at it from the point of view of the seller of the house you want. For all they know you could take months and months selling your house, especially with the way the market is at the moment. Also you could be basing your offer to them on what you think you will get for your house, which might not be as much as you hope. Then you would have to reduce your offer to them.

Would you really expect them to pull their house off the market and just wait for you?

mackan

hi guys, thanks for the prompt heads up, i guess being new to all of this may be i have just shot the gun....it was much easier when i was a first timer...
so i guess what i have said is not uncommon then....and the EA is not scr**ing around with me...
cheers i will keep you posted on how it goes....
just curious to know when the other branch did not hesista eone bit for me to place my offer!!!

Sugarplumfairy_2

Annabee wrote: »

You know you are really doing things the wrong way round. You should wait until you get an offer on your house before putting in offers on a house you'd like to buy.

Look at it from the point of view of the seller of the house you want. For all they know you could take months and months selling your house, especially with the way the market is at the moment. Also you could be basing your offer to them on what you think you will get for your house, which might not be as much as you hope. Then you would have to reduce your offer to them.

Would you really expect them to pull their house off the market and just wait for you?

I got an offer on my house and put an offer in on a house I liked. Unfortunately my buyer has not sold their house yet, so mine back on market, which could possibly mean that I will lose out on the home I want to buy. So therefore, if doing it again, I would wait until the house was signed and sealed before I put in an offer on a house as Julie D wisely stated.

Mrs_Thrify

Mackan, when you place an offer, the EA is leagaly bound to pass on your message to the home owner. It is then kept in mind but the house will remain on the market for someone who has sold or a first time buyer and is ready to move.

Annabee

The member of staff at the other branch said the offer would be accepted 'subject to your selling you own house'. So what would probably happen is they would keep your offer on file because it looks good for the agent to have obtained an offer on the house (and they would tell the vendor) BUT they would continue to market the house and if a first-timer or cash buyer came along your offer would be out of the window!

Whereas at your own branch they know all about how you have only just gone on the market.

Mrs_Thrify

Gosh! Sugerplum you have made my day (being called wise) Thank you!
If only, I am a lot wiser now, 16 week contract ends on Friday. I have already typed the good bye letter. Moving to a bigger EA that has several shops in the area (for passing trade) New contract will be for 8 wks and I will be stating I need lots of photo's. Well at least 4. Just 2 at the mo.
Best Wishes...