Buying before you sell

Paton147

We live in a nice quirky Victorian house that we feel will sell quite quickly as there as so few period properties on the market at the moment where we live.

The problem is we want a similar, yet bigger Victorian house and you’re lucky if 1 or 2 come up a year that match our criteria. We don’t want to sell our house only to be homeless and lose the good tracker rate we have had since 2007.

No seller will take theirs off the market for an offer from someone who hasn’t sold so the whole thing feels like a gamble. Either sell your home first and have nowhere to live for 6-12 months. Or list your house rapidly when you do find something, only to watch the one you were interested in sell to a FTB.

So... can you blag it and tell the agent that you are buying a second home and that although your property may conveniently appear in the market shortly, you’re not in a rush to sell it etc and it doesn’t impact your purchase? You could say you intend to live in it while you renovate the new place etc.

Would you need to have evidence of the second mortgage application/agreement?

Having had the seller remove theirs from the market, surely it would be easy to buy the couple of weeks you would need to get yours sold? We would happily sell ours on the cheap to get the move.

foxy-stoat

You advertise your property and look for another one, the one your buyer will do the same, its called a chain. Hopefully you can tie the completion dates together when/if you find your buyer.

Unless you have a good cash deposit and can afford 2 mortgages and a DIP then you cannot "blag" it.

shortcrust

At some point you'd have to come clean considering you'd have to put the chain together. If I were a seller I'd pull out on principle when I found out I'd been lied to.

Paton147

I spoke to the agents in our area and they said any offer from someone yet to sell these days is considered to be a note of interest. So no commitment from the seller.

I feel that because rates are so low, FTBs trump offers from people whom are already on the market.

glentoran99

You don't end up homeless, you sell your house subject to purchasing another

Thrugelmir

Paton147 wrote: »

The problem is we want a similar, yet bigger Victorian house and you!!!8217;re lucky if 1 or 2 come up a year that match our criteria.

No different to other people that wish to move. There's no guarantee that a suitable property will be found anytime soon. Chains can take months to be put together.

If your property is that desirable. Then people will happily wait.

PasturesNew

Your choice is: Guarantee to keep the tracker (don't move) -or- Move regardless of cost/risk.

If you really want to move you have to market your house and sell it and hope something comes up ...

Of course - if you know you want to buy in just 3-4 streets, you could go leafleting them to enquire if they're thinking of selling.... and, one-to-one without an agent you could put yours on the market and they will wait for you as they were going to sell up ... but hadn't got round to it, so weren't in a rush.