Is this normal or should we push back? I'm lost in how house buying goes!

HopeAndDriftWood

My fianc! and I saw a house that we love at the weekend. We want to make an offer. The previous buyers pulled out, and we are aware of why, and okay with that.

We'd need to sell his flat. We had three estate agents round to value it yesterday, and we'll use the one that we'd like to buy the new house through. They are coming round to take photos and measurements tomorrow so that it can be listed, but are saying they can't put our offer forward until the flat has 'interest' as the sellers of the house want an idea of speed.

I appreciate we're not totally proceedable - although we have sorted the MIP and a solicitor etc - but it seems a bit backwards, because we won't sell the flat if they sell the house to someone else. The other half has particular tastes and not many come up!

Does that sound about right? Our market conditions are "good", according to all three agents yesterday. Is there anything I can do to help it sell faster?

Also, I'm newly self-employed, so can't be on the mortgage. Can I still be on the deeds? I'm funding the deposit, and fianc! can get the mortgage we need on just his income. We save about £6k in stamp duty if I can be, I think, as I'm a first-time buyer

[Deleted User]

Yes, that sounds about right.

You're not proceedable, so although they will let the sellers know of your interest (unless they have asked not to be bothered with non-proceedable offers), they will continue to market the property as if there are no offers.

comedyseeker123

1) why are you using the buyer is? Any particular reason.
2) they are legally required to your your offer to the owner of the house
3) now you know why I’m questioning one
4) the vendor may only want to sell to those chain free or landlords.

Say you want to put in an offer, it has to be forwarded to the owner. I would be tempted to put a note in the letterbox as well.

comedyseeker123

1) why are you using the same EA the buyer is*

AdrianC

You put your offer forward, it gets accepted.
Then nobody's interested in your flat...

Everybody's time just got wasted.

bigisi

comedyseeker123 wrote: »

1) why are you using the same EA the [STRIKE]buyer[/STRIKE] seller is*

Still not right

hazyjo

Copying what I said on another post to someone else:


"Offering when not proceedable just results in several things:

- The vendors will now be deluded that people will be queuing round the block to buy their house.
- They are less likely to reduce the price if little interest as you are hanging on offering full asking price or more.
- The house is now MUCH more appealing to others. It forces their hand. They will be told there's an offer on the table which hasn't been accepted yet (they prob won't even bother saying you're not proceedable, they just play one off against the other). Plus it makes it look like a good deal and they'll prob say there's been lots of interest. Human nature to want something that someone else does.
- Doesn't give you any wriggle room on your asking price.
- They're less likely to agree a reduction.

Loads of other reasons, but these are off the top of my head.

I know it's hard, but for anyone reading in the future, if they say no to an offer (if you insist on offering when not proceedable), take your offer off the table and action your own sale ASAP. When you have a buyer, go back and offer again (although if you did offer before, it'll be hard to come back with a lower offer!). "

Surrey_EA

SaucySecrets wrote: »

We save about £6k in stamp duty if I can be, I think, as I'm a first-time buyer

I'm not sure this is the case.

If you're buying jointly, and one of you is not a FTB, there is no stamp duty saving.

G_M

SaucySecrets wrote: »

..... We had three estate agents round to value it yesterday, and we'll use the one that we'd like to buy the new house through. .....

Changing the subject a bit, did you negotiate the commission fee down? And the minimum contract period down? And what is the notice period?



Sole selling rights? Sole agency? Multi agency?

AnotherJoe

AdrianC wrote: »

You put your offer forward, it gets accepted.
Then nobody's interested in your flat...

Everybody's time just got wasted.

Or, you put your offer forward, its provisionally accepted but remains on the market, no ones time is wasted, seller (OP) has a good idea of how much they can sell for and perhaps lower their price by to get a move on and still be able to afford it

AdrianC

AnotherJoe wrote: »

Or, you put your offer forward, its provisionally accepted but remains on the market, no ones time is wasted

Except the OP's, when the vendor accepts another offer while theirs is still on the market.