Putting houses up for sale before you've found a house yourself

Neil49

jenni_fer said:

We are also in this position, the sort of house that we want to buy is pretty rare.

When we bought our current house, only one of the properties we viewed insisted we were already on the market before we viewed, and none insisted we had sold, of course no-one was going to accept an offer until we had but at least we were viewing in parallel. This seems to have now become 'you can't even step foot inside my property unless yours is sold' and while I understand the point of view, I think it is a real shame as it really slows the process down.

We'll be listing sometime next year, and being very clear with our potential buyers (and probably poor first time buyers beneath them) that we won't be pressured into renting or buying something just to hurry up and move.

Having been through the pain of buying and selling less than 2 years ago I can assure you that if we encountered your approach then we would look elsewhere. If you are in a lengthy chain then the chances of it collapsing is high and then everyone loses out (including you). 

Next time around we shall seriously consider selling and going into rented in order to be cash buyers and be in a position to control the process. 

BJV

Ok so a bit different but I was very much like you. I wanted the right house and when it came along we put an offer in. We had not even spoken to an EA. Ok we where lucky in some ways in so much as we could either keep the old one ( this would have been a strain but possible ) and rent it out or sell and buy the new one. At the ended ours sold mega quick a weekend in fact but there where problems with the house we bought. Nothing to do with the house more the seller. (charges against the house etc ) Again condescend, we stayed in a renal for three months then moved in. It is up to you. Yes a chain free buyer will be more appealing to the seller but do you want to rent until eh perfect one comes along. That could be next week, next month or next year. TBH the way our system works I am amazed that anyone can ever buy and sell a house. You also have to think about how long the chain will get. So for example if a first time buyer starter home in your area is £100 and yours is selling for £250 there could be 3 or 4 people in the chain. That could be 3 or 4 peoples homes that all relay on you finding "the house". I have never thank god been in a chain that broke but I can not imagine how devastating it must be. OP if you are 100% confident that your house would sell and sell quick I personally would find the house you want first. Again I stress I am very lucky and work hard so I buy houses to renovate and rent out so I buy a couple of houses a year. never had any issues except when i bought mine.! I am organized, motivated and this is not the first house i have bought so i sort of know what i am doing but even then things can go wrong. Good luck and i hope you get what you are looking for.

BJV

OP you have to remember that although for you this is your new home for the EA and the seller this is a business transaction. They imply want the best offer and the one that gives the least stress. It is not personal it is just business. It is 100% not about integrity and in fact the Ea you use will have the same view when they act on behalf of you. 

FinallyStoppedLurking

caprikid1 said:

"This seems to have now become 'you can't even step foot inside my property unless yours is sold' and while I understand the point of view, I think it is a real shame as it really slows the process down."
Speeds it up surely ? Only motivated moving buyers view and have offers accepted ? 

If every house takes a month from listing to sale (offer accepted) and you have 5 properties, that is 5 months before the chain is even complete.

veryintrigued

BJV said:

OP you have to remember that although for you this is your new home for the EA and the seller this is a business transaction. They imply want the best offer and the one that gives the least stress. It is not personal it is just business. It is 100% not about integrity and in fact the Ea you use will have the same view when they act on behalf of you. 

I understand completely if it wasn't the same (or would have been) EA dealing for both the house we wanted and our house.

Weird that they had so much confidence that it would sell so quickly and then were so underhand....

Bit short sighted by them and bad business practice.

babyblade41

I honestly don't think your motivation to move unless everything falls into your plans...you may be lucky but I can honestly see you losing out on a lot of houses.

veryintrigued

babyblade41 said: I can honestly see you losing out on a lot of houses.

You could be right.

We need to do some thinking whether we put ourselves on an elderly relative  or rent seem the best advice currently.

Neither ideal due to two moves, unknown timescale, reduction of money etc.

We'd also considered a bridging loan possiblity if needed but this would be less than ideal too as we've worked hard to be mortgage free etc etc.

ic

We weren't looking to sell, happy and settled - then spotted a house we'd like the look of had been discounted.  Viewed twice and offered - with a plan we'd borrow from the parents to bridge whilst we sold our house.  Four months later, we and our buyers are ready and now waiting on probate on the house I'm buying so that contracts can be completed - we no longer need the bridging loan.  There's no rule that says your house should be on the market - but whilst you're viewing, get booking in with agents for valuations so you can move fast - at least prove your interest.

Herbalus

You’re seem to be in the position where it takes longer to find your next house than it will take to sell your current house (at the very least that’s your perception, right or wrong). I’m in a similar position whereby I live in a row of very popular terraces (5 come up each year and all sell virtually immediately) and I’m looking for the next move which I want in a particular part of town that moves very slowly. It seems pointless listing your own and selling it, if it may take ages for you to find a house.

I sympathise, and you have 2 choices as I see it, same as me. Either you stick with your current plan and hope you find a compliant seller with a house nobody else in a procedable position wants. Or you list, and be very clear with your buyers that you haven’t yet found a house to move to. It’s then their choice whether they want to wait for you. Having sold your house will put you in the strongest position - communication with your buyers is key. I’m sure you’ll have no issue with that as you’re coming from the right place and wanting to do the right thing. 

veryintrigued

Herbalus said:

You’re seem to be in the position where it takes longer to find your next house than it will take to sell your current house (at the very least that’s your perception, right or wrong). I’m in a similar position whereby I live in a row of very popular terraces (5 come up each year and all sell virtually immediately) and I’m looking for the next move which I want in a particular part of town that moves very slowly. It seems pointless listing your own and selling it, if it may take ages for you to find a house.

I sympathise, and you have 2 choices as I see it, same as me. Either you stick with your current plan and hope you find a compliant seller with a house nobody else in a procedable position wants. Or you list, and be very clear with your buyers that you haven’t yet found a house to move to. It’s then their choice whether they want to wait for you. Having sold your house will put you in the strongest position - communication with your buyers is key. I’m sure you’ll have no issue with that as you’re coming from the right place and wanting to do the right thing. 

Thank you. Appreciated.

You've called it exactly correct in that the rural places that we have our eye on arent a high churn where as our current area is.

We're keen to move and would move to the right house next week. But don't have to move. So fortunate there.

Maybe the housing market will cool after the tax is put back on next year.