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

Thrugelmir

veryintrigued said:

Thrugelmir said:

veryintrigued said:

caprikid1 said:

veryintrigued said:

As aside, when we put the offer in for the house we liked and it was 'verbally accepted' by the seller, the EA dealing with it had previously said that the seller wouldn't take offers and certainly wouldn't take offers from buyers without their house closer to being sold.

Hence we were over the moon.

When we found out the EA had subsequently called a previous interested party to let them know the seller was taking offers (presumably our offer too) and of course we then got dumped as they were further down the selling process.

Brutal really.

Some grubby people out there.

The seller took the better offer able to proceed quickly ? They wanted to move ? You are in no rush ? Not sure what's grubby. The seller got a better offer in every way and got on with their life as opposed to waiting on your terms.
There is nothing wrong with what you are trying to do, but don't get upset if EA's and sellers won't join in. Chances are your next dream home ticks a lot of boxes for other people also and you will keep losing out to better offers / circumstances. You come over as very determined for everyone to dance to your tune and get upset when they don't.

I was referring to the EAs integrity.

Maybe that's just the norm.

Oh 'eck I've upset you too. Seems it's very stressful this house dealing even for third parties.

Of course it's the norm. The EA is paid by the vendor to sell their property.  You have no contract with them nor any special priviledges. . 

The same EA was due to be acting for our sale too.

Due to being the operative words. At the time you weren't. EA's will focus their efforts where they are going to be best rewarded. Bottom line is that it's money that pays the bills. EA's have met enough punters to quickly guage what type of customer they are potentially going to be. 

Scotbot

veryintrigued said:

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.

I used to live overseas where the practice was if the offer was accepted you needed to pay the deposit and agree the completion date within 24 hours. The norm was either move out and rent short term or take on a bridging loan. Bridging loans may seem expensive but it may be no more thaan the cost of renting depending on how long it takes you to find your property. Certainly worth looking at.

Scotbot

caprikid1 said:

veryintrigued said:

caprikid1 said:

Feels like you are an unmotivated property browser/dreamer, not willing to demonstrate true desire to move.

You seem to have already made your mind up what we're about so I'll keep my reply to you short but it may help others who can be less damning.

I wouldn't say someone who had signed contracts with both EA and solicitor is unmotivated.

We'd be marketing our house circa £15k less than our next door neighbour who

And yes we have a very clear idea of what we want.

Thanks for replying anyway.

For every single purchase I have made (4 in total) I have broke the chain, I have either held onto the existing property or gone into rented. I have never had a sale fall through.

Me too, 4 house purchases never moved put of one and into the next within a month let alone on the same day. Always gone into rented. This was partly motivated by the fact they were mostly long distance moves to area I was unfamiliar with.
My favorite house of all was one of the in between renatals not one of my purchases. 

Bluebell1000

Would you consider taking out a mortgage on your new house if necessary, then repaying it once your house sold? It might be cheaper than a bridging loan (you would also need to pay extra stamp duty initially).

veryintrigued

Thrugelmir said:

veryintrigued said:

Thrugelmir said:

veryintrigued said:

caprikid1 said:

veryintrigued said:

As aside, when we put the offer in for the house we liked and it was 'verbally accepted' by the seller, the EA dealing with it had previously said that the seller wouldn't take offers and certainly wouldn't take offers from buyers without their house closer to being sold.

Hence we were over the moon.

When we found out the EA had subsequently called a previous interested party to let them know the seller was taking offers (presumably our offer too) and of course we then got dumped as they were further down the selling process.

Brutal really.

Some grubby people out there.

The seller took the better offer able to proceed quickly ? They wanted to move ? You are in no rush ? Not sure what's grubby. The seller got a better offer in every way and got on with their life as opposed to waiting on your terms.
There is nothing wrong with what you are trying to do, but don't get upset if EA's and sellers won't join in. Chances are your next dream home ticks a lot of boxes for other people also and you will keep losing out to better offers / circumstances. You come over as very determined for everyone to dance to your tune and get upset when they don't.

I was referring to the EAs integrity.

Maybe that's just the norm.

Oh 'eck I've upset you too. Seems it's very stressful this house dealing even for third parties.

Of course it's the norm. The EA is paid by the vendor to sell their property.  You have no contract with them nor any special priviledges. . 

The same EA was due to be acting for our sale too.

 EA's have met enough punters to quickly guage what type of customer they are potentially going to be. 

This thread really is bringing out the best in some people!

Still your reply made us smile.

More than the former EA when we advised that we'd lost trust in them so we're going elsewhere.

Please don't reply. I think we've gauged the flavour enough of your replies.

veryintrigued

Bluebell1000 said:

Would you consider taking out a mortgage on your new house if necessary, then repaying it once your house sold? It might be cheaper than a bridging loan (you would also need to pay extra stamp duty initially).

It's not an option we've looked at all.

We discounted it early. Maybe too early.

I'll add it back as an option.

Thank you.

Chilli6

I didn't want anything special however I also didn't want to feel rushed so I sold mine, moved in with family and found somewhere to buy 7 months later. I'm hoping to complete in a couple of weeks, a year after I sold my house.
If family hadn't been an option I wS prepared to go into rented. It's far less stressful in my opinion

jenni_fer

FinallyStoppedLurking said:

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.

Exactly. As opposed to we are all viewing properties in parallel, I accept an offer on Monday, make an offer on the one I like on Tuesday...

Moving into rentals just does not make sense for us. We've considered buying an investment property and somehow using that as the bridging step but I really don't want to move twice and would probably rather maximise our forever home budget.

veryintrigued

Thanks for everyone's, mostly, constructive feedback here.

It's appreciated.

HummingBird76

I was in the same position as you, and then made the decision to put my flat on the market before finding a house. It was the best decision I could have made. Sold my flat for way more than I'd hoped for in 2 days, found a house, went to closing date and had my offer accepted because I was "proceedable". This all happened in the same week. I was lucky in that I was able to move in with my parents for 3 weeks and I honestly think that made the process less stressful. I was able to move out, and move in, gradually, and didn't have that stress of doing it all in the one day. It wasnt ideal, as me and my cat were definitely getting under my parent's feet, but actually by the time I was ready to move into my house, we were all a little sad haha. You say you have the option to move in with a relative, I would do that. Get your house on the market and get looking for your dream house 😀