Selling our house we've already got an eye on one...

mrsmortgage

We're about to put our house on the market, but really only because we've found something we'd move to. The house we want to buy is in our opinion slightly overpriced (similar properties go for £300k yes they have been converted to flats, but the asking price for the one we like is £425k). We think with what the EAs have told us and the current market we are able to offer £380k, if we're lucky and our house achieves more, we could even offer £390k. How do we address this with the vendor though? Ultimately we're really interested in the house, but we also don't think it's worth above £400k but at the same time we don't want to annoy the vendor (he's selling via Purple Bricks so we deal with him directly) 

Falafels

Until your own house is Under Offer/SSTC, you are not a proceedable buyer, and there's little point in addressing it with the vendor. 

Once your own house is on the market and you have a realistic idea of what your property will fetch (i.e. what has been offered, not "if we're lucky, we'll get...") then review the situation and take it up with the vendor; you will be in a much stronger position and if the property is so overpriced that there's no interest, even more so.

Good luck!

hazyjo

Wait until you have an offer. I can't see anyone accepting such a low offer from someone who's not even proceedable. They may have seen the light by then and dropped the price or be open to a low offer.

How long has it been on the market?

mrsmortgage

hazyjo said:

Wait until you have an offer. I can't see anyone accepting such a low offer from someone who's not even proceedable. They may have seen the light by then and dropped the price or be open to a low offer.

How long has it been on the market?

As stupid as it sounds, if we can't get that house we're not interested in selling (for now) because those type of houses aren't that common and we don't want to a) walk away because we were never able to find somewhere, I mean that would be a massive waste of time for everyone. b0 the stress of that situation. 

His house was up for sale last July but everything fell through so it's back on the market. Our house type  is selling within 5 business days here. 

JJR45

mrsmortgage said:

hazyjo said:

Wait until you have an offer. I can't see anyone accepting such a low offer from someone who's not even proceedable. They may have seen the light by then and dropped the price or be open to a low offer.

How long has it been on the market?

As stupid as it sounds, if we can't get that house we're not interested in selling (for now) because those type of houses aren't that common and we don't want to a) walk away because we were never able to find somewhere, I mean that would be a massive waste of time for everyone. b0 the stress of that situation. 

His house was up for sale last July but everything fell through so it's back on the market. Our house type  is selling within 5 business days here. 

We had a similar situation when we sold someone loved our house but was not on the market, we had sold before they even had EA's round.
In the current market, it is pointless viewing or offering on houses until you are proceedable.  If you can't take that risk, you are going to be stuck, as no seller will view anything as serious until you are.

Thrugelmir

mrsmortgage said:

hazyjo said:

Wait until you have an offer. I can't see anyone accepting such a low offer from someone who's not even proceedable. They may have seen the light by then and dropped the price or be open to a low offer.

How long has it been on the market?

 Our house type  is selling within 5 business days here. 

Then why are you asking questions on here rather than getting on with marketing yours. Windows of opportunity soon pass. 

UnderOffer

Pre COVID we viewed a house a few doors away from us, however we were not on market. The vendors kindly allowed us to view, we expressed interest then listed our own home, the whole time I kept their EA informed that as soon as we had an offer, we would offer on theirs, we were not viewing anything else and if it sold we’d withdraw our own property from market. Thankfully after 2 weeks we received offer and we were then proceedable and were able to negotiate on the house we wanted. All in all it worked out great, but I was very much of the attitude of “what will be, will be”, so tried not to get too attached to the new place or worry about ours selling. 

mrsmortgage

Thrugelmir said:

mrsmortgage said:

hazyjo said:

Wait until you have an offer. I can't see anyone accepting such a low offer from someone who's not even proceedable. They may have seen the light by then and dropped the price or be open to a low offer.

How long has it been on the market?

 Our house type  is selling within 5 business days here. 

Then why are you asking questions on here rather than getting on with marketing yours. Windows of opportunity soon pass. 

We're ready to go, have all EAs around, even have had cash offers, just that we don't want the pressure of having to find somewhere of having to pull pout if don't find anything. 

mrsmortgage

UnderOffer said:

Pre COVID we viewed a house a few doors away from us, however we were not on market. The vendors kindly allowed us to view, we expressed interest then listed our own home, the whole time I kept their EA informed that as soon as we had an offer, we would offer on theirs, we were not viewing anything else and if it sold we’d withdraw our own property from market. Thankfully after 2 weeks we received offer and we were then proceedable and were able to negotiate on the house we wanted. All in all it worked out great, but I was very much of the attitude of “what will be, will be”, so tried not to get too attached to the new place or worry about ours selling. 

I think I prefer that attitude 100% 

JJR45

mrsmortgage said:

We're ready to go, have all EAs around, even have had cash offers, just that we don't want the pressure of having to find somewhere of having to pull pout if don't find anything. 

If you have had a cash offer you are proceedable?

mrsmortgage

JJR45 said:

mrsmortgage said:

We're ready to go, have all EAs around, even have had cash offers, just that we don't want the pressure of having to find somewhere of having to pull pout if don't find anything. 

If you have had a cash offer you are proceedable?

not enough ££££ to buy the house we want