Selling house, will be in a chain

Mustlovedogs

So after failures at part exchange we have decided to sell privately. I'm likely overthinking but if we sell, we still need to find somewhere in order to complete. This is the position for most people I'm guessing other than those lucky enough not to be in a chain? We had our eye on 4 but they've sold in the first week! 

Neil49

The majority of people end up in a chain unless you have a cash buyer who is prepared to wait for you to find a suitable property to move in to. Given that you have missed out on 4 properties it would be worthwhile contacting the local estate agents and getting them to let you know of properties in the pipeline for selling.

Alternatively, you could consider moving into rented accommodation (air bnb?) to ensure that your sale completes and then you become a cash buyer. 

Mustlovedogs

Neil49 said:

The majority of people end up in a chain unless you have a cash buyer who is prepared to wait for you to find a suitable property to move in to. Given that you have missed out on 4 properties it would be worthwhile contacting the local estate agents and getting them to let you know of properties in the pipeline for selling.

Alternatively, you could consider moving into rented accommodation (air bnb?) to ensure that your sale completes and then you become a cash buyer. 

I've sold and moved out previously but I have two little ones now so not really viable. Basically I wouldn't be able to complete until I find somewhere else, the estate agent said she will be upfront with potential buyers about this 

Olinda99

make sure your estate agency contract is a 'no sale no fee' one and does NOT have a 'ready willing and able' clause

Larac

I am in the process of buying and selling - the area I was looking in, anything decent and fitting budget was going under offer within a week.  Once my house was under offer I was able to make an offer.  In the period whilst I was getting my house ready for market, I missed alot of houses.  Basically you need to get yourself into a proceedable position and fingers crossed it's not a long chain.  

Mustlovedogs

Larac said:

I am in the process of buying and selling - the area I was looking in, anything decent and fitting budget was going under offer within a week.  Once my house was under offer I was able to make an offer.  In the period whilst I was getting my house ready for market, I missed alot of houses.  Basically you need to get yourself into a proceedable position and fingers crossed it's not a long chain.  

Sounds like you were in a similar position to me....I guess it'll just be waiting for one to pop up at the point we sell and what's meant to be will be. The new build we tried to part ex with (the numbers they offered us were ridiculous so we walked away) is still standing unsold 3 months later. They've now marketed it with an estate agent. If I sell i may go make a cheeky offer (way overpriced). But I think my main worry is not finding anywhere and having to pull out and let people down. I guess that's part of the selling and buying game...I certainly wouldn't be doing it on purpose....

Albermarle

Neil49 said:

The majority of people end up in a chain unless you have a cash buyer who is prepared to wait for you to find a suitable property to move in to. Given that you have missed out on 4 properties it would be worthwhile contacting the local estate agents and getting them to let you know of properties in the pipeline for selling.

Alternatively, you could consider moving into rented accommodation (air bnb?) to ensure that your sale completes and then you become a cash buyer. 

Being a cash buyer in itself is not the main issue, it is a buyer who can buy your house without having to sell theirs first.
A First time buyer with a deposit and a mortgage would also fit the bill nicely.
In fact they may be more reliable than a cash buyer, as the mortgage provider will have fully checked their finances.

Bigphil1474

OP, you are in the same boat as pretty much everyone else. You need to focus on marketing and selling your house first, get a buyer in place, and then you become sold subject to contract (SSTC). You are then a proceedable buyer. Then you find the property you want to buy, put in an offer and when it's accepted, they are a proceedable buyer and can find a property they want. And then the chain goes on. Ideally you want a cash buyer or first time buyer for your property or the one below and you buy a vacant one and it's a short chain. The shorter the chain the less hassle (usually), but it depends on the market at the time. You may not have a choice. 

If you worry about houses that are available before you are SSTC, you'll drive yourself crazy. Get sold, then see what's available. Most buyers understand that these things can take time. We went on the market in October 2023 and moved house in August 2024. We also spent most of 2023 getting the house ready - doing all those jobs I'd not got round to, fixing the things we'd put up with for ages, clearing out the rubbish we didn't need etc. 

Mustlovedogs

Thanks all, I think it's the fear of the unknown that's stressing me out. A builder finally showed up to quote for an extension yesterday. The house goes on the market today. I'm now a bit conflicted. We haven't had the quote back yet and judging by how long he took to show up in the first place I don't think we will for a while.... I hate messing people around it gives me huge anxiety and if a property doesn't come up that suits our needs, pulling out will make me feel so bad towards a buyer and even the estate agent. That's just me i guess .

Mustlovedogs

Bigphil1474 said:

OP, you are in the same boat as pretty much everyone else. You need to focus on marketing and selling your house first, get a buyer in place, and then you become sold subject to contract (SSTC). You are then a proceedable buyer. Then you find the property you want to buy, put in an offer and when it's accepted, they are a proceedable buyer and can find a property they want. And then the chain goes on. Ideally you want a cash buyer or first time buyer for your property or the one below and you buy a vacant one and it's a short chain. The shorter the chain the less hassle (usually), but it depends on the market at the time. You may not have a choice. 

If you worry about houses that are available before you are SSTC, you'll drive yourself crazy. Get sold, then see what's available. Most buyers understand that these things can take time. We went on the market in October 2023 and moved house in August 2024. We also spent most of 2023 getting the house ready - doing all those jobs I'd not got round to, fixing the things we'd put up with for ages, clearing out the rubbish we didn't need etc. 

Thank you for this is appreciate your advice I'm a huge worrier. I know I don't have to sell/complete if I don't find anywhere but my main worry is nothing becoming available and having to pull out therefore causing upset to someone. I suppose most people are in the same position

Hoenir

Mustlovedogs said:

Bigphil1474 said:

OP, you are in the same boat as pretty much everyone else. You need to focus on marketing and selling your house first, get a buyer in place, and then you become sold subject to contract (SSTC). You are then a proceedable buyer. Then you find the property you want to buy, put in an offer and when it's accepted, they are a proceedable buyer and can find a property they want. And then the chain goes on. Ideally you want a cash buyer or first time buyer for your property or the one below and you buy a vacant one and it's a short chain. The shorter the chain the less hassle (usually), but it depends on the market at the time. You may not have a choice. 

If you worry about houses that are available before you are SSTC, you'll drive yourself crazy. Get sold, then see what's available. Most buyers understand that these things can take time. We went on the market in October 2023 and moved house in August 2024. We also spent most of 2023 getting the house ready - doing all those jobs I'd not got round to, fixing the things we'd put up with for ages, clearing out the rubbish we didn't need etc. 

Thank you for this is appreciate your advice I'm a huge worrier. I know I don't have to sell/complete if I don't find anywhere but my main worry is nothing becoming available and having to pull out therefore causing upset to someone. I suppose most people are in the same position

Properties are continually coming to market. You need to register directly with EA's. As often they don't even reach Rightmove or have a for sale board put up.