Offering on a new house before mine is sold?

jez9999

I'm aware I'm in a weak position. Still, I'm interested in offering on a house I really like in a new area and my house is on the market, has gotten 4 viewings in 2 weeks, but no offers yet. I've read I can make a "contingent offer" on the new house, though. Seems likely to sell in the next couple of months.

Is this a good idea or should I just say nothing until my house gets an offer? What form of words would you guys recommend I use when talking to the estate agent?

Flugelhorn

I know some agents who take "expressions of interest" ie an offer but you can't proceed yet

RelievedSheff

We hopefully move into our new house in just over two weeks. The vendors accepted our offer despite us not having sold our house but that was on the understanding that we worked to their timescales and they couldn't move until mid this month at the earliest.

We did offer on another house previously but they wouldn't accept our offer until we were proceedable. I'm glad they didn't because we much prefer the house we are buying now.

jez9999

https://forums.moneysavingexpert.com/discussion/comment/81904866#Comment_81904866

What were their timescales though? Like how long between your offer and exchange?

RelievedSheff

https://forums.moneysavingexpert.com/discussion/comment/81904868#Comment_81904868

We had our offer accepted on their house at the end of November (a few days after it went on the market) and they made clear that they couldn't move until mid March.

We accepted an offer on ours the week before Christmas.

We are hoping to exchange contracts this Friday with a view to completion on the 20th.

jez9999

https://forums.moneysavingexpert.com/discussion/comment/81904873#Comment_81904873

Ah. Problem is the one I like is vacant. Not really a moving time problem there lol

Albermarle

https://forums.moneysavingexpert.com/discussion/6657494/offering-on-a-new-house-before-mine-is-sold

At least your house is on the market and getting viewings, so the estate agent should see that as a positive sign that you are serious, and not a timewaster.

RelievedSheff

You have nothing to lose making the offer.

Conversely we had our offer accepted but we declined an offer from our next door but one neighbour because they hadn't sold. That turned out to be the right decision, they still have not sold. But we knew their house was very over priced for the current market.

eddddy

The seller is unlikely to take their house off the market as a result of your offer, because you're not proceedable. Instead they might "leave your offer on the table", until you are proceedable.

The downside of making an offer might be that it encourages offers from other buyers who might be 'dithering' but proceedable…

• The estate agent phones around everyone else who's viewed the house and says "We've had an offer on that house, but the seller hasn't accepted it yet - so maybe you want to get in quickly with an offer."

• And/or the estate agent tells every future viewer that the house already has an offer on the table, so they need to act quick, if they want to make an offer

Or you could decide not to make an offer at this stage, but ask the estate agent to let you know if they get another offer. But tbh, I'm not sure they would. If they get an offer from a proceedable buyer, why tell you when you are not proceedable? It's easier for them not to say anything to you, and just go with the proceedable buyer.

koalakoala

depends if you have enough money to pay for the house before your one sells?

twopenny

I accepted an offer where the family hadn't sold. The agreement was I hadn't found somewhere and they would wait for me.

But if that one is empty they are likely to want to move quickly because it's costing them money.

But as said you can ask the estate agent to put forward your interest and suggested offer. Indeed keep you in touch