Putting an Offer in for a House before yours is on the market..

funkyfin2000

Hi Peeps,

Theres a house that we have found that we love, been to see it and basically, looks really good. We are currently having valuations done on our own house but as yet don't have it on the market, should do by maybe the end of next week.

How does it stand with putting an offer on the one we love? Presume we can do it? we actually have the mortgage in principle for the new place so know we can afford it.

New to selling a home and buying a new one! hehehe Not sure how it all works....i was always told to find your new house first of all and then market your own...

Rich

Gambler

funkyfin2000 wrote: »

Hi Peeps,

Theres a house that we have found that we love, been to see it and basically, looks really good. We are currently having valuations done on our own house but as yet don't have it on the market, should do by maybe the end of next week.

How does it stand with putting an offer on the one we love? Presume we can do it? we actually have the mortgage in principle for the new place so know we can afford it.

New to selling a home and buying a new one! hehehe Not sure how it all works....i was always told to find your new house first of all and then market your own...

Rich

We found a house before Xmas on at £250K. Put an offer in of £235K which was rejected. Increased to £237K and the offer wasn't rejected and it was intimated to us that as we had a house to sell they couldn't accept the offer but if we sold then they would.

Sold ours within 6 weeks over the Xmas period and went back to the vendor. Oh no we want the full asking price. The house needed a lot of work so we weren't prepared to go higher.

2 weeks later after frantically looking at loads of houses we found a lovely house and offered the full asking price of £250K before anybody else could even view and now we are getting alot more for our money.

Very stressful though. I much preferred the last time we moved when we found somwhere first then sold our house (in a day).

How quickly can you sell yours?

ameliarate

It is always better to get an offer on your own house before you start looking. That said it is worth having a chat with the sellers who knows they may not be in a rush.

LandyAndy

You are very unlikely to find a seller (or an EA) who will take you seriously if you haven't got serious offers on your house let alone not even put your house on the market.

No harm in offering but don't be surprised if the reply is "No. Ask them to come back when their house is under offer". Until you know what you are likely to actually get for yours (particularly in the current climate) it could be a bit difficult to guage how much you can afford to offer.

boinging_2

When I sold my house, I specifically said to the EA that none proceedable offers where not to be entertained.

It just causes headaches. Your agreement in principle could lapse by the time you sell and thus I would recommend not evening looking at houses until you have a buyer for your house and they have completed surveys etc...

travelchick

Hello,
Im an estate agent and this is what I do with offers from someone like yourself.
Tell the estate agent that you want an agreed price that the Vendor is will to sell to you at once you have sold your own property. They will negotiate between you both and if you can agree a price, you need to get your house on the market ASAP.
A good agent will tell you that the house will remain on the market and could be sold at any time. You are mearly agreeing a price that you will buy it for if you sell in time. neither you or the seller are locked into an agreement.

What you should be doing is getting at least 3 quotes from estate agents, dont be fooled that the most expensive person is the best as you could pay over 1% more for the same thing.
Ask each agent where they advertise and right the list down for later.
Good luck

LandyAndy

travelchick wrote: »

Hello,
Im an estate agent and this is what I do with offers from someone like yourself.
Tell the estate agent that you want an agreed price that the Vendor is will to sell to you at once you have sold your own property. They will negotiate between you both and if you can agree a price, you need to get your house on the market ASAP.
A good agent will tell you that the house will remain on the market and could be sold at any time. You are mearly agreeing a price that you will buy it for if you sell in time. neither you or the seller are locked into an agreement.

What you should be doing is getting at least 3 quotes from estate agents, dont be fooled that the most expensive person is the best as you could pay over 1% more for the same thing.
Ask each agent where they advertise and right the list down for later.
Good luck

Good advice but I hope someone proof reads your house details.:rotfl:

LandyAndy - Nitpicking for over 50 years.:D

pink_muppet

As I'm just going through selling and buying myself at the moment, we didn't even look at any houses until we knew we had sold ours, especially in the current climate where houses aren't exactly flying off the shelves, the last thing I would have wanted would to have fallen in love with a house and then not be able to sell mine in time

From a selling perspective, I told my EA I wouldn't even allow viewings from people who weren't in a position to proceed (ie under offer) let alone someone who wasn't on the market, I wasn't in a rush to sell but just couldn't be bothered to spruce my house up for viewers who couldn't buy

I don't personally see how you can make an offer on a house when you can't proceed with the sale yet

funkyfin2000

hmmmmmm

Its actually a complecated issue tbh....

we have found a house we like, that we have been to see as we found out about it through a friend/acquiantance....

the house goes on the market next week and i think it will probably fly out the door, but may be subject to chains....

we have to sell ours which is pretty marketable, being that its a first time buyers home.....

Therefore, the people know that we are interested in the house, but of course im sure want to try and get it on the open market to see how things go and to see if they get a quick buy as they have a house to move too with no chain and want to move quickly...

i suppose theres no harm in putting in an offer as they know we are interested, so just have to see what comes back! Seems all a bit weird because they know we are interested and also know that we havn't sold ours yet......it should go on the market in the next 2 weeks or so (our house that is)

Gambler

funkyfin2000 wrote: »

hmmmmmm

Its actually a complecated issue tbh....

we have found a house we like, that we have been to see as we found out about it through a friend/acquiantance....

the house goes on the market next week and i think it will probably fly out the door, but may be subject to chains....

They would save on EA fees if they sold to you but obviously you would need to sell very quickly. Price it right and it should do. Our's and the house we are buying sold quickly as they were fairly priced.