Anyway of securing house before I sell mine?

rikt

Hi,

I have found a house which I really like, I had my first offer rejected but now the house house been reduced to the same price as our offer. Problem is their estate agents do not accept offers unless the person who has offered has sold. I have a couple of people who want to buy mine but they are in the same boat as me where they need to sell. I have also reduced my house to try and get a bit more interest.

Is there anything I can do to secure this house as I'm affraid I will miss out on it, especially now its been reduced.

Thanks
Rik

Krisp_3

Hi Rik

This sounds a little familiar! From my own experience, what you CAN do is contact the agent and ask them to notify the vendor of your interest and also ask them to let them know as soon as any further strong interest (ie, potential offers) is received on the house of your dreams. Also stress to the agent how much you love the property, it is ideal for you etc etc and get them to pass this on too. If you say that you will be in touch as soon as anything moves on your side, this will also help.

Other than that, unless you have accepted an offer yourself, you don't really have any strength in your position. The reason for registering your interest is to work on the heart-strings of the seller, more than anything else!

Very best of luck! In my case it worked, btw...

shelly

To secure our perfect house before ours had sold we got a BTL mortgage on the house we were selling. That enabled us to get a mortgage on the house we wanted to buy.

**This is only worth considering if you can afford 2 mortgages for the time it takes to sell your house.**
We only done it this way as a last resort as we were going to lose the house we wanted if we hadn't done it.
Also were in a good position as we were in the process of selling our house but buyers paperwork was holding us up so we only had the BTL in place for a couple of weeks and made 1 payment I believe.

Jorgan_2

rikt wrote: »

Hi,

Problem is their estate agents do not accept offers unless the person who has offered has sold. I have a couple of people who want to buy mine but they are in the same boat as me where they need to sell. I have also reduced my house to try and get a bit more interest.

The agent doesn't get to accept or decline the offer, there job is to pass the offer to the vendor & advise accordingly. From what you have posted, its difficult to say if the offer has been passed to the vendor or not. Unless they have instructions from the vendor, the agent has to pass each offer forward.


Getting back to your question, to secure a property you will have to look at a bridging loan, let to buy mortgage or buy to let mortgage. It will probably be expensive to this. Speak to a whole of market broker who can advise on the costs & pros/cons of each one.

aardvaak

Purchase an option.

Jorgan_2

aardvaak wrote: »

Purchase an option.

Any chance you can explain a bit more on this Aardvark?

rikt

an option?

Tassotti

Jorgan wrote: »

The agent doesn't get to accept or decline the offer, there job is to pass the offer to the vendor & advise accordingly.

In fact, isn't it a legal requirement for the agent to submit the offer.

Anyway, this whole house-selling process is years outdated and needs to be reviewed.

REDICULOUS!!

Jorgan_2

Tassotti wrote: »

In fact, isn't it a legal requirement for the agent to submit the offer.

Anyway, this whole house-selling process is years outdated and needs to be reviewed.

REDICULOUS!!

No it isn't a legal requirement for the agent to pass on all offers. If the vendor has instructed the agent not to inform them of offers that are below a certain figure, the agent does not have to put the offer forward.


Couldn't agree more about an outdated process.

aardvaak

Jorgan wrote: »

Any chance you can explain a bit more on this Aardvark?

Done through your Solicitor you exchange a agreement/contract saying
for a sum of money you have xxx days/months in which you can within that period pay the agreed deposit and complete usually in 28 days.

As long as this is done in the agreed period the vendor has to accept this or be in breach of contract.

If you don't want to go through with the purchase you can walk away it just costing the option price.


The pitfalls of this is:-

1. Vendors might not want to be tired down.

2. If they do agree to an option they might ask too much for it, because
they are committed.

But if you really want it it's worth asking.