Chain - Assistant please

Financial_Savvy

Hello

I'm never sure what order you are meant to do things in. Chicken and Egg. Do you sell, then buy, or do you look for a property, then buy and then sell yours?

We have found a house we really like. Our house is on the market but not had any interest. What can I do to secure the house that we really like. They have accepted our offer but we just need to sell our house.

Could we put a deposit down on the property to secure it?

Thanks
James

PasturesNew

In a rising market, you probably find a house you want, then sell yours.

But this is a falling market, a stagnant market. Nothing's moving. So now the right procedure would be to sell yours first then buy.

As you say your house has had no interest. The likelihood is that the house you want to buy isn't either.

You should not have offered and they should not have accepted as you are not in a proceedable position.

To sell yours, reduce the price.

Do you have a rightmove link so we can give you our opinion on look/location/photos/description and price.

Don't put down a deposit. It WON'T secure it. Nothing secures a house you want except Exchanging contracts, which you can't do until you have the money in place (have sold yours).

jammie*dodger

It's difficult to know. We needed to move closer to my work and the offer of a school place in a very full school meant that we have taken the risk and are living rented in our new locationwhile we sell ours. I have to say that some people like our house being empty but others find it off putting.

It's a real shock having to rent after all these years (£700 per month for a pokey 3 bed) and we're really looking forward to getting into a place of our own but hopefully in the end it will all turn out all right.

Whatever you do you'll only be able to buy once you've sold so it's probably best to concentrate on that. In the current market you could at least move out into rented like we have if you have to. You never know you might end up raking it in if property prices slump after you've sold ;-)

Cheers, Rob.