Property buying/selling timeline - currently into week 21
04/12/20: Both properties listed for sale
11/01/21: Offers
accepted on both sales & on our joint purchase
25/01/21: Identity checks completed, solicitors instructed
27/01/21: Purchase survey & valuation complete, mortgage offer
received
05/02/21: Reduction agreed on partner's sale (under-valuation) & on
purchase. Mortgage offer amended
08/02/21: Buyers pack returned to solicitor - sellers packs already returned
26/02/21:
Partner's sale contract signed
10/03/21: Purchase searches all back
16/03/21: My sale contract signed
28/03/21: Purchase enquiries satisfied, Title
Report & contracts issued, contracts signed & returned
11/05/21: Still waiting on final enquiry in the adjoining chain to be resolved. Consent to break the chain granted, instruction to move to exchange given.
17/05/21: All parties agreed to June 3rd for completion
27/05/21: Exchanged on my sale only
28/05/21: ALL EXCHANGED!
03/06/21: Completion
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Today the agent tells me they have had a lowball offer on the house we wanted to buy – he thinks it will be rejected. I laid my cards on the table and said what I was willing to pay for the house if ours
How do you know what you can afford until you have had and accepted an offer on yours? Only a cash buyer could do that, and you aren't one.
we are desperate for this house......I said about dropping £10k then offering £10k less on the house we wanted to buy.
Why would another house be worth 10k less just because yours potentially is?
Another thought was to offer to rent the house we want to buy until we sold ours?
Stupid idea. Why put yourself in this position? What if yours takes 2+ years to sell and you come financially unstuck? The vendor, if any sense, will say 'no'. If he wanted to rent it, he would be doing that not selling it.
Any advice appreciated thank you!
I'm sure another house will come up at some point.0 -
Sorry, but if it was my house I was selling (your perfect house) I wouldn't accept any of your offers as you are not in a position to sell. You are setting yourself up to be gazumped.
Before our house was on the market, we did not view any properties as we didn't want to set ourselves up for disappointment. When we had an offer, that's when we looked!0 -
We're just working towards exchange having done the same thing!
Stay calm - your house has been on the market for less than a week and you ARE getting viewings. The agent suggested you sleep on a price drop so I guess that they think you are being maybe a bit hasty.
There has not been an acceptable offer for the next house yet. They've only been on the market 2 weeks so will not be accepting low ball offers at the moment. You have some time to play with, so I would definitely give it at least another weekend or two of viewings. The agent will not want to lose your commission, so will not sell the other house without giving you a good shot at it.
Houses sell quickly around here too, but it still took us 3 weeks (after 20+ viewings) to reach an agreed offer. NB - we took an "offers over" approach although that is common for our agent. I wasn't sure at first, as the "over" price seemed low to me but it got us where we needed to be! We didn't put an offer in until we had an agreed offer on our house.I've got a plan so cunning you could put a tail on it and call it a weasel.0 -
I do feel I am being hasty and panicky but on the other hand this is the first house we have seen in the year which we actual want to buy. Hence why we haven't had ours on the market before now.
I know what we can afford to offer on the house as the majority of the funds will be from cash rather than a mortgage so we have quite a degree of flexibility.
New photos went onto Rightmove today to show uncluttered rooms- they look much better. I just spoke to the estate agent and they said that the vendor rejected the other offer but they are now in "negotiations"
There isn't another house on the market we want to buy hence why I am feeling jumpy!0 -
I know what we can afford to offer on the house as the majority of the funds will be from cash rather than a mortgage so we have quite a degree of flexibility.
There isn't another house on the market we want to buy hence why I am feeling jumpy!
If this is the case, reduce the price that you're asking for your own property to make it look as attractive as possible.
Making rooms less cluttered is great, but won't make the rooms any bigger. To find a buyer quickly, and to avoid missing out on the house you are keen on, you need to make your property seem like a bargain.0 -
I do feel I am being hasty and panicky but on the other hand this is the first house we have seen in the year which we actual want to buy. Hence why we haven't had ours on the market before now.
I know what we can afford to offer on the house as the majority of the funds will be from cash rather than a mortgage so we have quite a degree of flexibility.
New photos went onto Rightmove today to show uncluttered rooms- they look much better. I just spoke to the estate agent and they said that the vendor rejected the other offer but they are now in "negotiations"
There isn't another house on the market we want to buy hence why I am feeling jumpy!
I remember the wait between seeing our perfect home and marketing and getting an offer on ours, it's so nervy! We managed to get our living room ceiling replastered, get the property valued, photographed, listed and sold at full asking price within one week but it still felt like the longest week of my life. As did the two weeks it took to find a new buyer when our first buyer pulled out, as we risked the house we were buying going back on the market. Hopefully all is well this time and we are creeping close to exchange.
By marketing with the same agent, as we did, they have an interest in selling the property you want to you as they know they'll get 2 commissions, where as if they sell it to someone else they risk you withdrawing from the market and losing cash. We made this clear to them, we wanted that specific house or we weren't selling as nothing else suited our requirements.
Just keep strong, and keep doing what you can around your home to improve its appearance and attraction to buyers, and don't panic too much, it is very early days.
Are you doing the viewings yourself? If so, definitely look up some tips online - some of them seem a bit much/obvious but I think it all helps.0 -
If the other people buy that house (and it's looking like a distinct possibility) then will you continue to market your house and rent somewhere?
That would seem like the best strategy in your circumstances.
I am not entirely sure yet. We wouldn't rent as is it would be too much upheaval for our toddler and cats.
Maybe something else would come along in the next week or two it is a possibility albeit slim.
We have 2 more viewings booked in for tomorrow on ours now, so another 4 more to go. If by next week the other house is still available and we haven't sold ours then I will drop the price.0 -
We were in a similar position to yourselves. We saw a house nearby for sale and after loving it at the first viewing, we put ours on the market. We used a different agent (my sister-in-law worked there) and priced the house accordingly. Within the first day we had 3 viewings lines up. The first people viewed it the first day and put an offer in for the full asking price. Good luck. Hope you have a similar success story.0
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We have 2 more viewings booked in for tomorrow on ours now, so another 4 more to go. If by next week the other house is still available and we haven't sold ours then I will drop the price.
I wouldn't you have the same agent acting on both sides here so you will get some leeway from them. Ask them to ask the vendor of the other house, what their priorities are, i.e quick secure sale or price. Also ask them if in the circumstances they receive a favourable would they allow you to counter offer. If yes then make sure that the agent contacts you if another offer comes to the table.
Sometimes just waving a few more quid under their noses is enough.
We we're behind the game on the house we are buying.
We knew we wanted the property and also knew that there was someone else sniffing around. so we just made it clear to the agent that if any offers came in to let us know as we would probably like to make a counter offer, our house was still being renovated and not even on the market.
The other interested party then made an offer £15k under the asking price, having accepted an offer on their own property. the vendors were going to accept that offer subject to us potentially making an offer.
We made an offer at the asking price but in the mean time the vendors had accepted the other offer, but when they heard we would offer the asking price they held the other offer at arms length whilst they considered them both.
We did have to lie a little and tell them that our house had just gone on to the market when in reality it was about three weeks away from that.
Whilst the vendors were considering, things conspired against the other buyers there non chain sale turned out to be a chain of 4 and they also fessed up that they also had to take a loan and release money from a pension fund and also that they weren't going to live at the property.
All this and a great deal of persuasion on our part swung the vendors to accept our offer despite us not having a sale on our house and their agents advising they sold to the other party.
Well it only took two weeks to get our house finished and another two to sell to a true cash buyer.
I suppose my point is as I mentioned before, don't give up the fight, different vendors are looking for different things in their buyers.0 -
Thanks everyone!
We made an offer on the house last night 5k under asking price (£275k) I wanted to make it clear that we are serious about buying it. The agent tells me today that the other party's offer was rejected and they are yet to go back with anything higher. They are also "really pleased" with our offer but cannot accept it because we haven't sold our house yet.
Agent is working hard to sell ours , and I feel like we have a little bit of breathing space now we have made our position clear!0
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