Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • mktuk88
    • By mktuk88 11th Mar 18, 10:43 PM
    • 19Posts
    • 1Thanks
    mktuk88
    Making an offer before selling
    • #1
    • 11th Mar 18, 10:43 PM
    Making an offer before selling 11th Mar 18 at 10:43 PM
    Hi All,

    Me and my partner viewed a house this weekend which we both really like and having just watched another we really liked go in less than week we want to make an offer. The only snag is my property is currently still on the market with no offers so far, it's been on a week and has had 5 viewings so far...

    The house is a probate sale, so I suspect they will be after a fairly quick sale. Can I realistically make an offer at this stage? I know it's not ideal, but I feel like we could miss out on all the properties we like if we wait until after we've got an offer... My property is getting a lot of interest from buy-to-let investors and I feel like it's only a matter of time before we get an offer.
Page 1
    • betsie
    • By betsie 11th Mar 18, 10:49 PM
    • 408 Posts
    • 398 Thanks
    betsie
    • #2
    • 11th Mar 18, 10:49 PM
    • #2
    • 11th Mar 18, 10:49 PM
    There is no harm in trying, the worst they can do is say they are not interested until you have sold. Explain your position, say you had a lot of viewings and feel an offer is likely in the next few weeks. Be honest though. Say you really love the house and don't want to loose out and will they give you 4 weeks to get an offer on yours. You might be lucky.
    • Asl77c
    • By Asl77c 11th Mar 18, 11:05 PM
    • 72 Posts
    • 53 Thanks
    Asl77c
    • #3
    • 11th Mar 18, 11:05 PM
    • #3
    • 11th Mar 18, 11:05 PM
    we bought our first home and it was a probate sale. Usually they have to give a certain amount of time for the marketing before accepting offers and ours went to sealed bids too. Given it is probate you have nothing to lose in doing it and equally they won't be in a rush they will just want the most amount of money id say even if it took longer.
    • Tom99
    • By Tom99 12th Mar 18, 2:42 AM
    • 2,070 Posts
    • 1,393 Thanks
    Tom99
    • #4
    • 12th Mar 18, 2:42 AM
    • #4
    • 12th Mar 18, 2:42 AM
    You can give it a try but unless the probate property has been on a while and your offer is for an attractive amount they are very unlikely to take it off the market and wait for you.
    You may also end up disclosing your hand v waiting until you have a buyer and can make them a lower offer which you think they might take.
    • getmore4less
    • By getmore4less 12th Mar 18, 5:59 AM
    • 32,035 Posts
    • 19,223 Thanks
    getmore4less
    • #5
    • 12th Mar 18, 5:59 AM
    • #5
    • 12th Mar 18, 5:59 AM
    Establish the state of probate some are marketed in advance of obtaining grant.
    If granted you can check the beneficiaries.
    Are they motivate to sell no disputes..
    is it occupied if not when does council tax kick in.
    Is there IHT to pay on the estate(interest kicks in)

    Is it priced to sell or at top end of range.

    what can you do to accelerate your sale.
    if B2L investors what will it rent for == gross yield on asking price.
    Last edited by getmore4less; 12-03-2018 at 9:21 AM.
    • Goath
    • By Goath 12th Mar 18, 8:41 AM
    • 48 Posts
    • 22 Thanks
    Goath
    • #6
    • 12th Mar 18, 8:41 AM
    • #6
    • 12th Mar 18, 8:41 AM
    There is nothing to stop you making an offer - but be prepared for someone else in a better position to come along and snap it up.


    We did just that - made the mistake of viewing properties as soon as ours went on the market (before we found a buyer) found a property that we loved and put an offer in that was accepted but they would not (rightly so) take the property of the market.


    However someone smiled on us, because we managed to find a buyer within 6 (looong) weeks and our offer was then formally accepted.


    You just have to be prepared that you might lose out on the property that you like.
    • AnotherJoe
    • By AnotherJoe 12th Mar 18, 8:41 AM
    • 9,426 Posts
    • 10,425 Thanks
    AnotherJoe
    • #7
    • 12th Mar 18, 8:41 AM
    • #7
    • 12th Mar 18, 8:41 AM
    You can make an offer at any time but what it means is the key thing.

    No one in their right mind would take a house off the market on the basis of an offer from someone that can't buy. Maybe the sellers aren't in their right mind(s) ?

    It also works the other way with a probate sale in that unless it's gone through it may be many months before it can actually be sold. I'm putting a flat up for sale which can't be sold for several months because of that, but who knows maybe the stars will coincide with someone who hasn't sold yet and we'll each gradually get to the right point.
    • lovehols
    • By lovehols 12th Mar 18, 8:52 AM
    • 214 Posts
    • 122 Thanks
    lovehols
    • #8
    • 12th Mar 18, 8:52 AM
    • #8
    • 12th Mar 18, 8:52 AM
    As a seller, we've had EA ask us if we will.do viewings from people not on the market, and I have though I've found some of them a waste of time, like they are just looking with no intention.

    Recently an elderly lady viewed, loved it and made an offer though she wasn't on market. I told her I couldn't accept her offer as she wasn't on the market though if she was in a position to proceed I would consider an offer around x price. She then went and marketed it with the same agent as me, it was good as agent would tell me exactly what viewings she had and feedback and kept me up to date. It's been two months though and she has yet to sell her property, she has reduced it and double boarded it. In the interim we just a week ago accepted an offer for the full asking price from someone under offer. Kept it available on Rightmove so the potential interested party isn't put off incase our offer falls through, their chain collapses etc.

    I'd say make an offer but be prepared they may say they will consider it but will continue to market it etc and if someone else comes along in a better position etc they may just accept their price instead. My property is in a sought after location, a bungalow, popular with more elderly residents. What we hadn't accounted for was that most interested people were downsizing and had properties to sell, family homes needing modernization etc... and when in competition with new builds they just struggled. Three collapsed sales due to chains collapsing etc and it has taken far longer to sell ours than we thought.
    • ACG
    • By ACG 12th Mar 18, 8:52 AM
    • 16,841 Posts
    • 8,787 Thanks
    ACG
    • #9
    • 12th Mar 18, 8:52 AM
    • #9
    • 12th Mar 18, 8:52 AM
    I made an offer on my house in November (the end of) 2016.

    I told the vendors that mine was not up for sale yet and I would not be putting it up for sale until January as we were going away over Christmas/New year, but because there was a huge amount of equity in it, we would more or less accept any reasonable offer in order for it to sell and that we would not be looking to complete until March time.

    Surprisingly they accepted our offer.

    We did not complete until May - but that was not our fault, it was my buyers solicitors.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • mktuk88
    • By mktuk88 12th Mar 18, 9:54 PM
    • 19 Posts
    • 1 Thanks
    mktuk88
    So I spoke to them today, since there's a lot of interest and it's only been on the market less than a week, they will only accept full asking and will only give us 2 weeks to secure a sale on our property. We are happy to pay full asking price, but after speaking to the EA selling our property I don't feel confident we can secure a sale in 2 weeks without dropping our asking price down to a point where we couldn't afford to buy this property. It's sad, but I think we will have to let this one go.

    I think lesson learned here is we can't really start looking to buy until we have an offer on our property, the properties we are looking at seem to be moving significantly quicker than the property I'm selling. What's really starting to worry me is the market (London & SE) appears to be on the brink of a small crash and I could find myself trapped in my current property
    • AnotherJoe
    • By AnotherJoe 12th Mar 18, 10:57 PM
    • 9,426 Posts
    • 10,425 Thanks
    AnotherJoe
    Are you moving locally mktuk?
    • victoriavictorious
    • By victoriavictorious 12th Mar 18, 11:04 PM
    • 200 Posts
    • 285 Thanks
    victoriavictorious
    So I spoke to them today, since there's a lot of interest and it's only been on the market less than a week, they will only accept full asking and will only give us 2 weeks to secure a sale on our property. We are happy to pay full asking price, but after speaking to the EA selling our property I don't feel confident we can secure a sale in 2 weeks without dropping our asking price down to a point where we couldn't afford to buy this property. It's sad, but I think we will have to let this one go.

    I think lesson learned here is we can't really start looking to buy until we have an offer on our property, the properties we are looking at seem to be moving significantly quicker than the property I'm selling. What's really starting to worry me is the market (London & SE) appears to be on the brink of a small crash and I could find myself trapped in my current property
    Originally posted by mktuk88
    It's all too easy to get yourself into a tizz about your property possibly not selling, but don't worry, it will sell as long as the price is right.
    Of course as you say, the price you achieve may indeed mean you can't afford this particular house.
    This is why I would never advocate viewing anything until your own property is under offer - it just adds to an already stressful situation.
    So for the moment, relax, just concentrate on getting an offer on your place, and forget the 'deadline' to get it sold in a fortnight. If you do, then great, but if not, there'll be other houses!
    • hazyjo
    • By hazyjo 13th Mar 18, 10:30 AM
    • 10,529 Posts
    • 13,695 Thanks
    hazyjo
    Copying what I said on another post to someone else:


    "Offering when not proceedable just results in several things:


    - The vendors will now be deluded that people will be queuing round the block to buy their house.
    - They are less likely to reduce the price if little interest as you are hanging on offering full asking price or more.
    - The house is now MUCH more appealing to others. It forces their hand. They will be told there's an offer on the table which hasn't been accepted yet (they prob won't even bother saying you're not proceedable, they just play one off against the other). Plus it makes it look like a good deal and they'll prob say there's been lots of interest. Human nature to want something that someone else does.
    - Doesn't give you any wriggle room on your asking price.
    - They're less likely to agree a reduction.


    Loads of other reasons, but these are off the top of my head.


    I know it's hard, but for anyone reading in the future, if they say no to an offer (if you insist on offering when not proceedable), take your offer off the table and action your own sale ASAP. When you have a buyer, go back and offer again (although if you did offer before, it'll be hard to come back with a lower offer!). "
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes
    • victoriavictorious
    • By victoriavictorious 13th Mar 18, 11:19 AM
    • 200 Posts
    • 285 Thanks
    victoriavictorious
    Our first offer came after a week on the market- from an unproceeable viewer who offered full asking.
    Interest noted but nothing could go ahead as their property had not yet sold.
    Fast forward 2 weeks and we get another offer, this time from a proceedable buyer. Our agent had told them there was a full price offer on the table, which I think induced them to up their offer to just below asking - which we were happy to accept.
    The original viewer's property still has not sold (imo it's overpriced) and it just ended in disappointment for them as they'd had their heart set on this house.
    So by all means express an interest but try not to get emotionally involved and set yourself up for disappointment.
    We've only ever looked at properties from the outside until we became proceedable. Saves a lot of stress.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

172Posts Today

1,879Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin