bidding on a house when not in a position to buy (yet)

M

milly123

Registered User
Messages
162
Hi,

Has anyone ever been in this situation. We have our house for sale and have a house in mind that we would like to buy. The asking price for the new house is €320K but it does need a lot of work including re-wiring, so we were hoping the owners will accept a bid of €290K. The E.A. is a friend of a friend and has said that there isn't a lot of interest in the house at the mo. Should we put the offer to the owner, even though we wouldn't be a position to buy until we sell our own - how does it work ?

thanks in advance
 
Its really going to depend on the people selling the house you want, they might be willing to accept your offer and get into a chain with you. All you can do is ask, good luck with it its such a stressful time!
 
Is your house on the market yet? Lots of people put offers on houses that are in your situation, just let the EA and vendors of your position. If your house is on the market is there much interest in it/ have you had many viewings/ offers?
 
Hi there,

Yes our house is on the market now almost two months, we've only had one viewing last week, and hopefully a second viewing with the same person this week.

If she accepted our offer of 290K does that mean that her house goes 'sale agreed'?

It would be great to know where we stand so that we can budget for the refurbishment. If she didn't accept the 290K we would have to look elsewhere, as we reckon between stamp duty and refurb. costs it will add another 55K, so it really is our top price.
 
thanks PC7, its stressful alright, add to that a 1 year old and another due in Nov so we really need/want to go straight from one house to another rather than renting in between..
 
Yes if an offer is accepted it will go sale agreed. You might have to pay a booking deposit of maybe 3/5K and this could be subject to you selling your house. Then you will most likely have to pay the remaining amount to bring it up to 10% ie 29K when signing contracts. It is sometimes easy to let your self get stressed out just try and stay calm. if worried about anything check with the great and helpful people on here and/or your solicitor.
 
Thanks niceoneted, that makes sense alright. Will speak to hubby tonight , it would be great to be able to make plans.

Thanks again
 
Also if the house is old and needs work it would be advisable to have a survey done. Find someone who can do this but also would be in a position to give a realistic estimation as to how much it will cost to do any/all work needed.
good luck with it.
 
Thanks for all the advice guys , we put in an offer of 280K this morning, will let you know how we get on....
 
can you afford the 280/290k if somebody offers you 40-50k less than you were expecting on yours?
 
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