Want new house, but old house not up for sale yet!

U

upmob

Guest
I have just seen a house that I would like to buy, but my current house is not up for sale yet, or even valued! Can you make an offer on a house subject to the sale of your current one?
 
You can, but if you are competing against first time buyers or people who have got a buyer lined up you are at a disadvantage. You might want to explain your situation to the estate agent, if they think they can get two sales (i.e they sell yours quickly) it might improve your position. Alternatively you could look at the option of retaining your house and letting it or selling after you have bought. Whether this is feasible depends on the figures......

Sarah

www.rea.ie
 
Hi there - good advice from last post. I think we missed out on house cos our one wasn't sold. Now we have sale agreed we are in much better position. It only took our house 2 weeks to be sold - that quick. It was amazing. We put a deposit on a new house before ours was sold and its now 4 weeks later and we haven't been asked to put down second deposit yet (even tho they say 3 weeks). If you see somewhere and its nice and if its a new house - put down the booking deposit. You can always get it back no problems. In the meantime you can get your house up for sale and have it sold by the time you sign for your new house. best of luck!
 
I think lots of people say a) they don't have a house for sale or b) they are sale agreed. I actually did this when buying my current house which went to sealed bid. When that was accepted I rang an agent and told them to put the my last house up for auction. They are normally a 3 week campaign and the close date is binding for people bidding so you have a high degree of certainty (assuming the house sells at auction). In my case I got an offer I couldn't refuse and sold prior to auction.

Might be an idea depending on area / demand?

Roy
 
Sarah W said:
You can, but if you are competing against first time buyers or people who have got a buyer lined up you are at a disadvantage. You might want to explain your situation to the estate agent, if they think they can get two sales (i.e they sell yours quickly) it might improve your position.
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I don't think that this is true - I lost out on a place for this reason. I placed the highest bid, with bridging arranged, but vendors went with underbidder as they were not in a chain.

EA who sold that property was also selling ours - I made it clear that if we lost out on that property, we didn't _have_ to move, so it was in their best interests to recommend our bid to the vendor, or risk losing commission on our house, but no joy. (There was nothing unethical about this - we were making the highest bid, and no booking deposit had been paid by the other party, so it wasn't a gazump.)
 
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