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V stupid question about wanting to buy before you've sold.

(13 Posts)
ElspethFlashman Sat 13-May-17 18:57:47

So our house is going into auction in exactly 8 weeks time.

It will make enough to cover the full price of a new house.

But what if we see a house we want in the meantime?

Would a vendor even consider us given that whilst it's likely it will sell at auction it's not guaranteed? The only offer we could give would be 100% conditional on our success at auction.

Or do we literally have to wait till after the auction and we have the money in our back pocket to even be considered by anyone?

I apologise for the basicness of this question!

reallyanotherone Sat 13-May-17 19:04:53

If i were a seller and your offer was acceptable, i'd accept, on the understanding the house stayed on the marked and if an offer came along in a better position I'd consider it.

Depends how fast they want to move too. If they haven't found somewhere they may appreciate the extra few weeks.

But yes, i'd take you seriously, unless i was in a rush myself, or had lots of offers.

ElspethFlashman Sat 13-May-17 19:07:45

I'd probably offer the asking price. But wouldn't want to go above.

JanetBrown2015 Sat 13-May-17 19:15:27

May be see if a broker could find you a bridging loan too and show the seller your evidence that that is available if needs be - you would have two mortgages at once for a short period until you sold your house. Or could you keep the first house and get a buy to let loan on it?

ElspethFlashman Sat 13-May-17 19:21:59

Our estate agent has told us that bridging loans are increasingly hard to get these days. Nothing in it for the banks as they don't gain much interest, if any.

LeninaCrowne Sat 13-May-17 19:31:36

If it sells, then you should get your cash within 28 days.

Most standard house sales take longer than that.

ElspethFlashman Sat 13-May-17 19:46:41

So that means you would consider it?

(Sorry, am thick)

Tobuyornot99 Sat 13-May-17 20:00:41

I'd take your offer into consideration, but keep showing the house to others too. I'd think that your house isn't absolutely guaranteed to sell at auction, and I'd not consider you proceedable until it had sold.

BabyHamster Sat 13-May-17 20:03:27

Sorry for the very nosey question, but why are you selling your house at auction? Would you not get a better price selling through the traditional route (I am very green when it comes to house buying!)

ElspethFlashman Sat 13-May-17 20:04:46

Thatd definately be fair enough.

Nerve wracking for us! But I wouldnt mind so much as long as we had a shot.

ElspethFlashman Sat 13-May-17 20:08:19

We just like the speed of auction, tbh. All done and dusted. Not dragging on for months. Im sure there are pros and cons. Obviously if it fails at auction we'll likely go open market then!

Maggy74653 Sat 13-May-17 21:39:33

Yeah I think as pp have said I would accept the offer and keep the house on the market until your house has sold and we knew the chain could progress.

ElspethFlashman Sun 14-May-17 00:19:30

Thank you!

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