first time seller - how does it all work?

[threeleftfeet]

I'm selling up and buying a new place, this is the first time I've done this.

How does it work? Do you put your house on the market first? I'm guessing you can't actually make an offer till someone's offered on your house, and you know how much you've got to play with - right?

But then what if you find somewhere you really like before your house has sold?

You can make an offer on a house before your house is sold. That makes a 'chain'.

Equally you can accept an offer on your house before you have bought a new one, and if both sales are depending on each other you have a chain at both ends.

If you sell your house first, and move out then you are chain free.

In this market I would try to sell your house first. Do you have some where you could stay for a couple of months? Or go into rented? You don't have to, but I would be prepared that if you accept an offer on your house, and can't get a sale pushed through fast enough on a new house, that you may have to in order to keep your buyers.

Also if when you are buying a new house, being able to describe yourself as chain free, or no onward chain makes you more desirable to the vendors.

Yes you need to get your house on market first. Any offers you make are pretty meaningless until you have your own house under offer. A vendor is very unlikely to agree a price or remove their property from the market until you are in a position to proceed.

1. get 3 agents round to give you a valuation - choose one and instruct them
2. wait for an offer (get looking at rightmove , register with agents but try not to fall in love with anythhing or offer anything until you get an offer for yours)
3. get an offer - you are now a proceedable buyer and your offer is much more attractive to a vendor (could even be lower) than a buyer with no offer
4. start looking yourself and put in offers
5. get your offer accepted and instruct a solicitor etc

If you need a mortgage to buy your next place then get an agreement in principle (I think that's what it's called) as you will then be in a better position to move more quickly.

Find yourself a good solicitor, by recommendation from a friend if possible, if not perhaps your estate agent could recommend one. Our buyers had a crap solicitor who held us up for weeks and only corresponded by "urgent fax" - he wouldn't speak to our solicitor and was barely civil to the estage agent. He has pissed us off so much we are feeling much less charitable about leaving lots of useful information for our buyers......The temptation to remove all sink plugs is strong (don't worry we won't)!

Thanks for the advice everyone!

We're in a bit of a strange position as we're actually in rented accommodation already - the flat we're selling is my flat in London. When we moved out of London we didn't know if we'd be staying here more than 2 years so it didn't make sense to buy, but now we've decided to put down roots here.

We had planned to sell the flat, take the money and then be in a good position to buy, but prices are actually going up round here!

Well I don't think they're going up overall. But we want a family house and only a very few 3-beds come up in our price range. I've been looking since before Christmas, I can't help it! to get to know the market and cheap 3 beds seem to be going up. I'm guessing it's because there's more competition at the bottom end maybe? We're near a very expensive town, and I think more people are moving here and commuting there these days too.

So I'm a bit wary about accepting an offer before we've found somewhere unless it's a good one!

We've still got some plastering and decorating to do on one of the rooms, and the garden to tidy up, so nto quite ready left. But our tenant left this week so we can get on with it.

I really want to start viewing places, but I know it's a bit too early!

I have another question!

Do you think we should wait till the decorating is finished before getting the estate agents round to value it, or should I invite them around now?

I'd get the agent round soonish to value as they'll see what you will be aiming for, the location and room sizes won't change after all - but obviously only get the pictures done when you're finished.

Thanks HangingGarden, I thought people would say to wait, but I really want to ge on with it! I'll give them a call this afternoon :)