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How do I buy a house?

12 replies

worriedwellworrier · 08/06/2020 16:45

I’ve viewed a house twice, I like it and want to it it. But I’m not yet on the market. Do I have to sell mine before I can make an offer? Do I need a mortgage in place first? I literally no idea how this all works.

OP posts:
Moomin12345 · 08/06/2020 16:47

Most agents won't treat you seriously if you're not even on the market as they don't want the faff. They want to cash in their commission ASAP

nomorefencepostsplease · 08/06/2020 16:51

Very odd to have been able to do 2 viewings without even being on the market.

If I was the vendor I would be extremely pissed off.

Dogsandbabies · 08/06/2020 16:51

You have to at least have accepted an offer on your house. No agent or seller will take you seriously otherwise. Once you accept an offer you also need a mortgage offer in principle before your offer will be considered.

RippleEffects · 08/06/2020 16:54

I'm assuming you're in England/ Wales?

If you're not on the market and haven't secured finance, you can express your intersest in the property and ask to be informed of any changes in status but you aren't in a proceedable position so its very unlikely any seller will take an offer seriously.

If you think yours will sell quickly you may be able to negotiate a price and timeframe that the sellers will stop marketing.

Tidy, seriously declutter your house and clean (its really worth considering shifting excess stuff out so its more of a lightly furnished blank canvas then cramped outgrown space). Go outside until your house is just out of sight and approach it as though its the first time. Can you park, is the path clear, is the front door welcoming i.e. tidy garden nice hanging basket or overflowing bins and broken bits you've been meaning to get to the dump. Do the window frames look clean, does the house look maintained or would a few hours make it look great?

In parallel contact several estate agents, get valuations and find out about fees and marketing schedule. There first impressions are important if you want the best price so think of it as a viewing but be honest.

Next go on moneysavingexpert and do the mortgage search thing where it doesn't effect your credit score and they indicate the sort of mortgage deals they think you'd be able to get.

Choose one, apply.

Choose best estate agent.

Sell house for lots of money, buy new house for cheeky low offer

(actually join the sellers support thread because you wont be the only one going through the pain)

Live happily ever after.

istheresomethingwrongwithme · 08/06/2020 17:08

Have you viewed recently? Coronavirus guidance for estate agents are that you can't view unless you are ready to proceed (SSTC or nothing to sell and finance in place).

Pipandmum · 08/06/2020 17:26

Ideally you have an offer on your place and have a mortgage agreed in principle (meaning they are willing to lend you money and about how much). Also get a lawyer lined up. Then you can seriously start looking. If you sell first, you need to rent (in some circumstances you can rent back from your buyer).
Selling first may be good for a couple reasons - you know for sure how much money you have, you can proceed quickly and you shorten the dreaded chain (of buyer seller buyer seller etc). Downside is you have to store all your stuff and move twice, and rent can be high.

FauxFox · 08/06/2020 17:37

If you go on the market with the agent that is selling the property you want to buy they will be keen to get you sold and sell you the other one for a double deal. This is the only way you will get a chance against other bidders in a proceedable position. Talk to the agent you viewed with and ask their advice.

worriedwellworrier · 08/06/2020 18:02

Thanks for this advice, I’m very naive! I have viewed two houses since lockdown viewing restrictions were eased despite not being on the market yet. I’m pretty much ready to go with mine, redecorates and decluttered. No mortgage in place but very high salary and decent deposit.

OP posts:
MartinJD1976 · 08/06/2020 20:09

Just out of interest, how did you manage to buy your current house without knowing "how to buy a house"?

worriedwellworrier · 08/06/2020 21:56

@MartinJD1976 the house I’m in now was a new build and no chain, I applied for a mortgage after I put a small deposit to secure my interest. The thing I wasn’t aware of was the order in which I make an offer, sell mine, get a mortgage. Totally different Bal flame to the position I was in last time.

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Imknackeredzzz · 08/06/2020 22:00

Why on earth would you view a house twice before being even on the market?!

What’s the point ? You can’t buy it till your under offer, all your going is setting yourself up for a fall. I’m surprised the agents didn’t advise you of this.

Changes of being able to secure it are slim to say the least, bit focus on getting a buyer before you faff about looking at properties.

Sorry if I’m sharp but this is something I have personal experience of and this really winds me up

worriedwellworrier · 08/06/2020 22:05

Well I guess that’s my point, I have been naive it not understanding how the property market works. I’ve no idea why I was allowed to view twice, perhaps as I’m ready to go on the market? I mistakenly and naively thought you went on the market once you had found a house you wanted to buy. Clearly I’m wrong and that’s why I asked for advice. Thanks to those have kindly offered the information I needed to help me move forward.

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