Is it time for a shake up?

ificouldgobackintime · 2022-02-12T12:23:45+00:00

Current expectations are that you accept an offer on your property and then begin the search for a new property. It’s seen time and time again on this forum that people will not entertain viewings from people who are not ‘proceedable’. This thread is probably only relevant to people who are buying and selling in the current market and realise just how crazy it is but do people think this needs to change? I won’t go into too much detail about my own situation just yet but I do believe that at this point in time, when things are as they are it needs to become the norm that people buy first then sell - possibly with some sort of time limit for if their own house doesn’t sell.

Roselilly36 · 12/02/2022 13:39

How would you propose that system would work OP? Most people can only buy should they have AIP, how will they get that, if they already have a mortgage on their current home. I can’t see how buying first and then selling would hold any advantages, what advantages do you think there would be? I would agree the English system is long overdue a revamp but I don’t think this idea would solve the current issues. Have you just got the rats because an EA has denied you are viewing?

Original poster

ificouldgobackintime · 12/02/2022 14:01

I’m not sure if you think I mean buy an actual house before selling your own. If so, I’ve worded my post wrongly!

I do just mean be allowed to view before you list your own for sale. That shouldn’t have an impact on an AIP because nothing is certain until it’s certain anyway.

And no, that’s not the reason. I’m long past that. It’s just from reading posts on here really!

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Londongent · 12/02/2022 15:32

@Roselilly36

How would you propose that system would work OP? Most people can only buy should they have AIP, how will they get that, if they already have a mortgage on their current home. I can’t see how buying first and then selling would hold any advantages, what advantages do you think there would be? I would agree the English system is long overdue a revamp but I don’t think this idea would solve the current issues. Have you just got the rats because an EA has denied you are viewing?

You can get an AIP without having sold your house

AwkwardPaws27 · 12/02/2022 15:42

Houses seem to be SSTC so quickly at the moment, that it doesn't seem unreasonable to expect prospective buyers to be proceedable, so you aren't waiting weeks for them to actually put their home on the market (& so you know they aren't wildly overestimating what their home is worth).

Another perspective is, if you let anyone view & received several similar offers, are you more likely to accept the offer from someone who is immediately ready to proceed or the similar offer from someone who hasn't even gone on the market yet? For me it would be the former, so offering viewings to the latter isn't a good use of anyone's time.

Roselilly36 · 12/02/2022 16:54

@Londongent yes of course, but could prove tricky to get AIP if it’s classed as a second mortgage. Unless you have a high income or massive equity secured on a prime residence.

Original poster

ificouldgobackintime · 12/02/2022 17:21

It wouldn’t be classed as a second mortgage. That’s not what I meant AT ALL. I am purely talking about viewing houses and being allowed to offer before listing your own. My wording was poor, I accept that but I am not meaning that in the slightest.

A huge issue at the moment is there are so many buyer after every single house so you sell your house (meaning accept an offer) easily, then you’re up against 10/15 other buyers for every house you view with fresh stock only coming onto the market every few weeks if that … it’s causing havoc!

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minipie · 12/02/2022 17:27

There is no rule about this OP. It fluctuates according to whether it’s a buyer’s or seller’s market.

In a seller’s market where houses are selling very quickly and there are lots of keen buyers, naturally many sellers (or agents) will say they only want viewers who have already sold or at least gone under offer. They can afford to be picky because they have plenty of buyers to choose from.

In a slower market there usually is no such stipulation and anyone can view anything, sellers will consider any offers - they might prefer a more proceedable buyer but often won’t have the luxury of choice.

Alexis7890 · 12/02/2022 17:28

Currently buying and selling…had 2 offers on our house very quickly. One at asking and in rented keen to move, the other over asking price but hadn’t marketed their house yet. We chose buyer 1. Why would we entertain an offer from someone when we have no idea how long their house could take to sell?! Of course people want someone actually proceedable

Roselilly36 · 12/02/2022 17:36

If you are serious about moving, why aren’t you listing OP? Then you may have the chance to view appropriate properties.

We moved last year, EA checked on our position, before our offer was accepted, we were moving cash from sale, not had a mortgage for over 20 years, so I accept I may be out of touch with regard to current mortgage offers.

Unless you are sold (SSTC) no vendor, in the current market will consider a viewing let alone an offer.

ThisMustBeMyDream · 12/02/2022 18:08

I don't understand it either. I'm about to put mine up for sale in 5 weeks. The new kitchen goes in in 4 weeks, and all the odd jobs and sorting out of "stuff" will have been completed. I know what it's worth within 5-10k, so know my budget.
In the meanwhile, despite an AIP, I can't get viewings. To me it makes more sense to have found the house you want to buy before you go on the market. I'm concerned that it has taken over a year to see anything suitable for us, but that we now have to go on the market and sell. Our buyers are going to be waiting quite some time. Plus the offer that they make will be below market value by the time we find somewhere. So it is us who will be out of pocket as where we find will have increased in value, but we are stuck with an offer fri. 6-12 months ago potentially.
It seems silly to me. I won't be accepting offers from people who want to move quickly ie.
proceedable. Because we won't be. I'll be telling the agent to allow viewings from anyone who wants it, regardless if they have sold their house or not.

KimchiWithMe · 12/02/2022 18:11

People did view and offer without being proceedable, I've done it and it's worked out a few times over the last twenty five years. Even as recently as 3/4 years ago. It's just changed really, people are less tolerant, in a rush, time poor and the main one was the recent window of avoiding stamp duty. It's just stuck I suppose.

BluebellsGreenbells · 12/02/2022 18:16

It’s simple to get a valuation and put it on the market - what you suggest is that you bagsy a property and then try and sell yours, which wouldn’t work! You could have two homes and take weeks to go to market and make the process longer.

CellophaneFlower · 12/02/2022 18:34

I agree OP, it's ridiculous now. I'm really fussy... and if I wanted to move I'd be spending a massive amount of money, so why shouldn't I be? I was looking for 6 months till I found the house I'm in now and I'd have hated to feel rushed and potentially make a purchase under pressure. Some people don't even want to move - until their dream home pops up on rightmove. Now this scenario can't happen at all as you can't market your house and accept an offer just in case an amazing house might become available.

Original poster

ificouldgobackintime · 12/02/2022 18:47

We have listed and sold but the whole thing has turned into a horror show due to the lack of properties available.

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Original poster

ificouldgobackintime · 12/02/2022 18:49

I’m not sure what you mean by two homes? Do you mean if you were selling two to buy one @BluebellsGreenbells?

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BluebellsGreenbells · 12/02/2022 18:50

No, I mean you reduce the market by one house having made an offer - bit as yet haven’t put yours on the market - this you are holding two homes

Imagine if everyone did this the market would stagnate and slow down.

Original poster

ificouldgobackintime · 12/02/2022 18:54

Oh yes I see what you mean. But the way things are just now people are having an offer accepted on their house and being unable to move on themselves so it’s still stagnant. You would only be talking a couple of weeks of ‘holding’ the second house (your own).

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bagelsandcheese · 12/02/2022 18:59

I'm in your position now.
I was looking all last year without going on the market and houses sold too quick and lots of times we were not allowed to look as not on the market.
I've now put mine up as I know there's a house due to come on the market however if I don't like the house il keep mine on the market for a month see if any others come up ( I doubt it though I saw one I liked in the whole of last year) and if not il take mine back down again.
the estate agent did say they now do 'market ready' so they take the photos, do the description and the second you see a house they click live. this seems to be the thing people are doing at the moment.

Original poster

ificouldgobackintime · 12/02/2022 19:06

@bagelsandcheese won’t yours sell in less than a month though? What will you do if it does and you don’t like the property you mention?

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bagelsandcheese · 12/02/2022 19:16

yes it's only being on a couple of days and already had asking price.
I explained to the estate agents that I will only be selling dependant on me liking the house and I am getting in the best position to buy it, they said this is fine.
They are no sale no fee. so I can just take it back down again.
I was worried about a potential buyer losing out on money by doing this by solicitors fees ect, as I'd obviously feel terrible, but they said they don't let the buyer proceed with anything until I've found a property so they won't lose any money ect.
it is crazy we have to do this! I know of two others who had to put theirs up simple to view a house and when their offer wasn't accepted they just took them back down again.
for me though il know by next week if I get the other house so at least i won't be leading someone one for possible months on end.

AmberLynn1536 · 12/02/2022 19:25

@minipie

There is no rule about this OP. It fluctuates according to whether it’s a buyer’s or seller’s market.

In a seller’s market where houses are selling very quickly and there are lots of keen buyers, naturally many sellers (or agents) will say they only want viewers who have already sold or at least gone under offer. They can afford to be picky because they have plenty of buyers to choose from.

In a slower market there usually is no such stipulation and anyone can view anything, sellers will consider any offers - they might prefer a more proceedable buyer but often won’t have the luxury of choice.

Agree with this, I’ve bought and sold several houses over the years and I’ve always been able to view a house, it was never dependant on if I had sold my own. The house I am in now I viewed without mine being on the market, but I viewed it, put mine on the market the day after, my house sold to first viewer and I was then able to offer. It is this very hot market that is causing this situation, if it becomes a buyers market then viewing without having to show your latest bank statement with the cash in place will become normalised again.

Roominmyhouse · 12/02/2022 19:33

Completely agree OP. We are thinking of moving but only for the right house. However places won’t let you view unless you are under offer. Houses in our street always sell within days so we wouldn’t struggle to sell ours but don’t want to sell first in case it then takes us a year to find a house we want to buy!

Original poster

ificouldgobackintime · 12/02/2022 19:56

You just need to read many many threads on here to see it’s definitely not the norm to view first then sell and that many vendors ‘won’t allow’ you to view.

@bagelsandcheese I hope it works out for you!! My concern doing it that way would be you’ll only ever get that ‘new house on Rightmove’ moment once so if you take it down then put it back up it’s never quite the same? Although of course it will still sell so does it matter? Probably not!!

@Roominmyhouse a year seems quite optimistic at the moment

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Passanotherjaffacake · 12/02/2022 23:08

It is annoying OP - I am in a city in the south west and the market is very hot here. I found that telling agents we were a week or so from market and looking for an agent worked really well as stock was so, so low they were desperate to get anything on their books so let us view stuff in the hope we would pick them to list for us. In the end we found a house we liked and listed with the agent selling that house. Everyone was happy - our sellers gave us a moratorium for about ten days to get ours finished and sold as the agents could keep them up to date.

My current house is a small two bed, in a nice FTB area with lots of potential to do big extensions though so everyone knew we would have offers quickly and we did.