wondering if anyone can provide me with some advice, when I bought my home 5 years ago I knew it wasn’t my “forever” home so always keep a bit of an eye on any houses coming up in my area, I know the exact type of house I am looking for, I want my next home to be the last one I buy (fingers crossed) I recently saw a home that I loved but my house wasn’t yet on the market, I got a mortgage in principle in place and my house valued and put an offer in, it went to a closing date very quickly (Scotland based) and I offered 16k over the valuation which was rejected. I was advised that the owner didn’t accept the highest offer but went with the second highest as the buyer didn’t have a home to sell.
now here is my question, I know I wasn’t in a great position as a buyer as my house wasn’t even listed as yet but wondering what happens if I put my house on the market and sell quickly (agent has advised he thinks this would be the case) and I haven’t found a suitable house quick enough? I am worried I do this and end up buying something that I don’t want out of pressure from someone wanting to move into my house after the sale. Are contracts exchanged before I would buy my next house or would these be done after I bought my home? I am unsure of the process and know that following exchange of contracts that the sale is legally binding. I worry that it may take a bit of time for me to find my dream home but also appreciate that if my house isn’t on the market or sold that my offers would never be accepted anyway!
can anyone offer advice on how the process would work? Thanks