Buying before selling - how did you make it work?

[okeedokee]

Hi,

I came across this older thread where quite a few people said they successfully had an offer accepted on their next home before selling their existing one, which I found really reassuring to read. https://www.mumsnet.com/talk/property/4912392-if-you-viewed-houses-before-yours-was-on-the-market

We’re hoping to upsize locally and are finding that the right houses for us only appears occasionally (1 - 2 months), whereas homes like ours sell quickly once listed (one open day, offers made and accepted days later). Because of that, we wanted secure a purchase first rather than selling and making our buyer wait indefinitely until we find the right place and are successful in our offer.

I asked the question on Reddit and though several people said they were in the same predicament (fast to sell, slow to buy), the overwhelming response was that sellers wouldn’t seriously consider an offer from someone who hasn’t already sold, which didn’t quite tally with the experiences people on the Mumsnet thread.

Many people on reddit suggested we rent, but I don’t think that’s practical as short-term rent quickly eats into our deposit (making us increasingly less competitive than we are now), and it would be difficult to find long-term rent as all local agents know we’re looking to buy. We also have a baby and the double move would be a stress, it’s hard to get a place at a nursery here so would also be anchored to looking in a very specific already.

So I’d really value hearing from anyone who has actually done buying before selling (or has any tips on how to do it).

• How were you able to have an offer accepted before your own home was on the market or under offer?
• How did you show the seller and estate agent that you were a proceedable/credible buyer?
• Did you have valuations, finances, solicitor etc lined up beforehand?
• Were there any particular hurdles or things you’d do differently next time?

Particularly interested in real experiences rather than theory if possible.

Thanks in advance for your responses.

We are in this position now. We saw a property we really like and have had an offer accepted, but like a pp we had all our finances lined up. To be proceedable we had to show the estate agent that if it came to the crunch we could buy the house without selling ours. We had to show that we had enough money for a deposit, fees and extra stamp duty, a mortgage in principle or could afford a bridging loan.

We had our house ready to go on the market and had an offer, but the buyer has a house to sell and our estate agent do not take it off the market unless the buyer can proceed. We then did the sums of how much it costs to borrow the money either on a short mortgage or bridging loan and decided to drop our asking price in the hope of an offer from someone who has already sold or is a first time buyer. The drop in price would actually cost us less than interest on any money borrowed to move without selling. It also brought in a new flurry of viewings and we are hopeful of a new offer.

It’s spring and your dream house might appear any day so be in the best position to offer. If you don’t find anywhere you don’t sell. People understand that - it’s disappointing but reality

@okeedokeeyou don’t have a right to know their deposit size. Many buyers would not want you to know that. However the EA should try and work out if they can meet the agreed price.