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Property/DIY

Sell first or buy first?

17 replies

Sexonlegs · 15/04/2010 20:46

Evening all

We are going to have to move if we want to be in catchment for the secondary school we want dd1 to attend; this won't be for a few years, but we are going to need to start soonish.

I am of the opinion that, as the area we are looking to move in to is very popular, we need to be in a good position, ie have had an offer on our house. Dh on the other hand thinks we should find the house first and then put our house on the market.

So, what should we do??

OP posts:
Sexonlegs · 15/04/2010 21:01

Anyone?

OP posts:
Sexonlegs · 15/04/2010 21:16

Please!!

OP posts:
SpringHeeledJack · 15/04/2010 21:17

iirc, if you put in an offer on a property when you haven't already had one on yours, the vendors won't take theirs off the market/take you seriously..

...I think

RambleOn · 15/04/2010 21:18

Where do you live?

Houses round my way are spending about a year on the market before selling.

Why find a house to fall in love with, then be unable to sell quickly enough?

Sexonlegs · 15/04/2010 21:54

We are wanting to move to Chandlers Ford, Hampshire; we are just 10 mins drive away at the moment. Seriously, houses are selling within days in some cases!

OP posts:
NomDePlume · 15/04/2010 21:59

i would always sell first (or at least have a procedable offer at a relatively decent stage).

Last thing you want is to fall in love with a house, start proceeding to buy it and then have to pull out because yours hasn't sold, losing a house you've already mentally moved into.

Or even worse end up going through and completing the sale while still owning the first property, ending up with a bridging loan or something equally heinous to juggle finances.

Plus, you are right in saying that if you go in as a buyer who has sold and is not in a chain, you are in the best position to get a good deal.

feedthegoat · 15/04/2010 22:05

My friend is thinking of putting her house on the market and wanted to view a couple in the area she is thinking of so that she is sure that she is doing the right thing.

So far her requests have been refused to even view, let alone make an offer, just because she hasn't sold.

posey · 15/04/2010 22:08

When we spotted a house we wanted to buy and called the agent he took us to view, but said we couldn't put in an offer until we had our place on the market.

Sexonlegs · 15/04/2010 22:18

Thank you ladies; most helpful.

OP posts:
mintyfresh · 16/04/2010 10:20

Put it this way - would you take an offer on your house if the buyer hadn't sold their place yet? It will be the first question an EA asks you when wanting to view a property - that is, if you are mortgage dependent?

noddyholder · 16/04/2010 10:25

You need yours to be under offer to make any offer seem serious and proceedable.

Wigeon · 17/04/2010 21:04

I have just sold our house and bought a new one and I wouldn't have accepted an offer from buyers who hadn't sold their house. In fact we were lucky enough to have 3 offers, one was way too low, one was only £5k under the asking price and one was £10k under. But we went with the £10k under-the-asking-price offer because the buyers were in a position to move, whereas Mrs £5k hadn't even put her house on the market, let alone sold it.

Sexonlegs · 18/04/2010 20:02

I knew I was right!

I phoned to ask if we could view a property yesterday and told the guy our house was going on the market next week. I never heard back from him; there were 4 other viewings on the same day plus a second viewing.

Methinks I need to have a chat with dh!

OP posts:
lovechoc · 18/04/2010 20:07

you don't want to end up with a bridging loan if you can't sell your place in time before moving to your new house - would be mega expensive.

golden rule is sell your own place first then start looking for a new place you like

mynewme · 18/04/2010 20:20

Hi, our house should be up for sale tomorrow - like OP we are moving to get ds in school catchment - but we are not going to view any houses til we've sold, even though we're in a bit if a rush to move as we need to enrol ds in Jaunary!

However, I've also told the estate agent we won't take viewers who haven't already sold or who aren't first time buyers - i.e. folks who can't make a "real" offer.
They are not pleased and are trying to persuade us otherwise, but am not having people traipsing through my house unless they are in a postion to make an offer. Surely this won't go against us? I am sure the estate agent has a target for getting as many viewers as possible.

Fizzylemonade · 18/04/2010 21:17

We accepted an offer on our house and then found a house 2 weeks later but were aware what was on the market (we moved our goalposts when the other houses didn't pan out)

We went with an on-line estate agent which provided floorplans for our house and shed loads of photos so the people coming through our door wouldn't be surprised by anything.

We only had 2 viewings, both came back for second viewings and one of them made an offer, cash buyer.

The market is so mad that we even sold our house, moved into a hotel for 3 weeks as we couldn't match our completion dates

Always sell first.

unavailable · 18/04/2010 22:23

mynewme - things may be a real buyers market in your area, but if even so I think you should reconsider.

Most buyers will start to look before they are in a position to make an offer. They will be making a mental shortlist, and then returning to have a second viewing when they are in a position to offer. If you deny them a first viewing...well, there are other houses on the market.

Your EA wants as many viewings as possible becuase they want to sell - thay make no money if you dont.

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