Buying and selling at the same time

bilbot79

Thinking of trading up house and unsure what to expect.

Do vendors tend to avoid such buyers? Would you have to bid higher to convince vendor to wait for the process to go through?

Any idea what timeline to expect and is there a possibility you'd have to rent for a month or two in between?

godtabh

I'd say most of the transactions take place like this.

Agree a closing date (if possible) between all parties. Going through this at the moment. Lost a sale cause of closing date but have some one lined up again

bilbot79

godtabh wrote: »

I'd say most of the transactions take place like this.

Agree a closing date (if possible) between all parties. Going through this at the moment. Lost a sale cause of closing date but have some one lined up again

Right. Are you a seller then? What had you agreed to be a reasonable lead time for closing?

godtabh

bilbot79 wrote: »

Right. Are you a seller then? What had you agreed to be a reasonable lead time for closing?

Buying and selling.
Our solicitor advised 8 weeks

Fol20

In my experience. Estate agents will not accept this type of sale. If they have 2 bidders and one is close but no strings attached. They would go down that route. Too much things can go wrong if it's dependant on another sale. You might have to sell up yourself first and then start buying the next one

A2LUE42

Was in this situation. House sold in a week (October 2015) and purchase dragged out with planning and right of way issues and a space cadet of a seller. Finally closed both on same day in April 2016. Had clause in sale contract that depended on purchase going through. As prices were increasing, our buyer waited as it would probably have cost them more if they pulled out and started again.

qrx

My experience from being out on the market making bids is that cash buyers or buyers with no property to sell will usually be one of the lower bidders, relying on their more favourable conditions to seal the deal rather than being the highest bidder. But some sellers are not in a rush and will rather go for the highest bid. It all just depends. Personally I would never sell first and move into temporary accommodation. Not in today's market. How long will it take you to find a new home to meets your needs? Will you even find something that meets your needs? it's very possible you will not. And all the while prices are increasing rapidly. You'd be crazy to take a gamble like that. Let them wait, if they don't want to wait then so be it, it's a no deal.

davo10

Sellers prefer:

1. Cash Buyer.
2. First time buyers.
3. Buyer with mortgage approval and no property to sell.
4. Buyer making a bid which is subject to selling an existing property.

Op, you are the he least preferred bidder so if any of the others bid anywhere near what you do, the buyer will go with the other bidder, less risk of sale falling through, sale completes quicker.

astrofool

Probably more common at the higher end of the market (700k+) as most at that level will already have a house and will be looking at trading up.

bilbot79

I'm reasonably confident my gaff will sell in a matter of weeks based on the last few houses that have gone out. If the one I want is still available, will probably go in at asking.

I'll see how it goes but I don't think I could tolerate being out of this market. Good to know there can be clauses to depend on purchase going through.

Askthe EA

bilbot79 wrote: »

I'm reasonably confident my gaff will sell in a matter of weeks based on the last few houses that have gone out. If the one I want is still available, will probably go in at asking.

I'll see how it goes but I don't think I could tolerate being out of this market. Good to know there can be clauses to depend on purchase going through.

Only advice I'd give is to get yours on the market. If you haven't even got that far, you won't be taken anyway seriously. The other thing is to talk to the EAs selling houses in your area of choice. If they know what your looking for and think they'll get the sale of yours, they're more likely to help broker a deal.

G1raff3

Going through the same thing at the moment. We're sale agreed and waiting to reserve our new home, all should be closed off by end of November going well. We needed to be sale agreed before the builders would even consider us and supposedly that's very common these days.

barneyrub

We're in the middle of this. We had to bid higher to get it accepted on the house we wanted because it's subject to sale of our own.

We had our house on the market and offers in before we made any offers. When we had offer accepted we made bid(but we had informed the EA /vendor of our interest and that bid would be forthcoming if/when we had a bid on our own house)
We were upfront from the start.