Making an Offer

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Miranda

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I have recently viewed a property and would like to make an offer. Unfortunately, my own property is not yet on the market but will be within 5 days. How do I proceed with the Vendors agents to ensure my offer is taken seriously?
 
Thanks Mo3art. I've previously been in this situation before and Agents usually won't entertain an offer if the buyer's property isn't Sale Agreed. Obviously, I can tell them what they want to hear but what's the best possible way to buy time?
 
I had the experience of having an offer accepted just as my own house went on the market 2 yrs ago. The EA was happy that the locality where I was selling was a good one for FTB, etc and would move quickly so was happy to deal with me. The sellers had already moved (out of the country) so were flexible with closing dates. A bit stressful for me, but thankfully it all worked out. You could get the house surveyed, which would show the EA that you're serious and buy you the few days you need
 
This could be a problem in todays market as houses are taking longer to shift, are you going to price your existing house below similar houses in order to achieve a fast sale? Has the other house being on the market long? Is there is any other bids on it? If not then the EA might be more favourable to your situation as they will want to try and drum up some business
 
Miranda said:
I have recently viewed a property and would like to make an offer. Unfortunately, my own property is not yet on the market but will be within 5 days. How do I proceed with the Vendors agents to ensure my offer is taken seriously?
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The location of your current property will have a big factor in what the vendor will think.
 
Thanks. Have been speaking to the Agent who advises contracts would need to be signed with closing date 2 weeks after offer. Another EA says they would not entertain offer from someone in my position as it would be unlikely that bridging finance would be an option. Presumably, my solicitor would not permit signing of contract without adequate finance either. As purchase of new property is dependent upon sale of primary dwelling, what is the best way to proceed?
 
Miranda said:
Thanks. Have been speaking to the Agent who advises contracts would need to be signed with closing date 2 weeks after offer. Another EA says they would not entertain offer from someone in my position as it would be unlikely that bridging finance would be an option. Presumably, my solicitor would not permit signing of contract without adequate finance either. As purchase of new property is dependent upon sale of primary dwelling, what is the best way to proceed?
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Closing date within two weeks of offer would be extraordinarily quick - either the agent or the seller is simply being unrealistic.

Why would bridging not be an option? It's worth talking to your bank about, and does leave you in a much stronger position. However, as other posters point out, the location and likelihood of a quick sale on your own property is crucial to this: you don't want to be in the position of having to fund a mortgage and the bridging over a long period.
 
Miranda said:
As purchase of new property is dependent upon sale of primary dwelling, what is the best way to proceed?
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Figure the more prudent option would just be to concentrate on selling your place. When it is sold the other house may still be for sale or you may find something even better.

Then you can try for a 'cash discount'.
 
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