House for sale but not ready to move yet.

[Ruth]

Hi all
I've a legal question rather than a "house and homes" question so forgive me for perhaps posting in the wrong place.
We are building a house, which will not be ready for another six months (worst case scenario.) Can I put my house up for sale now - so that all is sorted when I am ready to move, or, can I put the house on the market before I am ready to move?
How would this work for the purchasers? Would they would be paying for a house that they might not be able to move into for a few months.
How does this work from a legal point of view?
Thanks in advance
Really enjoying the site!
Ruth


(when I have money to invest, I promise I'll post more interesting threads!)

 

[mf1]

The whole issue is that you want to tie in the sale of your current house with the move into your new house.

If you put the c.h. on the market now, you may or may not find a purchaser. If you don't find a purchaser immediately you'll have time to find one. If you do find a purchaser now, they will want a closing date before they sign contracts. When can they have the house? If you get a good price, you might want to take the money, pocket it, move out quickly and rent somewhere else. That inconveniences you. Or you could suggest a long closing date - until your house is ready. That possibley inconveniences them or not. They may prefer to find somewhere where they can move in quickly. Its very stressful for purchasers not to know when the deal will complete.

"Would they would be paying for a house that they might not be able to move into for a few months."

You give them vacant possession - they give you money unless as does occasionally happen, you agree to close but rent back the proeprty from the new owners.

You probably need to talk to an estate agent to see what the market is like and what your options are - unless you intend to sell yourself in which case you have to balance everything.

mf

 

[Ruth]

Thanks mf1 for the advice. I'm more informed now - I'll be seeing my Estate Agent on Friday and will put these points to him.

Ruth