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Should I wait to make an offer on a property before I get a buyer for mine?

My flat has been on market for 2 weeks, recieved 2 offers which are too low, although we aren't being greedy, I don't think. Is it stupid to make an offer if we find something we love? I thought maybe this might allow us to accept less for our sale if we can establish our purchase price?

Asked on Aug 30 2009, General in Southsea | Report content

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  • All I can say is that it would really be foolish for you to put in an offer which you cannot fulfill. It all depends if the person who is selling the property is a person on their own or buying for the first time so the chain stops. If the chain continues you could find yourself under a load of pressure to complete quickly and then you would not have the funds to fulfill the purchase and find yourself going to the Bank for a bridging loan if they will give you one at a very high rate and also paying the mortgage payments on your current property. It is always best to sell your property first but as I say if the person can wait for you by all means let them know that you are interested but you really should wait until you at least have an offer you are happy with. Moving house is stressful enough without putting added pressure on yourself.

    Answered on Aug 31 2009, Report content
  • There is no harm in expressing your interest for a property and asking if the seller would be interested in an offer at a certain level, but you should always be truthful and tell them you have not yet sold. Buying and selling properties is very stressful for all concerned and in todays slow (in most areas) market you achieve nothing by pretending you can proceed. Don't forget that your opinion of the value of your home or the one you want to buy isn't how a RICS valuer will look at the price for their lender, so you will probably find you will be involved with some price adjustments anyway. An agent can guide you buts thats all their advice is - a guide - not set in stone. Good luck!

    Answered on Sep 9 2009, Report content
  • NO. Never put in an offer unless you have the means to complete already in place. Your offer is worthless unless you have sold or at least confident that you can complete by a certain date, you are only wasting the vendors time and your own.

    Answered on Dec 18 2009, Report content

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