Hi all this is probably a stupid question but here goes…

We have seen a house we like and would like to buy it, our house isnt currently on the market as we were not even thinking of moving until this house came up in the right area.

The estate agent has told me that in order to place an offer on this house mine needs to be up for sale and under offer to be “proceedable”

Is this correct or are the estate agents telling me porkies.

my reasoning is that the house we are looking at is in need of a lot of work, i have a budget in mind to buy it and do not want to go above that.

however if i put mine up for sale now and get an offer and then the people selling this other house do not except my max offer i then have to pull out of selling mine as there is nothing in the price range suitable!!

would the esate agent be expecting their fees then even though we havent sold??

please help!!

cheers

steve

The estate agent has told me that in order to place an offer on this house mine needs to be up for sale and under offer to be “proceedable”

Maybe different in England, but that’s not the case in Scotland

Sorry should of said this is england we are talking about !!

If your offer’s accepted and you can’t sell your house can you buy the new one from other funds?

If not, don’t offer.

Don’t think so but I wouldn’t take my house off the Market for someone in your position..

You can make an offer which the seller might accept, but you’re not proceedable – so a seller would probably keep it on the market anyway.

Unless you’re a cash buyer.

An offer from someone who has yet to even market their own home is not worth taking – unless it’s a good one and they’re in no hurry perhaps. So they can accept it just unlikely to – you could ask the agent to put it through to them and they have to unless they’ve already agreed that they won’t.

ok thats great, i just dont want to put mine up and accept an offer only to not have my offer on the new one accepted, will i incur the estate agents fees then as they have found me a buyer??

A good estate agent will quiz anybody who makes an offer to determine their ability to fund the purchase and the timescale they can commit to. The agent will then reccomend to the seller whether to accept that offer or not.

If you can convince the agent and buyer that you can raise the funds by a sensible date they ought to be able to accept.

Remember that until you have exchanged contracts the seller can still accept other offers.

If that were legally the case you’d never be able to buy a second home would you?

Isn’t it down to the mortgage company not the estate agent?

will i incur the estate agents fees then as they have found me a buyer??

No – but check the contract with the agent just incase!

Isn’t it down to the mortgage company not the estate agent?

Nah. Agent doesn’t want to deal with potential time wasters.

If you need to sell your current house to fund the new house then no you aren’t in a position to proceed.

My house has been on the market for just under a year and have I finally excepted a third offer which means I can complete, that’s not to say I haven’t had a number of persons wasting my time when they aren’t in a position to buy.

If you want to move and you need to realise equity, then stick yours on the market. You never known it might shift quickly.

yes you can offer and the agents are legally obliged to tell the seller your offer – the seller will then want to know you can actually pay for the house and then you are stuffed – i assume you cannot get a mortgage on principle offer and proof of deposit.
Best you can hope for is they accept your offer and still leave the house on the market

The estate agent needs to see proof that you have funding in place to purchase, ie letter of intent of mortgage offer from building society unless you would be a cash buyer.

You do not have to accept an offer if, for example, the would-be purchaser does not have a mortgage offer or it’s not proceedable due to a long chain.

You do not need to have your property on the market, as you may be able to fund the purchase other ways. The agent will want to inform the purchaser how you are funding to make an informed decision on your ability to proceed. You do not have to inform them of your situation but it helps.

If you make an offer the agent is under a legal obligation to report it under the Estate agents act. 79

Have you considered a bridging loan if it is the house you want?

I am a Chartered Surveyor, so do know a little about this.

thanks, would i still have to pay the estate agent fees if he found me a buyer and then i had to pull out due to my max offer not being accepted on this other house, £1800 quid is a lot to lose if so!!

Could be a condition the seller has stated to the EA, maybe after dealing with a number of time waster I guess?

You only pay EA fees when your house sells. It all happens when the sale actually happens. Your solicitor pays the EA.

EDIT: Don’t feel that you have to use this particular EA either. And remember, he’s ONLY working for the seller.

Hmmmm, I’ve just re-read the contract with my estate agent to check if there are any cancellation fees.

I can’t see any but if I decide to take my house off the market, I am liable to pay them fees if I sell the house (either privately or through another agency) within 12 months of the contract termination.

If I accept an offer then pull I’m liable to pay their fee

Best to ask them, some will try and lock you in with them for a agreed time.

It is quite common to see properties to swap agents.

You can make an offer which the seller might accept, but you’re not proceedable – so a seller would probably keep it on the market anyway.

Unless you’re a cash buyer.

or a buy-to-let landlord

Don’t most estate agents have a no-sale no-fee clause? I guess there are get-outs on their side, but the vendor’s agent has no claim on you, the buyer.

about 15 years ago I had my house on the market, received an offer that I accepted, and then we went and found a new house for us. Made an offer, but our original buyer fell through so we had to tell our vendor what was happening. We never paid a penny to our agents as they hadn’t actually made the sale; about a year later we could afford enough mortgage to buy another house without selling the first, which was a good job or we’d still be there now 🙁

We rented the first house out for the next 10 years, finally selling it just under a year ago.