Find or Sell?
The reality of the very imperfect and rather daunting UK house buying process leads most sellers to debate this issue at some point. It's a tough one, most people aren’t very comfortable with uncertainty, hence the idea of putting your house on the market without having seen your next dream home is a scary thought. Questions are then raised; what if someone wants to buy our house? what do we do, we haven’t even started looking? what if we can’t find anything? what if we are put under pressure? And so it goes on.
At this point and without guidance, many sellers understandably decide to start looking first. More often than not, they will find their next dream home and full of excitement and enthusiasm make an offer. The problem with this approach is that there are just too many variables:
- Many sellers will not accept an offer from a purchaser that has not sold their current property, most agents will actively advise against this. Some might, but;
- Without having sold your property, you are not in a strong negotiating position and even if your offer is accepted, will likely pay more than you could have.
- You may have a good idea of what your house is worth, your agent may be very confident, but until you actually have a buyer in place you just don’t know, hence you are basing your offer/finances on a figure that may likely change.
- You don’t know how long it will take to sell your property, you may be lucky, but it could also take a bit longer than expected.
- During the time your home is on the market, what is there to stop the seller of your next home accepting another offer, from a more secure buyer?
We could go on, but you likely get the gist. Ultimately the best thing you can do is put yourself in the strongest position possible to negotiate effectively, a good agent will be able to help you too! We do it all the time and talk to our clients agents all over the country, putting deals together.
Our advice is simple; 1) put your house on the market 2) find a buyer 3) start looking 4) find your next home 5) make an offer and 6) all being well move home. Sounds simple doesn’t it! Many of the initial fears can be easily reassured by having a conversation with us first, that’s what we are here for! We can then explain the far less scary realities of a properly managed sale. Honesty is key!
Get in touch with us if you would like to discuss any of the above in more detail.