When is best to make an offer on a house?

[Matt99man]

So…little bit of back story..

We have found a couple of houses we really like, we’ve just got our house on the market a week ago and have several viewings booked in this weekend. It’s priced well and at the low end of the estate agents valuations…so keenly

My EA has said do not put an offer on a property we like until we have accepted one on ours, puts us in the best position. Which does make some sense.

However, if everyone did that they system would not work. So, the question is, when is best to put an offer in? And what advice is there in negotiation against a property that’s been on the market for 12 months

[PhilboSE]

You can put an offer in whenever you like.

The seller will consider your offer against others, based on price and ability to proceed.

Most agents would advise a seller not to accept an offer from someone who doesn’t have a buyer for their own house.

But, every situation is different. There is no single playbook for how to get a desired outcome.

[cliffords]

If one of the views you get on your house this weekend,results in an offer from someone who does not have an offer on their house will you accept it ?

[Craikeybaby]

Round here estate agents won't even let you view a house unless you have got an offer on yours.

[Paul Drawmer]

I have a small property for sale as part of clearing a relative's estate. I have probate, and am eager to move the house on.

I have told the agent that offers will be acknowledged as acceptable, but will not withdraw the the property from the market unless the buyer is in a position to proceed. I've already wasted 5 months with a buyer who was lying about their ability to pay.

[OutInTheShed]

PhilboSE said:

You can put an offer in whenever you like.

The seller will consider your offer against others, based on price and ability to proceed.

Most agents would advise a seller not to accept an offer from someone who doesn t have a buyer for their own house.

But, every situation is different. There is no single playbook for how to get a desired outcome.

Exactly.
It's good to listen to conditional offers, and understand your potential buyer's position.
If the vendor is buying another house, then chains can take time, so the OP may be able to sort his end of the chain just as quickly as the vendor can agree a purchase.
In some places, cheaper houses are selling well, more expensive houses only selling slowly, so a conditional buyer who is moving up might be a good prospect.

As a seller I might be saying 'your offer would be acceptable if you were in a position to proceed, but I'm not taking the house off the market until you've got a proceedable buyer'.
But then I'd be looking at your place on Rightmove and forming an opinion about your likelihood of selling quickly or at all. You might think your house is keenly priced, I might not.

[Antony Moxey]

When you've decided you want to buy it?

[John D.]

You're going to get taken more seriously if your own home is under offer.

Likewise if you accept an offer from someone who isn't under offer or even on the market, you need to be careful how serious you take that offer. Makes your end of the chain uncertain/potentially drawn out time wise, which will put off anyone looking at your offer on their house.

[lizardbrain]

Matt99man said:

So little bit of back story..

We have found a couple of houses we really like, we ve just got our house on the market a week ago and have several viewings booked in this weekend. It s priced well and at the low end of the estate agents valuations so keenly

My EA has said do not put an offer on a property we like until we have accepted one on ours, puts us in the best position. Which does make some sense.

However, if everyone did that they system would not work. So, the question is, when is best to put an offer in? And what advice is there in negotiation against a property that s been on the market for 12 months

I you have multiple viewings booked in then that is a positive sign, I think you might as well put offers in.

The seller will of course prefer a proceed able offer but I don't think it's taking the mick

[omniflow]

Antony Moxey said:

When you've decided you want to buy it?

Pretty much this.

But beware - becoming emotionally invested in a house before you've got the funds in place to buy it (normally meaning you haven't sold your house yet) is an extremely stressful and unpleasant place to be.

Whereas having your house "sold" and then swanning / strolling / ambling round looking at houses for sale before deciding which one you like the best is a much more relaxing process.

However, it's not one size fits all. Having your house "sold" but then not being able to find anywhere you want to buy can also be stressful, but you at least have more options.

As for negotiating on a purchase - that's down to the type of person you are and the situation and personality of the vendor. They might be emotionally invested in another house and desperate to sell theirs or they might be quite relaxed and happy to wait another year for the right buyer to come along. Their EA MIGHT give you some clues as to where their heads are at.

[OutInTheShed]

omniflow said:

Pretty much this.

But beware - becoming emotionally invested in a house before you've got the funds in place to buy it (normally meaning you haven't sold your house yet) is an extremely stressful and unpleasant place to be.

Whereas having your house "sold" and then swanning / strolling / ambling round looking at houses for sale before deciding which one you like the best is a much more relaxing process.
..

I'd disagree to an extent.
Having snared a rare buyer, suddenly you are under a lot of pressure to find and choose your new house and agree a deal.
If what you're looking for is not abundant, that can be very stressful.
If you don't agree to buy something PDQ, your buyer will be away on their toes to a vendor who's up to speed.

It helps to know what deal you can do, in terms of knowing what offer you should accept.

Unless there is the luxury of being able to afford two houses, or being willing to sell and rent, the whole chain needs to be sychronised, so it helps if everyone is prepared, ready to make serious offers the same day they receive serious offers.

As a buyer, I'd be very nervous about a seller who was ambling around as if they are not serious.
I'd be looking at Plan B and Plan C.
And if something better came along while the first seller was fannying around, I'd make an offer on that....

Nothing is a done deal before exchange.