A question we’re often asked is: Do I need to have sold my house before I offer on another? The answer is no, but there can be good reasons to do so. Let’s explain.
As you might know, selling a home can take time. (No matter how great your estate agent is.) But most people want to move as quickly as possible.
So, if a seller has several offers on the table, they’ll often look more favourably on a buyer who is in a position to move promptly.
This is known as being a proceedable buyer. Here’s how it tends to work.
1. Buyers who have sold their home already are considered most proceedable. They’re most committed and most likely to be able to move quickly.
2. Buyers whose home is on the market – but not yet sold – come next.
3. Buyers whose home is not yet on the market come lower down the pecking order.
(Some other types of buyers are also proceedable. For example, cash buyers and first-time buyers.)
The advantages of having sold before you offer
It gives you a very strong hand.
You know what you’re able to offer for your next home, and the seller is likely to take your offer more seriously. They might choose your offer over others. They may be more interested in doing a deal.
The disadvantages of not having sold
The seller might not be willing or able to wait for you to sell.
If you don’t get the price you were expecting for your home, it could cause issues with buying your next one.
Can I still make an offer if my property isn’t sold?
Yes, of course you can - even if your property isn’t on the market yet.
Just be aware that other potential buyers may be much more proceedable.
In this case, do what you can to show you’re a serious buyer. Know what you want to buy and what you can spend.
And get your skates on and look at putting your property on the market.
We will be happy to help by offering a free market appraisal and valuation. Please call or message us today.
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