what order do you buy and sell in?

[VannaB]

I have a property to sell and want to buy the next rung up the ladder. What is the correct way of doing this?
Do I make sure I have a buyer before making an offer on a property?
Can I make an offer on a property if I don't yet have a buyer?
I'm guessing the 1st option is preferable, but I have seen a house I'd like to make an offer on and have had someone show an interest in my property (it's not yet officially on the market). Can I make an offer on the house?

[Law1]

This should really be answered by your estate agent however as a pointer you can put an offer on a property if you wish, whether they accept your offer depends if they are content to wait until you have a buyer. The estate agents selling the property will guide you, depends on how desparate they are to sell, how long property has been on the market, the size of your offer etc.

[aseymour]

I agree, we are buying and selling at the mo....you can place an offer for somewhere, as mentioned above, but it depends on if the sellers are willing to wait for you to be in a better position (ie have a buyer yourself.....'chain') they may have an offer from someone else in a better position. We secured an offer on our property before we made an offer on our new one.
If you have sold your propery (subject to contract) your in the best position to place an offer on any propery you chose...I too would recommend you speak to the agent that the house you like is for sale through. They can usually arrange selling your property too. good luck

[parkesquay]

I was 2 weeks ago in a similar position to yourself . Although I was looking at other properties because someone had expressed an interest in mine, I felt that it was wrong to make an offer - even though an estate agent encouraged me so to do. Agents do it because they think that in their clients eyes it looks like they are doing their job.
I think, morally, that you have to ask yourself whether you would want your Estate Agent to put offers to you from people who haven't sold or worse were not even on the market yet. You could be sitting there all excited that you had sold your property because an offer had been made and then find it was all hot air. Not nice.
You have obviously more or less decided to sell so first thing to do is to put it on the market to test the waters. If at any time you change your mind(before exchange of contracts) for whatever reason you can always take it off. Just out of interest we have just had a genuine offer for our place having put it on the market one week ago. I have checked that the 'chain'is acceptable and have also just had my offer for our next property accepted.
Just as important is to make sure that you have the finances in place.

[kwicky]

To take away the huge amount of stress this causes I would suggest you sell up first. You can then put your furniture in storage and get temporary accommodation or live with relatives. You are then able to choose to buy your house at leisure and not be panicked into choosing an unsuitable property. The seller will also treat you more favourably especially if he wishes to move out quickly.

The only exception to the above is when there is a bull market but I cannot see this in the current circumstances where the only way for prices is to go down.

[VannaB]

Thank you to everyone. I shall make sure I have an offer on my property before making an offer onanyone elses.
The flat is now up for sale an I've seen two houses I like, so fingers crossed someone wants my place!!!

[Cetti]

Vanna, a word of warning as our chain has just collapsed leaving us furious as well as highly stressed.

Make absolutely certain that whoever makes a firm offer on your property has the money available to back up that offer - and is not just saying they have it...which is what has happened to us.

[VannaB]

Collapsed? How awful! How do you know they have the funds to back this up? Is it proof of a mortgage offer? I feel stressed already and the flat has only been for sale for 3 days!!!!

[Cetti]

A good Estate Agent will do this Vanna and should make inquiries as to the monetary position of all enquirers. Establish this with your Agent now while time is young.

After being with one since June we ditched them yesterday after this fiasco, and found one of the old school that does this automatically thus saving frazzled nerves - and possible murder!!!!

We had signed the contract, packed most of our stuff, surrounded by boxes, just waiting for the exchange which we were told was imminent....then this.........Our dream home is still waiting, as this is the end of the chain and the lady whose house we are buying from is a darling and has given us until the first week in Jaunuary to find another buyer for our house - again!!

[rabbitygirl]

New to this site so answer may help others. We sold first and went into rented. Still here and 3 months to go. We are moving our of area and have bought 2 places cash. This enabled us to negotiate good reduction. Rent is not cheap (twice our old mortgage) but it has been well worth moving twice to be in the position of no chain and cash buyers. Also nice for 6 months not to have to worry about the DIY and things that go wrong in a rental - first time as renters and there is something to be said for it! Good luck all you sellers and buyers. It is stressful indeed. (After much aggro selling our house we even managed to move on the one snowy day down south in Feb. Our movers didn't turn up because he said 'no one is going to move on a day like this'