A question we’re often asked is: Do I need to have sold my house before making an offer on another property? The short answer is no – you can absolutely start house hunting and even make an offer – but there are good reasons why many choose to sell their house first.
In today’s competitive property market, selling a home can take time – no matter how efficient your estate agent may be. Understandably, most people want their move to happen quickly and smoothly. When a seller receives multiple offers, they’re more likely to choose a proceedable buyer – someone who is in a strong position to move forward with the purchase.
What does proceedable mean when buying a house?
A proceedable buyer is someone who is ready and able to progress with the purchase without unnecessary delays. Here’s how the buying hierarchy typically looks:
- Buyers who have already sold their house are the most proceedable. They’re considered serious and able to move quickly.
- Buyers who have listed their property but haven’t yet sold come next.
- Buyers who haven’t yet put their home on the market are less attractive to sellers.
Other proceedable buyers include first-time buyers and cash buyers, who don’t have a property to sell at all.
The benefits of having sold your house before making an offer
If you’ve sold your house, you’ll be in a much stronger negotiating position. You’ll know exactly what you can afford and can present yourself as a serious buyer. Sellers are more likely to take your offer seriously and may even favour your offer over others – even if it’s not the highest – simply because you’re ready to move.
This can be a real advantage in a competitive market, especially if you’re offering on a desirable property that’s receiving a lot of interest.
The risks of making an offer before selling your house
While it’s entirely possible to make an offer before selling your house, there are some potential downsides to consider:
- The seller may not be willing to wait for you to sell, especially if they receive offers from proceedable buyers.
- If your current property sells for less than expected, it could affect your budget and potentially jeopardise your purchase.
- You may feel pressured to accept a lower offer on your own property in order to keep your onward purchase alive.
Can I still make an offer if I haven’t sold my house?
Yes, you can – even if your property isn’t on the market yet. But it’s important to understand where that puts you in the seller’s eyes.
If you’re in this position, do everything you can to demonstrate that you’re serious and ready to move. Speak to a mortgage adviser to confirm your budget, and get your property listed without delay. Being clear about your timelines and showing commitment can go a long way towards reassuring the seller.
Get a free valuation and market advice
If you’re planning to sell your house soon, we can help. We offer free, no-obligation home valuations and expert advice on how to get your property market-ready.
Whether you’re just starting to explore your next move or are ready to get your home on the market, our team is here to guide you every step of the way.
Get in touch with us today for a free market appraisal and start your journey with confidence.
Important Links
Book a Valuation
Visit our Royston Facebook Page
Visit our Newmarket Facebook Page
View our Ware Facebook Page
