Your Buying/Selling Stories...

[fionas]

Am interested in other people's experiences when selling their home to buy another.

We're interested in buying a house that is being auctioned in three weeks time. That doesn't give us time to sell our house before that auction in order to know how much money we have to play with. Yes, I can get RE agents to value this house but when I've had them in before they tend to under-quote. If I'm sensible and use their under-quote, I think we'll miss out on the other place. If I go on what I THINK we can get, we're in with a shot of the other place BUT if I get the selling price of our place wrong, I will not only feel stupid but I may have to increase my days at work.

So what to do? I've been studying the market for ages and houses with the floorplan we're looking for are really rare around here. Usually, I'd just wait it out but this is the first one I've seen in 12 months that actually ticks all our boxes.

So what have your experiences been when selling one house to buy another? Did you sell yours first, base your figures on what the RE agent told you or on what your gut told you?

[Mildez]

I agree with everything Barkri12 has said.

I am in a similar position as you fionas. Could you rent your house out now you are currently living in and still buy the other place? Not sure what area you are in but house's hear are selling cheaper due to what Barkri12 said not bu a lot though. Could you sell you place and rent and wait for something else to come up if you don't get this one? Have you got a loan approved for the amount you want? I guess the thing is you need to know how much you can spend so to do that how much will the bank loan you and how much you can afford to pay back.

I foolishly made DH bid on a farm. (I found it 2days before the auction so no time for organising finance) Fortunately we were the lossing bidders as later that week I found out my bank wouldn't loan me near the amount I thought they would. We did however have the security that if the bank wouldn't loan us the full amount my father would loan us the money that the bank wouldn't. What we can afford and what the bank would leand us was very different. Despite having a 60% deposit of the purchase price of the farm the bank would not lend us the other 40% despite us saving more each week then the repayments were (all came down to the fact DH is self employed). If the bank is happy to loan you the money and you can sell your house down the track and you know you can afford it then go for it if its the home you want. Having to work extra may not be neccessary or else for a short time until your house sells.

[Pretty Butterfly]

We sold the first house I built, to build another home. The bank wanted me to "bridge" the loans together, so there was no ruch to sell the first house. NO WAY!!

We sold the first, and rented for just a while. That way we knew exactly how much we had and didn't "rush" into the next house. We took our time, and are so glad we did. We got the home we wanted, at the right price, in the perfect area, with no massive bank mortgage over our heads. We done it stress free and in our own time.

Just my experience hon!!