One of the most common questions we’re asked is: Do I need to have sold my house before making an offer on another?
The short answer is no — but there are definite advantages to doing so.
As you’ll know, selling a home can take time (even with a great estate agent), and most sellers want their move to be as smooth and swift as possible. That’s why, when a seller receives multiple offers, they’re more likely to choose a buyer who’s already in a position to proceed quickly.
This is known as being a proceedable buyer. Here’s how it works.
How proceedability is usually ranked
- Buyers who have already sold their home are the most proceedable. They’re committed, chain-free and able to move quickly.
- Buyers who have their home on the market — but not yet sold — come next.
- Buyers who haven’t listed their property yet are considered less proceedable, as they still have a sale to secure before they can move.
Other proceedable buyers include cash buyers and first-time buyers, who aren’t dependent on another property sale.
The advantages of selling before you buy
If your home is already sold, you’re in a much stronger position when making an offer. You’ll know exactly what you can afford, and sellers will take your offer more seriously.
In many cases, a seller may even choose your offer over others at a similar price because they can see you’re ready to move.
The downsides of not having sold
If you haven’t sold your home yet, a seller may be hesitant to wait. They could accept another offer from someone who’s more proceedable.
There’s also a financial risk — if your property sells for less than you expect, it could leave a gap between what you can offer and the price of the home you want to buy.
Can you make an offer before selling?
Yes, absolutely. You can still make an offer even if your property isn’t yet on the market.
Just be upfront about your position and do what you can to show you’re serious — know your budget, get your mortgage in principle arranged, and move quickly to list your property for sale.
Taking these steps will make you a more credible buyer and could improve your chances of success.
If you’re planning a move, we’d be happy to help you get started with a free market appraisal and valuation. Call or message our Thetford team today.
We hope you’ve found this article useful. If you know someone thinking of buying or selling, please share it with them.
Article by Andrew Overman | Partner | Location Location East
