Buying another house before selling the one i'm in

[Ivan McIntosh]

I'm wanting to sell my home and move towns and have already found the property I want. However I have not sold my house yet - it's not yet on the market either as I want to paint the exterior first - starting next week.

Is there a way that I can sign a S&P agreement and put a condition on it stating that it is conditional upon sale of my house - is that possible.
Has anyone tried this with success?

What could I do in this situation to secure the property before selling mine?

Your advice will be greatly appreciated,

Regards,

This is very common and all agents will have standard clauses written up for the right date to be put in.

As PIM says the agents aren't too fond of them because one failure can trip up a string of sales...one reason why auctions are so in favour, although far from the only or major reason. But nevertheless it is a very common condition and no one should have particular difficulty with it.

What you may find is that the vendor wants a "Cash-out clause", where if they get a better offer while you are still waiting to sell your house, they can give you five (for example) working days to sell your house or they can cancel and take the better offer. That gives them a bit of protection, given that a condition to sell your house can keep theirs tied up for quite some time...usually at least a month...with no guarantee that you will actually complete.

[Pim]

Another option might be to put a periodic tenant in one or the other (the one which will get the highest rent) to cover the mortgage until your current home sells.

[Pim]

It is quite common, or used to be, and hated by REAs as they'd have a string of sales e.g. A offers buy Bs house conditional upon sale of his, B puts an offer on C's house conditional on B's house selling. If A can't sell in time they all fall over.
Anyway, yes, it is an option for you. Another option would be bridging finance if you can get/afford it.

[First time home buyer]

I'm wanting to sell my home and move towns and have already found the property I want. However I have not sold my house yet - it's not yet on the market either as I want to paint the exterior first - starting next week.

Is there a way that I can sign a S&P agreement and put a condition on it stating that it is conditional upon sale of my house - is that possible.
Has anyone tried this with success?

What could I do in this situation to secure the property before selling mine?

Your advice will be greatly appreciated,

Regards,