Finding a property you want to buy before your own home is sold is a situation many people encounter. The temptation to secure the new property before it is snapped up by another buyer is understandable. Whether making an offer in this position is sensible depends on the market, how confident you are about selling your own property, and how motivated the seller is.

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What Is a Proceedable Buyer?

Estate agents use the term proceedable to describe buyers who are in a position to proceed to exchange of contracts without delay. A proceedable buyer is typically someone who has no property to sell, who has already sold their property, who has exchanged contracts on the sale of their property with completion due imminently, or who is a cash buyer with funds available. A buyer who has not yet sold their own property is generally regarded as not fully proceedable and is treated differently by sellers and agents.

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Can You Still Have an Offer Accepted?

Yes, sellers can accept offers from buyers who have not yet sold their own property. Many do, particularly in a slower market where proceedable buyers are scarce or where the seller is not in a rush. However, sellers in a competitive market, or those who have already had a sale fall through due to a buyer's property not selling, are likely to prefer a proceedable buyer even if they have to accept a slightly lower price.

Being transparent about your position

It is important to be honest with the estate agent about your position. Misrepresenting yourself as proceedable when you are not creates problems when the agent or seller investigates your chain position. A seller who discovers your property is not yet on the market after agreeing to take theirs off the market may withdraw the offer acceptance.

Putting your property on the market first

Having your own property actively marketed, and ideally having received at least one serious offer, significantly strengthens your position when making an offer. A seller who can see that your property is on the market with a competitive agent at a realistic price is more confident that your sale will proceed in a reasonable timeframe.

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Subject to Sale Clauses

In some cases, a seller will accept an offer subject to the buyer's own sale completing within a specified period. This is sometimes used in slower markets where the seller values a particular buyer's offer but wants some protection against an indefinite wait. The arrangement typically gives the seller the right to continue marketing and to accept another offer if a proceedable buyer comes along, at which point the original buyer has a short period to match the new offer or lose the property.

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The Risk of Gazumping

If a seller has accepted your offer but a more proceedable buyer subsequently comes along and offers a similar or higher price, the seller may accept the new offer, a practice known as gazumping. This is legal in England and Wales before exchange of contracts. A buyer who is not yet proceedable is more vulnerable to gazumping than a buyer who is ready to exchange. Getting to exchange as quickly as possible, by selling your own property promptly, is the best protection against this risk.

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Summary

You can make an offer on a house before your own is sold, and many sellers will consider it, particularly in slower markets. However, you will generally be treated less favourably than a proceedable buyer. Having your own property actively marketed with a realistic price significantly improves your position. Once an offer is accepted, move quickly to sell your own property and progress both transactions to exchange as fast as possible.