Found the house I want to buy, haven't sold mine...
Discussion
I've been studying the local housing market for many months whilst awaiting a cash windfall from an investment that has just arrived to help fund a move up.
In these months, there hasn't been much on the market in the price range and location I want to buy in, except for one house which looked ideal, but seemed a little overpriced, and a couple of weeks ago it was reduced to a more realistic level.
We went to view it about 10 days ago, and it's exactly what we want, however we only put our house up for sale last week, so at the moment we're just nervously hoping to sell ours before someone else beats us to the house we want. I don't anticipate our house taking a long time to sell as it's well priced and in a popular price bracket, so we might get lucky, but is there anything more proactive I can do than cross my fingers?
In these months, there hasn't been much on the market in the price range and location I want to buy in, except for one house which looked ideal, but seemed a little overpriced, and a couple of weeks ago it was reduced to a more realistic level.
We went to view it about 10 days ago, and it's exactly what we want, however we only put our house up for sale last week, so at the moment we're just nervously hoping to sell ours before someone else beats us to the house we want. I don't anticipate our house taking a long time to sell as it's well priced and in a popular price bracket, so we might get lucky, but is there anything more proactive I can do than cross my fingers?
My uncle accepted a none refundable deposit on his house sale in this scenario. 10k on a circa 450k sale with an agreed end date when the house would be put back on the market. Perhaps you could agree something like this through a solicitor.
Or get a bridging loan if you can afford two lots of payments while your current house sells.
Or get a bridging loan if you can afford two lots of payments while your current house sells.
Taking out an option to purchase as above is worth exploring if the seller will go that route.
Can you get a loan from friends and family ?
If not, then your only other third-party choice will be a bridging loan, in essence a short term mortgage. You will need lots of equity in your current property, good monthly disposable income, and a soft comfy chair to sit down on when you see the rates and fees (well over 15% annualised).
Can you get a loan from friends and family ?
If not, then your only other third-party choice will be a bridging loan, in essence a short term mortgage. You will need lots of equity in your current property, good monthly disposable income, and a soft comfy chair to sit down on when you see the rates and fees (well over 15% annualised).
Gareth1974 said:
I've been studying the local housing market for many months whilst awaiting a cash windfall from an investment that has just arrived to help fund a move up.
In these months, there hasn't been much on the market in the price range and location I want to buy in, except for one house which looked ideal, but seemed a little overpriced, and a couple of weeks ago it was reduced to a more realistic level.
We went to view it about 10 days ago, and it's exactly what we want, however we only put our house up for sale last week, so at the moment we're just nervously hoping to sell ours before someone else beats us to the house we want. I don't anticipate our house taking a long time to sell as it's well priced and in a popular price bracket, so we might get lucky, but is there anything more proactive I can do than cross my fingers?
If your income is sufficient, there is nothing to stop you purchasing the new property whilst waiting for the current one to sell.In these months, there hasn't been much on the market in the price range and location I want to buy in, except for one house which looked ideal, but seemed a little overpriced, and a couple of weeks ago it was reduced to a more realistic level.
We went to view it about 10 days ago, and it's exactly what we want, however we only put our house up for sale last week, so at the moment we're just nervously hoping to sell ours before someone else beats us to the house we want. I don't anticipate our house taking a long time to sell as it's well priced and in a popular price bracket, so we might get lucky, but is there anything more proactive I can do than cross my fingers?
Your income would need to be more than the combined two balances when you multiply it by 5. You would still need a deposit and naturally maintain both mortgages until the current one sells.
It's certainly trick but I suppose it depends on how much you don't want to miss out on this property and how confident you are of a quick sale on the current property.
Gareth1974 said:
I've been studying the local housing market for many months whilst awaiting a cash windfall from an investment that has just arrived to help fund a move up.
In these months, there hasn't been much on the market in the price range and location I want to buy in, except for one house which looked ideal, but seemed a little overpriced, and a couple of weeks ago it was reduced to a more realistic level.
We went to view it about 10 days ago, and it's exactly what we want, however we only put our house up for sale last week, so at the moment we're just nervously hoping to sell ours before someone else beats us to the house we want. I don't anticipate our house taking a long time to sell as it's well priced and in a popular price bracket, so we might get lucky, but is there anything more proactive I can do than cross my fingers?
Yes make an offer to buy at an agreeable price with the vendor on the condition that the property is removed from the market, hopefully yours will sell quickly (if not drop the price) job done
In these months, there hasn't been much on the market in the price range and location I want to buy in, except for one house which looked ideal, but seemed a little overpriced, and a couple of weeks ago it was reduced to a more realistic level.
We went to view it about 10 days ago, and it's exactly what we want, however we only put our house up for sale last week, so at the moment we're just nervously hoping to sell ours before someone else beats us to the house we want. I don't anticipate our house taking a long time to sell as it's well priced and in a popular price bracket, so we might get lucky, but is there anything more proactive I can do than cross my fingers?
Yes make an offer to buy at an agreeable price with the vendor on the condition that the property is removed from the market, hopefully yours will sell quickly (if not drop the price) job done
We were in a similar, but less rich situation. We wanted / needed a bigger house - kids on way etc. Ours was 99% ready to market - needed a few touch ups etc. We then saw our dream house come on the market as a reposession.
We werent in a financial position to get a bridging loan. Fortunately for us, a relative stepped in, bought the new place, and will sell it to us once ours sells.
The value will have gone up by 20k due to the renovations / repairs I am doing, but thats being used as a family-gifted deposit for us, meaning we dont have to find £15k deposit for the new place.
We werent in a financial position to get a bridging loan. Fortunately for us, a relative stepped in, bought the new place, and will sell it to us once ours sells.
The value will have gone up by 20k due to the renovations / repairs I am doing, but thats being used as a family-gifted deposit for us, meaning we dont have to find £15k deposit for the new place.
broken biscuit said:
We were in a similar, but less rich situation. We wanted / needed a bigger house - kids on way etc. Ours was 99% ready to market - needed a few touch ups etc. We then saw our dream house come on the market as a reposession.
We werent in a financial position to get a bridging loan. Fortunately for us, a relative stepped in, bought the new place, and will sell it to us once ours sells.
The value will have gone up by 20k due to the renovations / repairs I am doing, but thats being used as a family-gifted deposit for us, meaning we dont have to find £15k deposit for the new place.
Would you not have to pay stamp duty twice though..unless they paid and deeds put in your name.We werent in a financial position to get a bridging loan. Fortunately for us, a relative stepped in, bought the new place, and will sell it to us once ours sells.
The value will have gone up by 20k due to the renovations / repairs I am doing, but thats being used as a family-gifted deposit for us, meaning we dont have to find £15k deposit for the new place.
Sarnie said:
LeoSayer said:
How about renting your current house rather than selling it?
I assume he needs the funds out of it to purchase the new house.............cailean said:
Sarnie said:
LeoSayer said:
How about renting your current house rather than selling it?
I assume he needs the funds out of it to purchase the new house.............Thanks for the advice from everyone - when I posted this, interest in my house has dried up after a couple of viewings during the first weekend on sale, on Wednesday I decided to lower the asking price by 20k, and since then 5 viewings have been arranged, the first two of those took place this afternoon with both partiesseeming interested, and I've now had an offer of just £2k below asking price from with two more viewings booked tomorrow and another on Monday.
Do with a bit of luck, I won't need to pursue the expensive sounding bridging loan option!
Do with a bit of luck, I won't need to pursue the expensive sounding bridging loan option!
Maryben said:
cailean said:
Sarnie said:
LeoSayer said:
How about renting your current house rather than selling it?
I assume he needs the funds out of it to purchase the new house.............Gassing Station | Finance | Top of Page | What's New | My Stuff