Parent's dream move
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doningtonphil
Posts: 443 Forumite
Hello
My in laws are in their mid 70's. They realise they need to move closer to one of their daughters and they spotted a house they love near us.
They thought all was going well when they put theirs on the market (offers over £185000) and had an offer within 48 hours. They have put an offer in in the house near us they love (its in Scotland)
Unfortunately there buyer has just pulled out so they are back to square one.
They are really keen on the house near us. The house they want is £220000. They have £100000 in cash. Their current house has no mortgage and is valued at £185000.
F.I.L still works and recieves a salary from a company that he owns and is one of 2 directors of.
Apart from waiting for another buyer to turn up in the short term, are there any suggestions about how they can fund the move while their house is still on the market?
What is the view of the 'we buy any house.com' types of company? I appreciate they offer below market value, but how far? Any suggestions for any short term mortgage type schemes that could help them, bearing in mind their circumstances?
Hope you can help
Phil
My in laws are in their mid 70's. They realise they need to move closer to one of their daughters and they spotted a house they love near us.
They thought all was going well when they put theirs on the market (offers over £185000) and had an offer within 48 hours. They have put an offer in in the house near us they love (its in Scotland)
Unfortunately there buyer has just pulled out so they are back to square one.
They are really keen on the house near us. The house they want is £220000. They have £100000 in cash. Their current house has no mortgage and is valued at £185000.
F.I.L still works and recieves a salary from a company that he owns and is one of 2 directors of.
Apart from waiting for another buyer to turn up in the short term, are there any suggestions about how they can fund the move while their house is still on the market?
What is the view of the 'we buy any house.com' types of company? I appreciate they offer below market value, but how far? Any suggestions for any short term mortgage type schemes that could help them, bearing in mind their circumstances?
Hope you can help
Phil
0
Comments
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avoid companies who buy your house quick, they will give you under market value and on the day of exchange Gazunder you even more, in terms of how, depends on how much your willing to go down, certainly more than 30% for sure
Your parents will need to wait i'm afraid for their buyer like anyone else who has a chain.
A bridging loan is a possibility but risky and expensive. Sell house first and then think of where to buy. Do not rush"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Duplicate thread: http://forums.moneysavingexpert.com/showthread.php?t=56533290
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