Mortgage V Loan (Great opportunity)

yakface77

Hi all, id so appreciate any help, ive had my eye on a commercial premises for ages now and its been for sale for £110k for 2 years, and had 3 or 4 offers an dall have pulled out at last minute due to no mortgage.

ANyway, my offer of 50k has been accepted today by the elderly owners who want to get rid before they think the market will slump.

I need £50k asap, so should i get a loan or another mortgage do you think ?? i currently have £47k outstanding on my current house mortgage.


The idea is that i purchase this and sell quickly to make some good money quickly. Other agents still value this commercial property as £110k

I think that at 50k even if prices do fall more ill still be quids in, as this property was purchased for £95k in 1997. Any expierienced advice on how i could proceed quickly to get the money would be very appreciated.
thanks
craig

_Andy_

What makes you think you can make a profit or even sell it?
It's been on sale for two years with four offers that have pulled out - surely that should be telling you something?
Are you sure £50k is the bargain you think it is?

yakface77

Hi Andy, its a commercial property that is in very good condition inside, offers from 90k-110k have been accepted since 2007 until now, and i understand that people have had problem mortgaging it over 90k as its commercial.

Thinking about it i may just keep it as an investment (pension) and sell in 20-25 years, if thats the right time, and lease it or even use it as a a business, it is based in a very nice part of the country.

Ive called other agents and friends who know far more about proprty than i do and have asked them what they think its worth all have said 100-110k, and that 80-90k is a good deal. It is still marketed at 110k.

To get it respectable and looking remarkably better than it is from the exterior will cost about 1k for paint and new facias.

I hear what you are saying, but know that noone has dreamed of offering less than half the asking price, i would just like to improve our position and think ahead, i realy think that this is a bargain.