Who is fibbing?

jalowes2002

poppysarah wrote: »

An aside.

Don't borrow your parent's life savings as a "bridging loan".
Sell your house first.
There's a reason it's not sold?

If you must know its not my parents life savings they are very wealthy and very kind. Plus they know they'd get it back. And our house isnt on the market yet, the offer was so we could be in a good position to buy. Theyve done it for us before, and for my brother and got every penny back with interest.

Anyway it seems he has gone with the higher offer, the other purchasers have had a survey already. C'est la vie!

jalowes2002

Gwhiz wrote: »

He's greedy but you're cheeky putting on a low offer! Horses and all that.

If he's a MATE why not have an honest sit down discussion as to what he wants and what you are willing to offer. Seems the grown up thing to do!

Tried that, he had his business hat on unsuprisingly, and fair play I suppose.

getmore4less

Probably just used you to get the others to up their offer.

Cissi

Actually, with a bridging loan you aren't really a "cash buyer". Chain-free, yes - but a true cash buyer doesn't require any mortgage or loan.

This may seem picky, but it does impact on your bargaining position as with a loan you're still in the hands of your lender with regards to valuation, survey, insurance etc.

(Incidentally, even most EAs don't seem to get this - even after explaining our position as cash buyers we were routinely offered the services of the in-house MA...)

Edited to say that I've just realised that your bridging loan is offered by your parents - but unless you own your current house outright you still aren't cash buyers as you'll still need a mortgage.