Advice for my parents please who are desperate to get moved

GixerMoss

Hi folks looking for ingenious suggestions really here

The situation =
Parents ages 63 & 70
Selling Bungalow in a nice village nr Bath for £230k
Wanting to buy similar bungalow up here in my village near Lincoln for £150k
They have had a sale fall through twice!
Same buyer on both it was her buyer, and buyers buyers buyer that have collapsed the sale
The house has been on the market since April
they have had a few viewings but only this one buyer (who still seems keen but her property is on the market for £500k.... )
They are desperate to get moved up here to have more involvement in their 1st grandchilds life (he's 9 months old now)
Due to age and income a mortgage is a no no, I've suggested buy to let and my Dad had too many concerns to go through with it
MY brother offered to take out the mortgage but because he is currently living in Dubai and already have 1 UK property his financial bod said a 25% deposit would be needed and my folks only have savings of £22k (needs to pay all the legal and moving costs too) and my brother could only raise an additional £10k

Their estate agent is now suggesting a 2nd price reduction, it was originally at £249,950, he now wants to market it at £209,950 looking to accept £200!

sorry for waffling! I desperatly want them here but not at the cost of their retirement fund! (or ultimatly mine and my brothers inheritance) I don;t want them skint in their old age my dad has worked very hard all his life to ensure they are comfortable (he's budgeted for them both to live to 93 anything beyond that he says the state can deal with!!!)

any suggestions? I'm at a loss what to say to them

Annisele

Unfortunately if the house hasn't actually sold at £230k, there's a very good chance that it isn't actually worth £230k - especially if the estate agents are now saying that £200k might be a reasonable price.

Is there any way that they can rent up in Lincoln for a while?

justme111

I am interested in the house that been originally on the market for £240, sale fall through twice for those people as well, it is on for £230, I offered £208, they declined. Nobody else is buying the house and its been on the market for a year, changed estate agent in the meantime. I guess when their second estate agent contract comes to the end in March their either going to accept my offer or take it off the market and stay put.

My friend is selling a house, a divorce case. House been on the market for £330, now is at £290 so they may be lucky if it sells for £280. They are going to drop the price till they sell or till it becomes within their affordability to buy another one out.
I can see in my area a quoter of the houses that been for sale are just taken off the market, I guess because people realise they are not going to sell for what they want to.
You could try and buy bungalow not at 150000 but at 130000 I guess.

GixerMoss

thanks guys, I did suggest to them 3 months ago biting the bullet and auctioning it, as then the agent was confident of £210k at auction!
the one they want accepted their offer of 150 reluctantly, it was on for 160, they offered 143 and kinda met in the middle

it seems a case of the bungaow type buyers are mostly staying put at present so even though its a desirable location for a family and a very big 3 bed home missing a floor means missing that market

I think its hitting my ma.... as they sold our family home 5 years ago (for £280k) to buy this (then at £235k) but dad reminded her they've only ever paid off a £32k mortgage so are still kinda well up lol

McKneff

Could they rent it out and rent somewhere near you.

I can understand them wanting to be involved in their grandchildren.

I have 2 lovely little grandaughters who live 150 miles away and only see them 3 or 4 times a year and sometimes I just ache to see them
(New Years Eve next for a few days :j)

getmore4less

they have had a few viewings but only this one buyer (who still seems keen but her property is on the market for £500k.... )


You either need to get this buyer to do something or forget them and replan.

If you just buy the place at £150k with brothers help then the costs will be quite low.

25% is £37500 you have £32k so not far off and if there is a plan to rent out the place near bath that could be used to raise more money.

What has happened to all the equity they released 5 years ago only £10K left? That woud raise some concerns on the ongoing viability of their budget.


Are you sure you are staying where you are long term.

GixerMoss

At present we see them about bi monthly, its hard for us to find time to visit them properly and my dad won't motorway drive anymore and takes 7 hours to get here

they helped me get on the property ladder 5 years ago....

my dad put a kybosh on rent to rent as he's and old git now (his words) and just can't face packing and unpacking more than once.

they would be £5.5k short of the deposit and have nothing for solicitors, removal co etc

I think their only option with their restrictions (i know mostly self imposed) is to accept the lower valuation and see what happens

Eric1

£249,950 - 20 % = £200,000, if you want to sell, says the EA.
£500,000 - 20 % = £400,000
[STRIKE]£150,000 - 20 % = £120,000[/STRIKE]

edited to correct: £160,000 - 20 % = £128,000

GixerMoss

what the EA says and reality.... far removed!
The property up here was priced to sell really and its an old old dear who would rather not sell than sell too cheap (tis still the best value for the type of property my folks want in the village b a good £50k)

The £500k buyer started out at £560! I think she had accepted an offer of £450 but I'm damned if I know what happened there lol

getmore4less.... yes we are here long term, well may move into a bigger place but I want to stay in the village we're in and on the scale of things a move up from a 2 to 3 bed if not unrealised money wise here.

I think my parents will just have to accept that they wont get the £230 they thought they would unless a miracle happens and that chain gets on the move again.

Thank you everyone for your input its nice to get opinions from those NOT in the business eg estate agents/mortgage/financel people