Sell Now & Rent and Stay & Sell Later? Dilemma...

AndyLiverpoolFC

Here's the deal. We've had an offer accepted on our property and had an offer accepted on the property we like but then our mortgage deal fell through (I won't get into details) and we can't get one approved until August 2011.

So....

Do we continue with the sale of our house, and rent for 6-9mths and then look for other houses in the summer (We're going to miss out on the house we like but hopefully there will be others)

OR

Do we pull out of everything now and put our house back on the market in the summer and start afresh? Really not keen on letting our buyers down.

poppysarah

Why were you selling?

AndyLiverpoolFC

poppysarah wrote: »

Why were you selling?

We just fancied moving to a better area really. It's not imperative that we move although we would like to...

nomoneytoday

Depends on what you think property prices will do in that time?

LMCD

I'd personally consider the fact you could rent but not find somewhere to buy....I would wait - its unfortuante to let the buyers down but if you haven't got a mortgage in place and its a whole lot of cafuffle moving twice in a short space of time....address changes and packing etc.

what does your gut tell you ? reckon you could get more in the summer or ask the buyers to wait til then too and promise them the sale, less problems of sellers fees and no hassle for them to be looking around etc could work in both your favour.

brit1234

Very straight forward. Sell and rent till summer. You are the great postion of having a buyer in a dead market, bite their arm off and accept. Prices are going to continue falling and the mortgage fiance will get harder.

Take the offer your be mad not too.

mlz1413

Are you sure you will get another mortgage in 2011?
Will you have enough deposit if LTV's go down?

Do what is right for you, if you really want to sell this house then sell it. If you are happy in rented until the right house comes along then sell it. But if the thought of deposits / credit checks / moving fills you with horror then stay where you are.

I think the point about gut feeling is true, gut feeling is often the best answer to any dilemma.

rilou81

I would sell you house and rent 100%!!! You are very lucky to have a buyer and if prices cont to fall you will get a better price on a house! You never know the one you like may still even be for sale!
Also you will be in a stronger position to bargain on any house you want x

AndyLiverpoolFC

Thanks all.


Advantages of staying

• We do really like the house we currently have (not in a rush to move)
• What happens if LTV changes and we can't get a mortgage in August? We're stuck in rented accomodation
• We're not moving 'off' the property ladder when everyone is clammering to get on it!
• Still paying regular mortgage payments (does this look good on credit rating?)
• Will have slightly more deposit when we do move next year (more time to save)
• We might not find house to buy that we like and/or hate the place we rent

Advantages of selling & renting

• Get decent price (and sellers) for our house now
• In a strong buyers position if we do find a house we like next year
• House prices may fall
• Don't let our buyers down.

Really tricky!!

Catatonia

I would rent. But why not have a look round to look at the kind of place you could get? You could even end up being able to save more money as you could rent somewhere a lot smaller as you know it's only going to be temporary.