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Cash buyer for ours but no place to buy!
Queen_of_the_Hive
Posts: 1,238 Forumite
We are in a poop situation - area where we want to buy there is little for what we want in the price range.
Accepted offer on our place by a cash buyer - taken a 5k hit.
Stuck -they want to move in soon and we dont have anywhere to go. Not keen on moving into rented. Should we pull out for cash buyer?
Accepted offer on our place by a cash buyer - taken a 5k hit.
Stuck -they want to move in soon and we dont have anywhere to go. Not keen on moving into rented. Should we pull out for cash buyer?
2025 financial goals & challenges!
1). Mortgage (started Jan 2024) £103,899.61 / £122,400.00 Overpayment total: £1,071.14 (Inc Sprive yr 1 o/p £19.16 & £55.34 reg monthly overpayment) Equity 27%
2). #7 Save 1p a day challenge 2025 £360/£780
3). £2,249.06/£3000 in Investment ISA (35/50 investments)
4). Increase cash savings & saving pots
5). Keep debt to a minimum.
Favourite quote: 'Life is like a box of chocolates, you never know what you're gunna get!' Forrest Gump
1). Mortgage (started Jan 2024) £103,899.61 / £122,400.00 Overpayment total: £1,071.14 (Inc Sprive yr 1 o/p £19.16 & £55.34 reg monthly overpayment) Equity 27%
2). #7 Save 1p a day challenge 2025 £360/£780
3). £2,249.06/£3000 in Investment ISA (35/50 investments)
4). Increase cash savings & saving pots
5). Keep debt to a minimum.
Favourite quote: 'Life is like a box of chocolates, you never know what you're gunna get!' Forrest Gump
0
Comments
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NO! You'd be mad to decline their offer now. Consider going into rented. When you find another property you'll be chain-free and that's an excellent position to be in.0
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how much do you want to sell? if your just hoping to sell one day then pull out. If you actually put it on the market to sell it then continue with your sale.
what are your concerns about renting? you have to pay to live somewhere and a 6 month contract will soon fly by even if you found somewhere soon after moving in.0 -
We moved into rented before we sold (relocation). When we did sell it put us in a stronger position for buying.
Don't lose your sale.0 -
Only you can make the call. Which is "worse" for you: losing your buyer or renting? For us, it was definitely losing our buyer. We decided to rent. As it turned out, that cloud definitely had a silver lining, as we're in the process of buying a place that needs work before it is habitable (for us). If we had not rented, we wouldn't have considered this property.
Are there underlying reasons why you're not keen on renting? I know it's an upheaval, but it would put you in a great position when "the" property turns up"Science is a wonderful thing if one does not have to earn one's living at it" Einstein 19510 -
You obviously want to move so sell, move to rented and pounce when a great property comes up.0
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Just rent somewhere. What's the big deal?0
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Hello everyone, thank you for making me smile again as my husband says.
I guess my main fears are how will living in rented affect our ability to buy the next place in terms of credit score. However from the comments posted, from talking to people at work and my wise old owl of a father. I know now that rented is not that bad.
Chain free status is a definate advantage too so thank you
2025 financial goals & challenges!
1). Mortgage (started Jan 2024) £103,899.61 / £122,400.00 Overpayment total: £1,071.14 (Inc Sprive yr 1 o/p £19.16 & £55.34 reg monthly overpayment) Equity 27%
2). #7 Save 1p a day challenge 2025 £360/£780
3). £2,249.06/£3000 in Investment ISA (35/50 investments)
4). Increase cash savings & saving pots
5). Keep debt to a minimum.
Favourite quote: 'Life is like a box of chocolates, you never know what you're gunna get!' Forrest Gump0 -
its okay jumping of the housing market short term, but if your happy where you are why have all the hassle of moving twice.
i would just sit tight where you are now and when your ready to move i would put your house up for sale again.
If its priced right it will sell again, you wont lose anything because when you choose to buy the house prices will be relevent to what you sell yours for.
A lot of people tried to jump off the housing ladder a few years ago and they got their hands severely burnt.0 -
new_home_owner wrote: »its okay jumping of the housing market short term, but if your happy where you are why have all the hassle of moving twice.
i would just sit tight where you are now and when your ready to move i would put your house up for sale again.
If its priced right it will sell again, you wont lose anything because when you choose to buy the house prices will be relevent to what you sell yours for.
A lot of people tried to jump off the housing ladder a few years ago and they got their hands severely burnt.
But they want to move - hence why they are selling.
Who says it will sell again, in a timeframe that will allow them to purchase another property? Big gamble there in this market.
Who are these severely burnt people you speak of?0 -
We were in a similar situation a week ago. We sold our house extremely quickly and there was nothing on the market that was in our budget that we actually wanted to move into.
I dreaded the thought of renting, especially with two children and a menagary of animals.
I was getting concerned and we were headed to see anything, whether suitable or not, but then that one house came on the market. It was perfect, in our budget and the exact location.
Don't let go of your cash buyer as when that house does come on the market you are in a strong position.
If you have an area in mind write a letter and do a letter drop.
We were going to do that and others that have have had a good response from people.
Good luck!0
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