How to get 'dream' home when we haven't sold ours yet?

caitcam

I have my house on the market and have had a few viewings but no offers as yet. My house is on the market lower than any other its size in this area as we want a quick sale. However, our dream home (which was previously sold but the buyer dropped out a few days ago, days before exchange of contracts) is now back on the market, we have viewed it and the vendors are happy to take a much lower offer as they have a property to move into as soon as their house sells again.

I want to know what is the best way to afford this house, obviously the best choice is to wait until ours sells, but I fear the other house will be sold by then, so do I change my current mortgage to a buy to let mortgage and use some of the equity (approx £50000) as a deposit and purchase our dream home?
or
Try to get a bridging loan until will sell our house.

I've spoken to London and Country and to be quite honest they were as much use as a chocolate fire guard. I just wanted to know what is feasible, if anything or whether to put my trust in faith and if its meant to be then we will sell and the other will still be available.

All suggestions greatly received.

Thanks

hazyjo

Bridging loans are really for very short timescales. Definitely not advisable in this instance!

Reduce the price further, or sell at auction. Can't see any other alternatives. You are not in a position to offer on the other house until you have a buyer.

Check what similar properties have sold for and price yours accordingly.

Not really advisable to let yours out just to buy another. I'd not be a LL unless I had absolutely no choice. Far too many responsibilities and potential nightmares/headaches. Obviously we have no idea if you could do it financially either as you've not given salaries, amounts outstanding, etc...

I know it's tough - I've been in the same boat and lost a 'dream home'. Nothing compared for months and we settled on a compromise house (same style, just a terrace rather than end of) until that deal fell through, then we found the house we're in now (we started looking in a different area) and OMG we're so happy we got it! Love it, and it was £40k cheaper, and it's bigger.

Jx

mandi

If I was in your shoes I would

Drop the price & advertise an open day in your local press .

If you sole agency agreement on a " no sale No fee" you won't have to pay the agency fees if you then go on to sell it privately .

In the meantime " register an interest" on your dream home so you can be informed of the progress .

Importantly make sure your house is well presented & immaculate .:)

murphydog999

Not very constructive advice but I would say leave things to fate, if it's meant to be, and all that.......