Borrowing on card to increase offer on House???

TonyDebs

Hi all

We have crossposted this question.

We have been negotiating on a house that has been on the market for the last 2 years.

The house is perfect for us, they want £225000 -£230000 as the agents have told us (we have done research of the local area and last similar house to sell, sold for £210000 last year) we have sold ours for £215000, we have no mortgage., but no saving sas my wife lost her job and I was reduced to part time, but been commuting towork (100 miles), now full time. SHe now works part time

We have been communicating with sellers agent, negotiating a fair price and we reached £223,the agent told us that this has been rejected as they need more money to proceed with their purchase.

I know it’s only a few grand now, but do you think we should re offer the same offer or increase our offer to £225000 and borrow the money on a credit card/loan???



Lookingforward to your replies.

God this is stressful…..



Tony &Debs

chalkie99

You might get better or different answers on the mortgage section of the forums.

My instinct though is that this is estate agent blarney.

Firstly, if a similar house sold for £210k last year then the value of the house you want is likely to be similar or less now.

Secondly, how are the owners trying to "proceed with a purchase" if their own property has been on the market for two years?

It's a buyers market, I would be offering less and putting a time limit for acceptance on the offer.

opinions4u

Stand your ground. Repeat the current offer as "full and final". If they don't play ball move on to the next property.

Buyers' market.

DCFC79

chalkie99 wrote: »

You might get better or different answers on the mortgage section of the forums.

The OP has already posted it on house buying and credit card sections

cte1111

On the specific credit card question, my answer would be no, not in a million years. How are you going to pay back the credit card given your income situation? You'll also have other moving costs that need to be paid for somehow.

I would leave your offer on this house and start looking for something £10k cheaper.

jonesMUFCforever

I have replied on the other thread - this would be a daft idea.

Apples2

I was going to reply but everything on my mind has already been covered on the other thread

https://forums.moneysavingexpert.com/discussion/3945181

e.g This house massively overpriced (2yrs with no interest)
Seller trying to get the OP to pay them extra so they can move (cheeky swines)
Little job security and no savings but tying to commit 100% to a house

The house isn't even in a convenient location having to commute 100 miles to work.

DCFC79

OP whats more important to you, the perfect house or a job that means a 100 mile commute ?

Would you be able to enjoy the perfect house compared to if you lived closer to the house so doing a 9 - 5 job with a say a 10 mile commute ?

Stan_Here

Tell the agent your offer is final and that you are aware that you are already offering above market value and there is no more movement. Suggest that he brings to the sellers attention that it is a buyers market and that the house has already been on the market for 2 years and another 2 years may go by before another buyer, who is essentially a cash buyer, arrives on the scene.
You may also want to suggest that if the seller needs more money to proceed with their purchase, they may like to borrow on their credit card, or even renegotiate their selling fees.
If they have something that they want to buy they are going to lose it if they do not proceed with you as clearly there is not a queue of people lining up to buy their house.
If none of this works, move on. Do not borrow thousands on a credit card as that is the start of financial disaster. If you must borrow some additional funds, go for a small but short mortgage that will not cause you major financial issues in the future. A £10-£15K mortgage over 5-10 years to cover any extra you wanted to bid on the house plus selling/buying/moving fees is much better than using a credit card at 20-30% interest. But dont do it!! Final bid or move on is best.

TonyDebs

Hi

Thanks for all your advice, at the moment my commute to work is more so we would be moving closer to work. But long term goal is to look for work nearer the new house.
Have spoken to my estate agent who has told me to wait for another property to come along or maybe if nothing turns up to move to rental.

Apples2

Hang on!! Isle of Wight is only 25 miles across, your commute out through (and in through) Pompey must take hours. Why not simply move to the mainland?