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Buying our potential buyers house (part ex)
karenthemummy79
Posts: 176 Forumite
We have been on the market for 16mths with the odd viewing and a couple of weeks ago had a viewing from a family that had accepted an offer on their house and they loved our house... Unfortunately, the offer on theirs fell through the next day. I have noticed on right I've that on their house it says 'will consider part ex for a larger property' which got my brain ticking...
Based on asking prices we have 90k equity so could potentially use 30k of it as a 25% deposit to buy theirs which is an ideal rental house and would get approx £550mth rent. This would still leave us with approx 50k (after fees) as a deposit on a new house for us.
Does this sound like a crazy idea or is it potentially a good way of us both getting the sales we want and us getting a nice little investment too?
Based on asking prices we have 90k equity so could potentially use 30k of it as a 25% deposit to buy theirs which is an ideal rental house and would get approx £550mth rent. This would still leave us with approx 50k (after fees) as a deposit on a new house for us.
Does this sound like a crazy idea or is it potentially a good way of us both getting the sales we want and us getting a nice little investment too?
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