Putting house on market for one possible house to buy

Dan-Dan

Bridging a potential £625k ?! (worst case i know)

Halle71

cattie wrote: »

There is a big potential here for disappointment & cost, and this is for both you & anybody who puts an offer in on your house.

As you mention you only want this house & no other, what happens if a buyer goes through all the expense of survey, legals etc. & then the vendor of the house you want to buy pulls out for any reason?

You will just carry on living in the house you currently own, whilst your buyer could be left out of pocket & finding in such a fast moving market, that other similar properties have increased by many thousands of £'s which could well mean they have missed the boat & been priced out of the type of property they hoped to buy.

Do think about this carefully & if you do go ahead I think you need to be very open & honest with anybody who makes an offer on your current house to ensure that they understand the situation & any possible implications fully.

Exactly - this is our dilemma.
However, we are very familiar with the market having bought a BTL locally last year and constantly looking for our next house so know that if we don't get this one we will come off the market. We hope to have an open day the week after this one's and be under offer early the following week. The house doesn't seem lived in (comparing old and new photos) so they may be prepared to wait a couple of weeks for a secure buyer.

By the time a survey was due on ours we would know if we had this or not and wouldn't let them go ahead if we didn't get it.

Halle71

Thanks pinkteapot - your situation sounds very similar to ours and not sure can go through with it :-)

Bridging load would be a possibility financially, but far too stressful.
We also have another mortgage, therefore debt, to take into consideration as well which complicates things further - £250k on a circa £500k house.

It may seem greedy but the purpose of my parents gift is to 'better' our housing situation rather than pay off our current mortgage and, despite being a massive amount of money, it's proving difficult :-)

Dan-Dan

First world problems eh

Halle71

Dan-Dan wrote: »

First world problems eh

All this is possible because my dad is dying from a degenerative neurological disease.

Dan-Dan

sorry to read that...
In any event , if you want a chance of this other house , you should be contacting the estate agents office today (not necessarily the same one handling the house you want) or registering online with that sort of outfit

If you think the house has potential , then someone else will as well

clark24

Halle71 wrote: »

All this is possible because my dad is dying from a degenerative neurological disease.

I'm so sorry about your dad, I also have a degenerative neurological disease that is possibly terminal so I know how utterly horrendous it is for my family to come to terms with.

If I were you I would put my house on the market, with an agent that offered a short contract and that could do an early push for offers (immediate open house etc). The house you love may not get any serious interest, people may be in a much worse financial position, may not get a mortgage offer quick enough etc. If you get a good offer then you can proceed, even if the other one gets another offer it may not complete and you are in with a good chance. If you love the other house then it's worth a shot, you would only be messing others about if you pulled out after they had done all the searches etc but even then it happens, people know it's a risk with house buying.

Do what is best for you and your family, they are the ones that matter.

Halle71

Thank you Clark. I am sorry to hear about you as well - illnesses like this are so cruel to all involved. I am finding it very hard.

My dad wants to make sure we are secure but also that we use his money wisely and if he can see us enjoying it then all the better. My parents made their money through wise property choices and a fairly frugal life and we are carrying on this tradition!

I think I'm with you. Go all guns blazing for a couple of weeks and see what happens. We will be honest and not let anyone spend money unless we get to a point where we are as certain as we can be that we have it.

clark24

Halle71 wrote: »

Thank you Clark. I am sorry to hear about you as well - illnesses like this are so cruel to all involved. I am finding it very hard.

My dad wants to make sure we are secure but also that we use his money wisely and if he can see us enjoying it then all the better. My parents made their money through wise property choices and a fairly frugal life and we are carrying on this tradition!

I think I'm with you. Go all guns blazing for a couple of weeks and see what happens. We will be honest and not let anyone spend money unless we get to a point where we are as certain as we can be that we have it.

Thanks :grouphug:

Another thing is that in the process of selling yours another, even better house may come on the market. For all you know someone may be putting an even more perfect property on next week, just as yours will be going on and it is someone elses dream home. So although you love the SW one, keep your eyes peeled on the property listings just incase.

I hope it all goes well

movilogo

@OP

Why don't you put an offer on your intended house? If your offer is accepted, you can then put yours on market. If not accepted, the story ends here.