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Loan to release the equity so we can move?
Danniella
Posts: 107 Forumite
Sorry if this is in the wrong section, I have searched for an answer to my dilemma but no luck.
Ok, here goes:-
Our house went on the market about 6 months ago (no viewings), we went with a different estate agent and reduced the price slightly (again no viewings). I have a feeling we have slightly overpriced it (also houses in our areas are 20k-30K cheaper than ours but they need renovation work etc - ours is ready to move into).
We have seen a house we love. We cannot even put in an offer until we have an offer on our house or at least some serious interest (we have to use the equity in our house as the deposit etc hence our situation).
I have thought about a million different things in order to try and not lose the house we love but to no avail. I have thought about approaching the vendors and asking if we could rent until our house was sold, and all sorts of other things.
I am now wondering whether we should take out a short term personal loan for the equity in our home. That then frees up the money and we can make an offer since we have the deposit and pay back the loan once our house sells - thoughts? advice? Please don't be afraid to tell me I am absolutely bonkers - my dad already did that but we want this house so much. Many thanks.
Ok, here goes:-
Our house went on the market about 6 months ago (no viewings), we went with a different estate agent and reduced the price slightly (again no viewings). I have a feeling we have slightly overpriced it (also houses in our areas are 20k-30K cheaper than ours but they need renovation work etc - ours is ready to move into).
We have seen a house we love. We cannot even put in an offer until we have an offer on our house or at least some serious interest (we have to use the equity in our house as the deposit etc hence our situation).
I have thought about a million different things in order to try and not lose the house we love but to no avail. I have thought about approaching the vendors and asking if we could rent until our house was sold, and all sorts of other things.
I am now wondering whether we should take out a short term personal loan for the equity in our home. That then frees up the money and we can make an offer since we have the deposit and pay back the loan once our house sells - thoughts? advice? Please don't be afraid to tell me I am absolutely bonkers - my dad already did that but we want this house so much. Many thanks.
0
Comments
-
You are bonkers.
Your property is overpriced.0
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