Innovative ideas to secure dream home

smokeybubbles

Hi all,

My wife and I have viewed our dream house and we are really moving as fast as we can to secure it, however I have great concern it will go whilst we are getting our current property ready to sell.

My question is; is there any innovative ways of securing a property before selling your own?

I understand there are options to sell "cheaply" to companies that buy your home fast etc. but this is not really what I am looking for.
On the grapevine I know the owner is desperate to sell as they have just renovated a new property at great expense so I am sure they would be open to ideas.

One we have discussed is a house swap and they are checking this out with their financial advisor. Is there anything like the American "rent to own" scheme where we could rent it for the short term with a few to purchase outright when we have sold our property?



Any advice appreciated.

Slithery

This is why you shouldn't start looking until after you have an offer on your own place.

Surrey_EA

Completely agree with the poster above!!!

Get you own house on the market quickly, and make it look cheap.

Davesnave

Been there.
Got the T shirt.
Didn't get the property.
Found others.
Survived.

smokeybubbles

Thanks both - like I said we are moving as fast as possible.

Re the question; are there any alternatives ideas I have missed? i.e. I know the owner has a bridging loan to cover the work on their new property - is it possible to agree a price and rent in the interim to cover their loan?

In this scenario we would secure the house and it would buy us some time (also we are virtually mortgage free on our current home so less cost in meantime on maintaining two homes for the short term).

LandyAndy

smokeybubbles wrote: »

Thanks both - like I said we are moving as fast as possible.

Re the question; are there any alternatives ideas I have missed? i.e. I know the owner has a bridging loan to cover the work on their new property - is it possible to agree a price and rent in the interim to cover their loan?

In this scenario we would secure the house and it would buy us some time (also we are virtually mortgage free on our current home so less cost in meantime on maintaining two homes for the short term).

They would be crazy to accept this.


What happens when you get the tenancy, move in, refuse to pay the rent, trash the place, and then refuse to buy?

marliepanda

Get it on the market yesterday at a good price.

A motivated seller will not be interested in schemes. If they are desperate to sell, and the property is so nice youre worried it will sell before you sell, then surely the seller will just go with someone ready to proceed?

Slithery

It is possible to rent from them before you buy, but they would be mad to agree and their solicitor will tell them not to do this because of the risk involved.

Are they willing to adhere to the 1001 rules and regulations that come with being a landlord? What happens if you don't end up buying and then refuse to move out?

Pixie5740

You renting the property isn't going to help the vendor if they need to sell. Have you looked into bridging finance yourself to tide you over until your place sells?

Surrey_EA

smokeybubbles wrote: »

Thanks both - like I said we are moving as fast as possible.

Re the question; are there any alternatives ideas I have missed? i.e. I know the owner has a bridging loan to cover the work on their new property - is it possible to agree a price and rent in the interim to cover their loan?

In this scenario we would secure the house and it would buy us some time (also we are virtually mortgage free on our current home so less cost in meantime on maintaining two homes for the short term).

Has the owner of the property you are interested bought somewhere else already? It is not clear from your posts.

There are a number of reasons why a rental proposal may not be suitable for them:

Stamp duty implications, mortgage restrictions, tax liability to name just some.

hazyjo

Slithery wrote: »

This is why you shouldn't start looking until after you have an offer on your own place.

I have no problem with viewing before you have an offer - so long as you're not going to fall head over heels with something and perhaps each sell a kidney to secure it.


I viewed and lost lots. You have to be pragmatic about it. If it goes, another one will come along.