Getting a loan

jonsuk

Help, please.
My parents have both turned 80 and are selling their house for £300.000 and have been on the market for 6 weeks with only one viewing while the estate agent promised they wouldn’t have a problem selling or getting the top asking price and so far, not very happy.
They have found a retirement bungalow at £150.000 and have 5 weeks before the owner puts it on the market.
Is there any way they can get a short-term loan or any other way, so they can purchase the bungalow while their property will sell sometime soon?
Their bank has a cut-off point of 79
None of the family has any money to help and we don't want them to lose out as this could be the ideal place for them.
Any advice please :question:

[Deleted User]

What's their income? Do they have an outstanding mortgage?

To be honest, they're not going to get a loan of any length at that age, apart from equity release. And if their easy sale has so far only yielded one viewing in 6 weeks, they would likely be digging themselves a big hole.

jonsuk

They only have savings and the estate agent promised so much.
Just fingers crossed.

iolanthe07

jonsuk wrote: »

They only have savings and the estate agent promised so much.
Just fingers crossed.

Why would anyone ever believe the promises of an Estate Agent?

dealer_wins

jonsuk wrote: »

Help, please.
My parents have both turned 80 and are selling their house for £300.000 and have been on the market for 6 weeks with only one viewing while the estate agent promised they wouldn’t have a problem selling or getting the top asking price and so far, not very happy.
They have found a retirement bungalow at £150.000 and have 5 weeks before the owner puts it on the market.
Is there any way they can get a short-term loan or any other way, so they can purchase the bungalow while their property will sell sometime soon?
Their bank has a cut-off point of 79
None of the family has any money to help and we don't want them to lose out as this could be the ideal place for them.
Any advice please :question:

Here is the problem bit highlighted.

Browntoa

Drop price to stimulate sale ..... simple

Not like they need more than £150,000 to purchase

Not that I'd recommend it but auction sale or "we buy your property" company

bigisi

If it's not attracting views it is over priced, no two ways about it.

Herzlos

You say there's 5 weeks before it goes in the market. When does the owner want to complete?

Presumably your parents can agree to buy it without it going on the market, with payment delayed until they sell?

Other than that, they'll need to drop the price until they get a buyer.

diggingdude

want to post a link so we can be nosey?