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Selling House Over Market Value
time-4-a-new-start
Posts: 98 Forumite
Hi
I'm looking at selling my house as part of a swap for a new house. Sounds simple, but let me give some details:
1. My current house is in negative equity
2. I am buying a new build house and as part of the deal the seller is buying my house. They wont be using a mortgage to buy it, rather take my house as equity off the purchase price
3. The proposal is for me to buy the new house at the sale price and get a new mortgage for that value (already an offer in place)
4. The seller will buy my house for the current mortgage value (approx £40k over the market value). As above, they wont be using a mortgage to buy it, rather buy using the funds from the sale of their house.
My main question is can you sell a house for a price above the market value? As there isn't a mortgage I think you can sell for whatever price a buyer is willing to pay? Similar to you selling a house under value or for £1 for example.
Selling my house at the mortgage value allows me to move away from the negative equity on it. We did look at porting the mortgage and keeping my house, but neither options were viable. The proposed offer allows us to move on and the seller to sell a house that has been on the market a while.
Would really value you input and advice on this. Thanks
I'm looking at selling my house as part of a swap for a new house. Sounds simple, but let me give some details:
1. My current house is in negative equity
2. I am buying a new build house and as part of the deal the seller is buying my house. They wont be using a mortgage to buy it, rather take my house as equity off the purchase price
3. The proposal is for me to buy the new house at the sale price and get a new mortgage for that value (already an offer in place)
4. The seller will buy my house for the current mortgage value (approx £40k over the market value). As above, they wont be using a mortgage to buy it, rather buy using the funds from the sale of their house.
My main question is can you sell a house for a price above the market value? As there isn't a mortgage I think you can sell for whatever price a buyer is willing to pay? Similar to you selling a house under value or for £1 for example.
Selling my house at the mortgage value allows me to move away from the negative equity on it. We did look at porting the mortgage and keeping my house, but neither options were viable. The proposed offer allows us to move on and the seller to sell a house that has been on the market a while.
Would really value you input and advice on this. Thanks
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