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  • FIRST POST
    • jonsuk
    • By jonsuk 9th May 18, 9:10 AM
    • 2Posts
    • 0Thanks
    jonsuk
    Getting a loan
    • #1
    • 9th May 18, 9:10 AM
    Getting a loan 9th May 18 at 9:10 AM
    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
Page 1
    • zx81
    • By zx81 9th May 18, 9:14 AM
    • 16,792 Posts
    • 17,804 Thanks
    zx81
    • #2
    • 9th May 18, 9:14 AM
    • #2
    • 9th May 18, 9:14 AM
    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
    • By jonsuk 9th May 18, 9:29 AM
    • 2 Posts
    • 0 Thanks
    jonsuk
    • #3
    • 9th May 18, 9:29 AM
    • #3
    • 9th May 18, 9:29 AM
    They only have savings and the estate agent promised so much.
    Just fingers crossed.
    • iolanthe07
    • By iolanthe07 9th May 18, 9:30 AM
    • 5,011 Posts
    • 4,706 Thanks
    iolanthe07
    • #4
    • 9th May 18, 9:30 AM
    • #4
    • 9th May 18, 9:30 AM
    They only have savings and the estate agent promised so much.
    Just fingers crossed.
    Originally posted by jonsuk
    Why would anyone ever believe the promises of an Estate Agent?
    I used to think that good grammar is important, but now I know that good wine is importanter.
    • dealer wins
    • By dealer wins 9th May 18, 9:30 AM
    • 5,764 Posts
    • 10,992 Thanks
    dealer wins
    • #5
    • 9th May 18, 9:30 AM
    • #5
    • 9th May 18, 9:30 AM
    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
    Originally posted by jonsuk
    Here is the problem bit highlighted.
    Choose life
    • Browntoa
    • By Browntoa 9th May 18, 9:38 AM
    • 33,023 Posts
    • 38,591 Thanks
    Browntoa
    • #6
    • 9th May 18, 9:38 AM
    • #6
    • 9th May 18, 9:38 AM
    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
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
    • bigisi
    • By bigisi 9th May 18, 10:34 AM
    • 180 Posts
    • 337 Thanks
    bigisi
    • #7
    • 9th May 18, 10:34 AM
    • #7
    • 9th May 18, 10:34 AM
    If it's not attracting views it is over priced, no two ways about it.
    • Herzlos
    • By Herzlos 9th May 18, 10:57 AM
    • 7,201 Posts
    • 6,464 Thanks
    Herzlos
    • #8
    • 9th May 18, 10:57 AM
    • #8
    • 9th May 18, 10:57 AM
    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
    • By diggingdude 9th May 18, 4:32 PM
    • 181 Posts
    • 183 Thanks
    diggingdude
    • #9
    • 9th May 18, 4:32 PM
    • #9
    • 9th May 18, 4:32 PM
    want to post a link so we can be nosey?
    House Deposit - Target £20000 April 2019
    Current Savings - £10225 13121.22
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