Getting a bridging loan.

Germanshepherdsmum

When a property has been on the market for a long time there’s usually a reason why it hasn’t sold, even in a slow market.

Its not uncommon for these retirement blocks, and McCarthy and Stone type properties to have flats they can't sell atm, tho it does depend on the competition in the area.

But I'm waiting to hear from the manageress as it looks as if the flat has been withdrawn from the market -

don't know why, its not been on more than 6 weeks: there are two other flats in the complex been empty for longer but they dont get the afternoon and evening sun and I must have sun.

But a wait till another one comes up won't do any harm as I dont really like to rush. Still got the valuer coming round tomorrow so I know where I stand.

I don't believe a loan to be a good idea, wait to sell.

Wyllow think you are being a little naive when you feel you will be more in the know once an Estate Agent has been round to 'value' your house. If only.............

So many EA's have their first duty to themselves!!! So, will try to persuade you to give them Sole Agency and will 'value'
your property higher than it has any real chance of selling for. You sign with them for three or six months sole agency, and wait......wait......wait. A few weeks time they will come back to you telling you that your property is overpriced and needs to reduce if it has any chance of selling.

Do your own research into your property price, so easy with computers. You can easily search what properties in your post code has actually sold for in the past year or so, and RightMove will show you what properties are on sale in your area at what price.

The market is very slow now at all levels. Families looking to purchase houses are either being refused or reluctant to take on higher mortgages as they have no way of knowing what they will actually be paying over the next year or so. With them not buying, those selling those sort of houses both to go bigger or to downsize, are stuck - so both of those markets are also at a near standstill.

Once you have a good offer on your property, I am sure you will find a suitable - that is the easiest part. In the meantime, look at your existing house and think about how you can make it as nice as possible when viewers come to look at it. AND......as you will be downsizing declutter.... declutter..... declutter.

Wyllow3
I like others would not advocate a bridging loan . Although I have not been in the same circumstances my MIL & BIL & SIL are in this predicament to some extent .
MIL's house went on the market March/April 22. We all knew it would sell quickly (!) Famous last words, more than one potential buyer messed MIL around MIL by the way was 88 at the time & was moving into a retirement village . The property owned by a charity offered a cash incentive on completion within a certain time frame.
anyway to cut this long story short as the house is still not sold my BIL & SIL loaned MIL the funds to be able to move into the retirement property . She moved with her partner also aged 88 in September .Sadly he passed in February . MIL is very happy in her new place & it was a good move for them both .Unfortunately house is still not sold & bills are still being paid for said house ,which in theory is owned by BIL & SIL as they loaned the money . the biggest thing of this is also that as its now taken 9 months ,the money loaned has incurred capital gains tax of some £10k which MIL is having to pay .
So ,all in all stay away from the bridging loan you may find yourself out of pocket in more ways than one .

Definitely taken advice on here re Bridging loan. its a no no. what a ghastly story, Nanatuesday2

Ah..having sold/bought 6 houses and one flat in my life I am up to the tricks of estate agents - and the charges.

In fact her valuation was spot on as regards Zoopla predictions and also who might be interested in the house - its small and cheap to run.

I can only speak locally, but we've had the same as much of the country - in September houses selling in 3 days, suddenly all in chaos, the market went dead.

It has only just started picking up (apart from what she said, I can tell by the "sold" notices locally). However, prices have remained more or less the same as September here. Dont ask me why, I dont know. One more month should have things moving a little better.

Of course, anyone can get involved in a nightmare like you describe. But my house is within range of divorced singles and first time buyers, is all I can say. I am prepared to sell lower to get a sale from the right buyer financially.

But I have stopped the rushing feeling - she pointed out one or two things worth doing before going on the market that won't cost much, and I can continue to de-clutter,

but since my major life de-clutter was a few years ago in the last purchase, its not what a lot of us face at our age. I've done the difficult shedding of things past and DS taken what he wanted and I kept a bit and that's been resolved.

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Yes, a good solicitor can help you with the whole process, including finding a bridging loan. They can manage everything from making offers to sorting out the loan for you. Some estate agents might also offer this service to help get your house on their list. Just make sure to discuss your needs with them upfront. Also, remember bridging loans have higher interest rates as compared to other loans.

archiesmith

Yes, a good solicitor can help you with the whole process, including finding a bridging loan. They can manage everything from making offers to sorting out the loan for you. Some estate agents might also offer this service to help get your house on their list. Just make sure to discuss your needs with them upfront. Also, remember bridging loans have higher interest rates as compared to other loans.

I think the problem is sorted. This was posted a year ago