House of my dreams ... but can't make an offer for a year

[MichaelCOH]

Thanks to everyone who gave me advice in a recent post (http://www.askaboutmoney.com/threads/selling-house-that-was-rented-out-tax-estimate.200419/).

Looking for some more on a different issue.

As I mentioned in that post, I intend moving to Galway as soon as I can, but first I need to sell my own home and my parents' home following the death of my father (my mother died some years ago).

I will receive a third share of the family home when it is sold.

In the next nine to 12 months, then, I will be in a position to buy a home in Galway.

But I've happened to spot exactly the home I was hoping for, in exactly the Galway location I wish to live in.

It has been on sale for two years, mainly because it is ridiculously over-priced compared to superior homes in the area. But it's the one for me.

I made a cheeky offer to rent the home and then buy it in a year at an agreed price, but the auctioneer pretty much dismissed that, saying the owners wanted to sell asap.

I'm just not in a position at the moment to make a buy-now offer, so I was wondering if you think there are any lending options that might make it possible in light of my circumstances?

My third of the family home would buy this Galway property, separate from whatever I get for my own home, and I could provide proof to any lending agency that that money is coming my way (the family property will be easily sold).

It's not the end of the world at all (!) if I can't buy this particular property, but it's frustrating knowing that it's exactly what I was looking for and that I would be in a position to buy it in a year or so.

Do I just forget about it (and hope it won't be sold in that time!), or do I have lending options?

(I have about 10 years to go on my current mortgage on the house I intend selling in the coming months).

 

[PaddyBloggit]

You can't afford it at the moment. Just wait.

In the meantime, sell your own home, consolidate your money and if the house is still available then consider making an offer on it.

You'd be surprised but there's more than one dream home out there for you.

Hasten slowly.

 

[Brendan Burgess]

If the house is the only house for you, why don't you sell your current house immediately? Presumably you have a fair bit of equity in it and you could get an ordinary mortgage for the balance. You can rent in Dublin until you are ready to move to Galway.

And of course, you should sell the inherited house immediately as well.

Brendan

 

[Gerry Canning]

Michael,


{ridiculously over priced}
1. If so far over priced , seller doesn,t need /want/can sell, in spite of what auctioneer says..
2. On sale for two years , yet sale asap ? does not add up.

Respectfully , It looks like you are besotted by this expensive house = bad idea !

Too many wrong vibes here methinks ?

 

[MichaelCOH]

You can't afford it at the moment. Just wait.

In the meantime, sell your own home, consolidate your money and if the house is still available then consider making an offer on it.

You'd be surprised but there's more than one dream home out there for you.

Hasten slowly.

Thanks Paddy. You're right, I can't afford it at the moment, and I'm sure something similar, or maybe better, will come up again - I just need to learn patience!

 

[MichaelCOH]

Michael,


{ridiculously over priced}
1. If so far over priced , seller doesn,t need /want/can sell, in spite of what auctioneer says..
2. On sale for two years , yet sale asap ? does not add up.

Respectfully , It looks like you are besotted by this expensive house = bad idea !

Too many wrong vibes here methinks ?

Thanks Gerry. I'm a bit puzzled too by this house, the price hasn't dropped at all in the two years it's been on sale, unlike other houses in the area, and it is definitely overpriced compared to its 'rivals'. I can only assume the sellers are just determined to get the asking price and won't budge - but, as you said, it's odd, then, that the auctioneer suggested they wanted to sell asap. Makes no sense to me either.

But you're entirely correct - I am besotted!

I'll get some sense and let it go - if it happens to still be on sale when I'm in a position to bid, then great!

 

[MichaelCOH]

If the house is the only house for you, why don't you sell your current house immediately? Presumably you have a fair bit of equity in it and you could get an ordinary mortgage for the balance. You can rent in Dublin until you are ready to move to Galway.

And of course, you should sell the inherited house immediately as well.

Brendan

Many thanks Brendan.

I can't sell my own home for seven months, that's the notice I have to give the tenants who have been in it for seven years.

And the family home, for a variety of reasons, can't be sold for six months or so.

So, I won't be in a position to buy again until both are sold.

I will have to look at short term renting if there is a gap between selling both properties and buying a suitable one in Galway, but that's fine.

I was like a kid in a candy shop when I saw the above-mentioned Galway property, but I'll just have to cop on and forget about it, I'm not in a position to buy right now.

Thanks again.

 

[cremeegg]

Thanks Gerry. I'm a bit puzzled too by this house, the price hasn't dropped at all in the two years it's been on sale, unlike other houses in the area, and it is definitely overpriced compared to its 'rivals'. I can only assume the sellers are just determined to get the asking price and won't budge - but, as you said, it's odd, then, that the auctioneer suggested they wanted to sell asap. Makes no sense to me either.

Can you post a link, we are all curious now!