Need money!

Dont we all I hear you say! My position at the moment is I need 160000euro to buy a house. My partner has her house for sale and so do I.One viewer each in 12 months!! We both work full time.We recently approached B.O.I. for a mortgage but she said between our two wages we would not get the sum we looked for. By the way we also have 20k of a deposit.The fact that my partner is 52 is holding us back cos we can only get a 18 year mortgage hence the repayments are much higher than say a 30 year mortgage.The thing is we dont really want a mortgage at all if we could borrow the money until one of our houses sell.So the question is how do we come by that money until one of our properties sells?

Unfortunate answer is you can't. Problem is you only want it until the properties sell and therein lies the problem, that is an unknown, I can't see anyone bank or otherwise giving you a loan subject to a property sale. Even if you get a buyer who has money or can get finance will you get enough, bearing in mind that could be years down the road and any interest charged on the loan would be racking up over that time.

If no-one wants to buy the houses at the prices they are at, it may be worth lowering th prices. I'm in an estate in Lucan (Co. Dublin) and houses are selling fairly quickly, I know one has been on the market a while, but apparently it has been rented out and needs a good bit of work. Anyone who prices a house compeditively seems to be selling within a month or two though.

We have both dropped the prices but still no views.I mean if we drop them further we would be giving them away.

What condition are your houses in? If it's not "turn key", can you improve it, without spending much money? Clean, declutter, redecorate, tidy the garden, that sort of thing? It's amazing how many people won't do that.

Then you could consider taking the houses off the market for a little while and then putting them up for sale with a different agent, try to find a good one, a good agent can really make a difference.

if your not getting ANY viewings it sounds like either your price is too high or your house isn't presented well on line.

might be worth getting someone objective to give you an honest appraisal of what your house is like ( any friends interested in interiors ?) - as greta says- if your photos on daft look rubbish and house needs a good declutter , people are put off even booking a viewing- do you have very strong colours ? is the garden a mess ? obvious signs of animals ? - a good clear out, repaint , ikea makeover can work wonders for geting people to book a viewing

colmcure said:

We have both dropped the prices but still no views.I mean if we drop them further we would be giving them away.

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Your view of "giving them away" may well be someone else's fair price. Something is only worth what someone else is willing to pay for it.

colmcure said:

if we drop them further we would be giving them away.

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If you don't, you'll be keeping them.

My friend had a duplex apartment on the market for over a year in 2009, with nothing biting. They changed estate agents and it sold (for the same price) within a few weeks of changing.
Maybe it's worth considering changing agent?

colmcure said:

We have both dropped the prices but still no views.I mean if we drop them further we would be giving them away.

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Obviously the price you have them at now isn't interesting people enough.

You may have to continue lowering them gradually until the viewers increase, then someone might bite.