The other option is to attempt to get open bridging & RISK signing + paying the 10% deposit based on the HOPE that I will sell my house in 2-3 months? I know this is extremely risky & we are talking about a VERY large sum of money.
I did not inform the people I'm buying off as I thought I'd get another buyer on board.
Room101
If your house is back on myhome, will they not see it anyway?
Personally I would not sign without a signed contract for the sale of my property. Has your estate agent contacted all parties previously interested in your property? Will any new buyer be chain-free?
Also if you were involved in a bidding war for the house of your dreams I presume it went well above the asking price - are there any guarantees they would get the same price if they had to go back to the market?
Unless your income is sufficient to cover the repayments on the existing mortgage, the new mortgage AND the bridging on an indefinite basis you'll find open bridging very difficult to source. Given that the market is slow I would guess that the agents for the house you are buying would be relunctant for it to go back on the market and start all over again. Would it be feasible to put your house on with the same agency thus giving them a big incentive to get yours sold?
Sarah
www.rea.ie
Hi, I have previously posted about being messed around as a seller but I will say, if you had been my buyer and had approached me directly and explained your situation, I would have definitely waited. What maddened and really stressed me, were the lies, messing around and time wasting by both the buyer and my estate agent to such an extent that I had no option but to pull out of the sale, ie, I would never have trusted both parties again, even if the funds had eventually been produced.
Having also bought in the last six months, I had difficulties with my mortgage broker which was delaying contracts being issued. The vendor could have been rightly very annoyed but I was able to meet him and explain the situation and there were absolutely no problems after that with the sale going ahead.
I don't know if this is any help, these are just my experiences and I hope it works out for you.
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