delaying 21 day contract signing help!

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kee101

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ok I know this sounds petty, wasn't looking to buy but fell in love with a house 3 weeks ago ideal for my family right location etc put booking deposit on house, and put mine up for sale( took about a week to do this) at the moment have had no viewings or interest in my house. I proceeded to drop the price well under the house value today to try and ruffle up some interest! I am also sick with worry about selling my house in time, I cant afford to get a bridging loan! the 21 day contact signing is next week and don't know want I am going to do? has anybody else been put in this situation and if so what did you do? any advice would be great I am sick with worry!
 
I don't think you should agree to buy a new house until you sell your own.

Not what you want to hear but you're on desperate risk if you go ahead with a contract and cannot sell your own.

Withdraw from this, try and sell your own and only then go looking at a new property.

mf
 
I agree 100%.
Sell your house then Buy a house. Once you have sold, you will know for sure what funds you need to trade up. At the moment you don't know this.

Bridging loans are expensive and are getting very difficult to get as well.
 
kee101 said:
ok I know this sounds petty, wasn't looking to buy but fell in love with a house 3 weeks ago ideal for my family right location etc put booking deposit on house, and put mine up for sale( took about a week to do this) at the moment have had no viewings or interest in my house. I proceeded to drop the price well under the house value today to try and ruffle up some interest! I am also sick with worry about selling my house in time, I cant afford to get a bridging loan! the 21 day contact signing is next week and don't know want I am going to do? has anybody else been put in this situation and if so what did you do? any advice would be great I am sick with worry!
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Honesty is the best policy. Have your solicitor tell the vendors solicitor that you are not in a position to sign as you are waiting to get your own sold. You tell the estate agents the same thing. Chances are they will have to put the place back on the market but you can tell them that if before they get another buyer you get your own sold then you are still very interested in buying. That way everyone knows where you are coming from,
you probably will lose the house but your only other option is to sign the contracts without having sold your own which is an absolute no no as it is simply too great a risk particularly in the current climate.
 
Hi,

I think you're mad in the current climate. I've had my own for sale since last march have droped 10% in price walk into condition everything - people are interested but won't commit. It does depend on your location, price etc you might be a lot luckier than I am. We are planning a new build but I wouldn't dream of starting it until my own was sold, I'd have to rent for 1 year but so be it - think you're mad even thinking of going on bridging in the current market but I do wish you best of luck and prove us all wrong if you wish.

Angela59
 
if its a new house the builder may wait for you to sell. I had a booking deposit on new house for 6 mths without signing contracts. don't loose heart. dublin market definitely picking up. definitely more sale agreed signs about the place and i sold mine v. soon after xmas. make sure youre house looks like a showhouse for the viewings. worth spending a few bob getting it in showhouse condition
 
You should'nt even be considering signing contracts for a new home until your present home is well down the line of being sold - from your message, its obvious you can't afford to own the two at the same time and this is highly likely to be the case in present climate. Even if you do sell your house - you will also have to go through the sale agreed - contract signing phase, delaying guaranteed money for even longer.
 
Agree with previous posters re selling own house first. I am reminded of the old proverb <marry in haste..repent in leisure>.
 
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