We have had an offer on our house for the last 2 months and need to move soon as we are relocating and have a baby due in 2 weeks. After much fannying about at the bottom of the chain (our buyers buyers) refusing to exchange until this and that ra ra ra, we have got fed up and put it back on the market. SO have our buyers, but we both agree that if the bottom of the chain sorts itself out we will go ahead. We have also lined up a house in our new area and the offer on ours and our offer agreed for the new place tally up perfectly (within 1K) so no need for a new mortgage. They are also desperate to move, both been made redundant.
SO, now we have a new person interested, in rented, can move within 4 weeks, made a silly offer, but in the process of being talked up to a reasonable price. Here is the dilema:
If we get an offer thats say 6K lower than our original offer, we will then either need to get an additional mortgage or lower our offer to the new house. The new house is in a bit of a state and we feel its a really good offer and tbh they probably won't get our offer again in a hurry. Given the market and the fact that we are about as stretched as we can be (relocation means I will be giving up my job), what would you do??
- suck it up and increase the mortgage and hope I get another job in time and interest rates don't rise too much.
- Revise the offer for the purchase house.
- Give up and just go into rented (nothing is moving much in this area and chances are we will find something else within 6 months and keep the mortgage deal we are on) There is also a chance the house we like may be repossessed if they turn us down at a lower offer. Not nice.
- Wait it out for an equivalent offer, risking me being 80 miles away from husband in our current house with new baby and 2 preschoolers (gulp)
Its awful that our vendors in the new area are in such a bind, but really can we put ourselves further into mortgage just to be nice? Thanks for any advice x