Back up plan in case we lose our buyers - bridging loan???

[NotJustACigar]

We're due to exchange on 7th Feb and I'm petrified our buyers are going to pull out now. They live in another county currently but apparently they drove over on Monday to "measure up" (even though curtains, carpets etc are included in the sale). We are currently in rented and the house is vacant -EA let them in to do this alleged measuring up without asking us first.

Now buyers are asking loads of questions like how much heating oil is left, how old are the carpets, why doesn't one ring of the cooker work, why is there condensation on the windows etc etc. They're going to pull out, aren't they??

We love the house we offered on and are hoping to move in the middle of march so about a month after our house sells. If our buyers pull out, we would consider a bridging loan while the house goes on the market. Has anyone had one of those? How do you qualify? Are they all that bad or a sometimes necessary step?

Any opinions on any of this would be most appreciated! I am a nervous wreck and DH is sick of hearing about it .

[MrsDarylDixon]

I have no idea about bridging loans. Sorry. But I do understand the stress of thinking your buyers will pull out.

All those questions sound perfectly reasonable but I think because of the huge strain of the house move you've lost a bit of perspective. I know I did pretty much the same when we moved last year!

Don't worry- I really can't imagine anyone backing out of a sale and losing thousands because a ring on the hob doesn't work!

Its a horrible time and I sympathise (also the reason I'm never moving again. Ever)

[NotJustACigar]

Thank you so much MrSD! If by "lost a bit of perspective" you mean "in complete meltdown and absolutely panicking" then yes you're quite right . I am an anxious person at the best of times but moving is driving me insane. Booked a yoga class for tonight so hopefully that will help! In the meantime I really appreciate your soothing words.

[AgentProvocateur]

You'll find it very hard, if not impossible, to get an "ope" bridging loan - ie, if you've not already sold your house. Do you think it would sell again easily if the buyers do pull out? Can you reduce the price for a quick sale?

I feel for you. It's so stressful.

[RedRevision]

Historically, interest rates for bridging loans have been high so you would need to be very certain that you can make a sale quickly. A big risk - and possibly not one which a bank would find acceptable on 'bridge' terms, even though the property market is picking up.

Approach with caution if you have to, but I do think this is last minute wobbles and things should continue. The queries you list are nit picky but not unreasonable. Easily answered - condensation not unexpected when there is no-one living in the property (no heating on) etc.

Even if they demand a bit off, to fix things, a bridging loan until you found a new buyer is likely to cost you a lot more than a last minute £500 discount to existing people.

Hold your nerve.

[TunipTheUnconquerable]

They might be measuring up to see where their furniture is going to fit. They might also be planning to replace curtains and carpets gradually as they can afford it so want some measurements for the first one or two. I wouldn't be bothered by the measuring at all.

All the questions seem perfectly reasonable and they don't sound to me like questions you ask if you want to pull out!

Bridging loans - very, very expensive, even if you can get one. I can't imagine the stress of having a bridging loan at market rates and trying to get your house sold. I thought they were more for situations where you have got a buyer but the dates just don't work out.

[NotJustACigar]

Thanks, all. They are late sending their contract to our solicitor but hopefully that's just due to their solicitor being slow. Talked to our EA and they were at our house for over an hour measuring up so maybe they are keen?!