Would you go for this house and take a bridging loan?(8 Posts)
So we would like to move house. We live overseas so please bear in mind that the process is not quite the same as the UK.
We currently own a house and we think that it could take a year to sell though it could be quicker. We've viewed twice this week a house that is going to be auctioned in ten days from now. There were two one hour slots to view it this week and then two weeks later it will be the auction. No chance to get a surveyor or architect in. Where we live they don't do surveys usually.
The reason for it being sold in this way is that it is a divorce case and the lady (one of the joint owners) does not want to move out but she is being ordered to show it and move out by the courts. She was trying to sabotage the viewings (e.g. loading house with her friends, uncomfortable atmosphere, 7 minute viewing, telling people what was wrong with the house, only allowing 4 people to view it at once). This divorce has been going on for 8 years, it's terrible for them.
But we are attracted to this house as it is in an amazing location that does not come up often. Think by the edge of a lake with full lake views and access for swimming. It is closer to a city which would mean much, much shorter (and cheaper) commutes for husband and son making our life easier all round. The station is a ten minute walk away. I am self employed and it would also suit me better as well.
It could also be a bargain... there is scope to get it at a good price, do it up, make it our own. We could never afford something like this usually.
But I am feeling really uneasy about having two properties as it could be a stretch or something could go wrong?
The bank will let us know early next week how much we can borrow from them so we are likely only to be able to auction to a bargain price anyway, no chance about getting carried away etc. The banks here are very cautious so I almost trust them to make a good judgement and they also value the property too.
I am also a bit uneasy that this lady might not move out.
It's got some damp problems on the ground floor. (I know what MN'ers think of houses with damp). But on the other hand these two reasons might put others off and give us a good price.
My husband works crazy hours and renovating (getting people in etc) would be hard but not impossible.
It's one room smaller than we'd ideally like but as this area is more expensive so we couldn't get the size we want anyway.
Does this sound like a great opportunity or a crazy plan? I am in two minds about it.
Please help, WDYT?
Difficult to comment, given that we don't know which country it is or how property is bought and sold there In the circumstances you describe I'd have thought a bridging loan was unlikely here.
I wouldn't buy a house without a survey tbh.
8 years? She's not going to go without a fight. Honestly. Sounds like she isn't going to budge on moving day, prawns in the curtain poles etc.
I also don't think bridging loans are a good idea anyway.. so many variables of how it could go wrong.
Hard to know without understanding the buying process, but I would say there was the capacity for far too many things to go wrong.
Way too complicated. The lady won't move easily and could wreck the place before you move in. Bridging is very expensive and you may not even end up in the house for a long time.
We bought a house from a divorcing couple.... never again!
Like your lady, the husband had blocked the sale by messing up viewings, rejecting offers over asking price etc.
It took forever to buy the bloody place because everything required 2 signatures and the husband refused to sign anything. It took almost 6 months for the pair to agree to the inventory of what was included in the sale. Dealing with 2 sets of solicitors who were also trying to score points for their clients was also horrid.
It was the most stressful experience of my life and yes we got a gorgeous house at a good price but I wouldn't put myself through it again tbh.
And the husband left the house in a shocking state, painted walls black that had been white when we viewed the place (?) left all his rubbish and broken furniture behind, left all the bills unpaid, we had to stay in a hotel have the house professionally cleaned before we moved in.
Thanks all, You've convinced me! There are far too many things to go wrong so we've decided to leave it this time.
We'll get our house on the market and do it more conventionally and who knows, another super buy might crop up.
Sir, it sounded like a very similar situation and very stressful though I am glad that you are happy with the house now.
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