Aargh! Buyer dropped out: don't want to lose Dream House.

[openerofjars]

Thing is, we can still get Dream House (which is a gorgeous but dilapidated wreck): we have a deposit and a mortgage agreement in principle that would cover it.

We need to decide whether to:

A) sack it off & give up on Dream House while waiting for a new buyer for our home, which has already been on the market for a year.

B) make our offer on Dream House and live hand-to-mouth until we sell, paying two mortgages (scream) OR

C) make our offer and rent out our current home to pay its mortgage.

Dream House is a total one-off: there is no way we could afford it if it wasn't a wreck. We would eventually use the equity from our sale to do it up.

What would you do? Stick or twist?

Bump?

C seems to make the most sense but I would put your own house straight back on the market - have you got an agreement for a buy to let mortgage on your own. Doesn't seem like you have made an offer on your dream house yet so who knows whether you will get it.

I had 3 buyers in 6 months but did eventually move so good luck.

How long has your Dream Home been on the market? How much competition is there for it?

I agree C sounds good if you can make it work. But presumably you will need the mortgage on it to be buy to let - and they typically need (even) bigger deposits. Wouldn't B require the mortgage change too? At least if you were to complete on the new house before you had completed on your current ont?

What kind of condition is Dream House in? If it needs lots of work, how possible would C be to do comfortably?

twist.

Buy dream house

Rent out current home and try to sell again in a year or so when market picks up.

If you are moving 'up' (in price), now is a good time to buy.

Good luck!

Before you think about C you need to find out whether you can get consent to let from your mortgage provider.

why did buyer drop out - will it probably happen again?

B or C - worth it for Dream House

He lost his job, the poor man.

Thank you for your replies. DH and I have had a loooooooong talk about this tonight and the upshot is that it's A. We did the sums again and it just isn't going to work: we are short about £300 a month. And that's if the new house "only" needs £20k worth of work doing to it, and if our 2nd offer was accepted.

I am so disappointed I could cry, but I know I just have to walk away now and get on with trying to get another buyer and starting again.

We had a buyer pull out, ended up in losing the house we were buying. Now sorted with buyer two, and putting no offers in on anything this time round, though the house I now love, is constantly on my miind....(not sold yet....) New buyers buyer suddenly pulls out. Aghhh. We wait for her for a month, but she's had no offers, whereas we did when we got viewings, and have also done work to fix prob that casued first two to pull out/retract offers.
It's a horrible hard situation to be in, I feel for you. Women mentally have to live in every house they look at to know if it will work for them. Blokes don't seem to.
My brain says to wait till you've got a solid sale, then put in an offer/and or house hunt in ernest. It's horribly sensible I know.
Also, don't you just hate the phrase, 'It all happends for a reason...' It doens't feel like it at the time.