Our buyers pulled out last week just before exchange. They asked for a £25k reduction on the agreed sale price of £325k.
We were desperate to keep our onward purchase and I have an agreement in principle on a first & second charge loan (like a bridging loan).
So, the problem. We're selling a four bed town house, ex LA, small back yard, internal garage. It used to be a family area back in the day, but now most of the houses have been bought by investors and turned into bedsits.
We bought the house three years ago because it was cheap and we needed four bedrooms. We have a fairly unusual situation and it worked for us.
If we didn't need the fourth bedroom, we would have gone for a three bed at the same price, with a garden and minus all the drug users/alcoholics that bedsits attract.
If we take out the loan to secure our onward purchase (again, very specific to us, very unlikely to come up again) then we would be unable to reduce the house to attract an investment buyer/someone looking for a bargain.
I will talk to the EA tomorrow about our options. I think our previous buyers got cold feet about the area/garden/fact it needs updating and decided they would only proceed if it was cheap enough.
I just can't see anyone wanting to start a family or with a family wanting to live here.
Any advice or suggestions?
We are financially quite screwed too which isn't helping matters.
Sorry this is so long.