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Selling and Buying

  • 17-05-2021 12:12am
    #1
    ...Ghost...
    Registered Users, Registered Users 2 Posts: 4,063 ✭✭✭


    I'm not sure if this is the right forum.

    The old man is looking to sell his apartment and buy a house. He is mortgage free and between the sale of the apartment and savings, he can buy a property he is interested in and wants to make an offer. Might be important to note that he plans to retire in the next couple of years.

    What are the options? He needs to sell the apartment to have the full amount but doesn't want to miss out on the property which came up, because it's a few doors up from me and properties on my road rarely go for sale or stay on the market for more than a couple of weeks. I was thinking some sort of bridging loan might suit. Any thoughts?

    Stay Free



Comments

  • #2
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,077 ✭✭✭3DataModem


    He can bid on the house, and put his own up for sale.

    He doesn't have to have actually sold his place to bid on the other. The only thing that's required is that he has a contract for sale of his own place signed before signing a contract for sale on his new place.

    It's unlikely he'll get bridging to own both for a brief period (he'd need a more traditional mortgage) but depending on timing of the sales closing could own neither for a short while, so might have to stay somewhere else for a few days or more.

    This is very common.

    Please note; your dad may be a VERY attractive buyer for the sellers, as he is not requiring a mortgage just a property sale.


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