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Home owned outright.. Help >>>

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  • Home owned outright.. Help >>>

    Hi there... I own my home outright I paid cash for the house in 2010 so I have never had a mortgage..

    I wish to sell up and leave as silly me didn't research the area much.. And to be honest my house is lovely but it's in a crap hole of an area...

    I put the house up for sale on Friday at £69k no viewings as yet.

    I have found the perfect new place for me great location and price ( repossession). It's up for £77k and I have money in the bank to cover the difference..

    I have no experiences of buying houses and the whole situation is confusing.. I don't want to let this house get away but know my house won't sell overnight...

    I was thinking of trying to remortgage my house to finance the new one then rent my old house out whilst i try to sell it then pay off the mortgage..

    There's so many financial things out there and not sure what to do.. All I know is that I want this new house!!

    Any tips.. Advice.. Also can I put an offer towArds this new home? Surely many people wanting to move have to sell their home 1st. So I'm not sure of the whole procedure..


  • #2
    Re: Home owned outright.. Help >>>

    Hi Claire_edz

    The problem you have no Estate Agent can take an offer on a repossession property with out the buyer being in a position to proceed.

    So you will have to either show proof of funds our proof of mortgage for them to except your offer.

    Plus with repossession property they have to be fully marketed till exchange of contracts so you can always have some one submit higher offers even though your first offer was excepted.

    Hope it helped a bit

    Kind regards Ray