So the buyer has pulled out and your property sale falls through. You no longer have a buyer for your property so it’s quite a tense situation. You have all your bags packed. You have all your cases and boxes all ready to go. You’ve arranged for the removal van. Everything is all sorted out. You’ve changed schools. You’ve done everything that you need to do to make sure that your move is gonna go smoothly. However, the person that was supposed to be buying your property has now pulled out and it’s come to a crashing halt.
Property sale falls through can happen to anyone
I had a scenario like this before with one of my clients who had plans to sell their property but the property sale falls. This client called and said that at the last minute they were let down. The buyer pulled out and they were unable to move because of the situation.
We’ve been able to go down there and secure the sale of that property for her. Because I had another client of mine who was looking for a property like hers in that particular area. She did take it a little bit of a hit on the price but it wasn’t that much, because the agents weren’t paid so it’s all offset, the agency cost. That’s just a scenario you can use as an example to get around there.
1. Bridging Loan
A bridge loan is a short-term loan intended to bridge the gap between permanent financing and the repayment of existing debt. It provides rapid cash flow to the user, allowing them to satisfy current obligations. Bridge loans are short-term loans that last up to a year, with high-interest rates, and are typically backed by some sort of collateral such as real estate or merchandise.
There are other ways you can do it as well there is a thing with a bridging loan. I would not highly recommend this unless you do your math and it all works. A bridging loan effectively is a company that will give you cash to bridge, they bridge the gap, they take your course a bridge, a financial bridge to get you over that position.
So, for example, if you owe three hundred thousand or something they are giving out three hundred thousand pounds until your mortgage comes in and then it can pay them the bridge back for that loan. Sometimes it works, sometimes it doesn’t work. We’ve often used bridges ourselves but we usually use them if we’re going to do a cash purchase and then we’re going to add value to a property for example, and then we will then take the finance out because the finance will now cover the bridge loan so that’s another way that can be done.
2. Other Way
Also if your property sale falls you could also contact family friends, family members and see if they can help you with some financing or you can find a temporary place to rent you might be able to rent another place until your place is sold or if you’re in the middle of it depending on where in the chain that you are, you could be moving out so you in a middle of moving out so you may have to rent temporarily for a short while until the whole chain is kind of fixed in that situation so there are a few options that you can choose.
It’s not the best of positions to be in but at least you have a few options that you can consider when you’re in this situation. So, feel free to comment below, subscribe to our channel and hit the like button and remember to share with others so that others could have some possible solutions to their challenges that they may have.
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