freebo

Humble apologies, I promise to try to be more helpful in the future.

morrisj3

We're in the same boat - we have had the visa for ages, but although we originally had an offer in Feb 08, there was a legal issue over a right of way that took loads of time and unfortunately the buyer (a builder) went bankrupt just before we were due to exchange/complete around a year later (poor him, poor us!).

OH insists we must sell before we go, rather than rent it out, as he doesn't want loose ends if poss.

Got another buyer at last a couple of months ago (dropped the price loads) and I'm keeping everything crossed that it may go to exchange this week. We're both on tenterhooks, but scared to make plans in case we jinx everything!!!

paulry

A bad hair day?

freebo

Well the market isn't totally dead, we've been for sale for less than 2 weeks and have had 2 offers in the last 3 days, one at 92% of asking and the other at 89% we've rejected them both, after all the agents should do something for their 1% cut for all of us that this is a good sign!

Alfresco

Tee hee! Indeed.

paulry

Isn't it something like 5% in SAfrica?

paulry

Good luck! It looks like there's going to be some movement for you soon

paulandcelia

We had ours up for sale 4 months -a dozen viewings - sold last week for 93% of asking price.
Any house is only worth what you are prepared to sell it for......

Alfresco

Yes plus 14% VAT for sole mandate. 7.5% + VAT otherwise!

paulry

So we can't really complain about 1% here

freebo

Totally agree, and if we'd been on the market for a while may have had a different view, but so far we've had 2 viewings and 2 offers so want to see how things pan out, I know its a gamble but it always is...

carolinejones3

Ohh boy,
I feel every ones pain!

I am looking for advice, opinions etc..

Quick background. Had visa over 2 yrs, Validated in Oct 08. House on market 19 months.

Loads of interest, 3 keen potential buyers, they cannot sell theirs etc etc..

So reduced (again) in the new yr, to appeal to a wider market.

had 3 views in the last week due to this. Offer made as follows..

1. Potential buyers wish to rent ours until they sell one of their properties. Second marriage, they have 2 properties to sell, both new to market. Not first time buyer houses.

2. They do not want to pay top rental cost. We would get around 800/900 PCM if we went to agency.

3. They want to knock off what ever rental they pay off final price of sale.

4. It would all be done via solicitor and contract would be drawn up.
5. They would agree to buy as soon as 1 of their properties sold.

Mmmm all very interesting.

What we would need in return..
1. Enough rent to cover mortgage and small home improvement loan.
2. A 6 month ceiling on rent that comes off final cost of sale.
3. No landlord responcibilities. For example if something goes wrong in the house, leak etc.

We are just in the very first steps of thinking it through, offer made yesterday.
Im so confused. We would have enough money to see us through first 4/5 months in Oz.

What would you do? We have had a very mixed response from family and friends. We will try and see a solicitor asap to talk it through.

Cheers
Caroline

morrisj3

I'd be very wary - I have limited knowledge, but if you're a landlord, you have certain responsibilities re maintenance - not sure if a private agreement could release you from these? Also, can you guarantee they will eventually buy - not sure this would be enforceable. In the meantime, if I understand you right, you'd be getting a lower rent than you think you might get on the open market.

A very tricky one, but when you're in this position of being stuck here, I guess you have to consider every option (I know I have, but OH insists we sell and make a clean break unless we get to the stage where visa is about to run out)

A solicitor will hopefully give you definitive advice about the deal and what the risks are - let us know what s/he says, fingers crossed for you

carolinejones3

Thanks, will do.
Thought of all the above. Scary scary...Would we be left high and dry if it all falls though?? God I wish I had a crystal ball!
o/h into minds as well, seems to be too many what ifs etc.
good luck to you too.

paulry

I wouldn't recommend it. There's too much potential for it to become so much more complicated once you've moved out and they've moved in. At the very least it's likely to give you a huge headache - not something you want when you're on the other side of the world and have other things to worry about. I'd tell them it has to be a standard rental at full market rates and with no tie-in whatsoever to your house sale - that's best kept as a completely separate and standard arrangement. To be honest, I wouldn't even waste my time and money discussing it with a solicitor. Caution!

Spring is almost upon us, so there'll be buyers aplenty soon.

Just my opinion.

Best of luck ,

Paul