ᐅ Buying a house when the seller requires a right of residence – How to handle it?
Created on: 23 Oct 2018 12:48
N
NeueWelt
Hello,
As you may have seen in my other thread, my partner and I had very bad luck with the real estate agent/seller during our last attempt to buy a house.
Now we have another house in mind.
Nothing is set in stone yet; we just want to gather some information in advance.
It is important to us to have a fair and smooth process for both parties.
The situation:
The seller wants to sell his house because he is building a new one. The new build will be finished in summer 2019, so he wants to stay in the house with his family until then. However, the money from the sale is needed now (payment of the purchase price next year is therefore not an option).
There are definitely different possibilities. I am open to all ideas. Currently, I have the following concept:
We buy the house and register a right of residence for the seller until next year.
He would pay us a rent equivalent to our loan installments (interest + principal repayment).
We would prefer to avoid paying double costs from our regular rent and loan interest and/or principal repayment over so many months.
Does this approach make sense?
Maybe we can negotiate with the bank to start the principal repayment only next year. That way, only interest would be due, and the seller’s monthly burden would not be too high either.
Of course, this means the repayment period would be somewhat longer in the end, but we would be okay with that because the house is really great.
What do you think about this, or is there another option?
Thank you very much!
As you may have seen in my other thread, my partner and I had very bad luck with the real estate agent/seller during our last attempt to buy a house.
Now we have another house in mind.
Nothing is set in stone yet; we just want to gather some information in advance.
It is important to us to have a fair and smooth process for both parties.
The situation:
The seller wants to sell his house because he is building a new one. The new build will be finished in summer 2019, so he wants to stay in the house with his family until then. However, the money from the sale is needed now (payment of the purchase price next year is therefore not an option).
There are definitely different possibilities. I am open to all ideas. Currently, I have the following concept:
We buy the house and register a right of residence for the seller until next year.
He would pay us a rent equivalent to our loan installments (interest + principal repayment).
We would prefer to avoid paying double costs from our regular rent and loan interest and/or principal repayment over so many months.
Does this approach make sense?
Maybe we can negotiate with the bank to start the principal repayment only next year. That way, only interest would be due, and the seller’s monthly burden would not be too high either.
Of course, this means the repayment period would be somewhat longer in the end, but we would be okay with that because the house is really great.
What do you think about this, or is there another option?
Thank you very much!
I understand that you really want to own your own property, but I would still avoid people like the seller who think they are especially smart. The situation can be resolved fairly, as suggested by @Nordlys. All other options put you at a significant disadvantage, so he should honestly find another fool.
Just backing out of an offer, even though you’ve finally found your dream home—I think that’s easier said than done.
My first thought here would be: ask the bank. They’ve probably dealt with this kind of situation before and might offer a solution that works well for both parties.
My first thought here would be: ask the bank. They’ve probably dealt with this kind of situation before and might offer a solution that works well for both parties.
H
HilfeHilfe25 Oct 2018 07:29Right, discounting the purchase price is a win-win.
handover 2019
handover 2019