Hello everyone,
I have another question and hope to get some input from experienced members.
Here is our current situation:
We are very interested in buying a house and have already submitted loan inquiries and are currently comparing options.
The house in question is planned to be sold this year but will only be available in the summer. The reasons for this have been given by the seller and are understandable.
Since we are currently renting, we want to avoid overlapping costs in the form of rent and mortgage payments. Does anyone have experience or ideas on how to handle this?
We already have one idea, but I’m not sure if it’s practical or even possible – as I said, we lack experience.
The purchase would be completed this year, and starting from 01.01.2016, the former owners would become tenants and pay me an amount equivalent to the mortgage plus additional costs. This way, repayment of the loan can already begin (since interest-free grace periods for loan drawdowns longer than 6 months usually incur extra costs), but without overlapping financial burdens.
Good idea? Not so good? Is there a better or different approach? If so, how?
Thank you very much for your advice.
I have another question and hope to get some input from experienced members.
Here is our current situation:
We are very interested in buying a house and have already submitted loan inquiries and are currently comparing options.
The house in question is planned to be sold this year but will only be available in the summer. The reasons for this have been given by the seller and are understandable.
Since we are currently renting, we want to avoid overlapping costs in the form of rent and mortgage payments. Does anyone have experience or ideas on how to handle this?
We already have one idea, but I’m not sure if it’s practical or even possible – as I said, we lack experience.
The purchase would be completed this year, and starting from 01.01.2016, the former owners would become tenants and pay me an amount equivalent to the mortgage plus additional costs. This way, repayment of the loan can already begin (since interest-free grace periods for loan drawdowns longer than 6 months usually incur extra costs), but without overlapping financial burdens.
Good idea? Not so good? Is there a better or different approach? If so, how?
Thank you very much for your advice.
tomtom79 schrieb:
You can ensure planning security with an escrow account; the seller just wants to get your money.Absolutely! Why not? You sound as if the seller is your enemy.
I recently read that the word contract comes from "to tolerate." Many people don’t understand that—they have to assume that the contracting party is automatically their enemy.
Are you one of those?
Usually, you meet twice: once for the purchase and the second time for any goodwill negotiation. Then the enemy is supposed to turn back into a friend, or what???
I
instigater8 Oct 2015 21:22I also think – and hope – that it’s possible without such an account. From what I have read recently, the trend seems to be more like “put everything into the purchase agreement so that it’s settled.”
Since we have a pretty good relationship with the sellers and also enjoy a goodwill advantage on their side, we are leaning more towards trust than mistrust.
Since we have a pretty good relationship with the sellers and also enjoy a goodwill advantage on their side, we are leaning more towards trust than mistrust.