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Creative selling options? Vendor finance?

Discussion in 'Property Finance' started by Bran, 12th Feb, 2016.

  1. Bran

    Bran Well-Known Member

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    A tenant has made contact with me to discuss "other options" to stay in the house I'm trying to sell.

    They tried to buy, but it is "out of reach".

    I'm open to any ideas, I'm not pressured to sell.

    What options might I explore that are a little out of the box, and are perhaps win-win?

    I will call them tonight and see what they have in mind.
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Find out what is holding them back from buying outright. Is it income or deposit? If deposit you could perhaps consider lending them - but they will still find it difficult for a lender to accept.
     
    Bran likes this.
  3. Bran

    Bran Well-Known Member

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    I will, and depending what they have to say i'll report back.
     
  4. Mac Fields

    Mac Fields Well-Known Member

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    Possibly a mortgage carry back is the simplest option here, but it would increase the risk to you (and I suppose raises the question about their ability to repay the mortgage if they couldn't raise a deposit). I love win-win solutions if you can help them buy their first place.
     
  5. jpcashflow

    jpcashflow Well-Known Member Business Member

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    KEEP it simple, if you want to sell the property just sell it through a agent.
    Just remember if a bank won't lend them money then there is some other underlying issues that may lay ahead.
     
    albanga and Bran like this.
  6. albanga

    albanga Well-Known Member

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    Have to agree with @jpcashflow.
    The other options are messy and I would also have concerns over there inability to save a deposit and you taking on that risk with a carry back.
    Maybe suggest to them a guarantor loan from a family member. You can sill create a win-win by selling to them at market value minus agent fees.
    You save on staging advertising and the hassles.
     
  7. jpcashflow

    jpcashflow Well-Known Member Business Member

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    Nice quote.. Win / Win is a great way...