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lutontownfc

Selling Apartment In Bulgaria

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Hi thought I would tell you what happened this week regarding the sale of our apartment. We have had it on the market for three months now and a Bulgarian couple wanted it badly, to get to the point quickly they offered to put down 20% and some deposit in return for us letting them move in!!! Our agent did not see any thing wrong with this and tried to persuade us to go along with it, the whole thing seems too stupid for words.

So we let them move in with no guarantee that they will raise the remaining 80%, we told them what they could do with this offer and now they have gone off the idea of buying.

Has anyone else come across such stupid ideas as this with Bulgarians or heard of such a thing.

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Hi thought I would tell you what happened this week regarding the sale of our apartment. We have had it on the market for three months now and a Bulgarian couple wanted it badly, to get to the point quickly they offered to put down 20% and some deposit in return for us letting them move in!!! Our agent did not see any thing wrong with this and tried to persuade us to go along with it, the whole thing seems too stupid for words.

So we let them move in with no guarantee that they will raise the remaining 80%, we told them what they could do with this offer and now they have gone off the idea of buying.

Has anyone else come across such stupid ideas as this with Bulgarians or heard of such a thing.

I'm not sure of the specifics but I believe that this type of "Rent to Buy" approach is sometimes used in the US - I am assuming when the would be purchasers cannot obtain outright financing for the purchase. Rather, they pay a deposit (I assume an equity stake in the property) and rent the remaining equity stake, with an element of this "rent" being used to ultimately purchase this equity. Not sure what happens where the renter / would be buyer defaults ....

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I'm not sure of the specifics but I believe that this type of "Rent to Buy" approach is sometimes used in the US - I am assuming when the would be purchasers cannot obtain outright financing for the purchase. Rather, they pay a deposit (I assume an equity stake in the property) and rent the remaining equity stake, with an element of this "rent" being used to ultimately purchase this equity. Not sure what happens where the renter / would be buyer defaults ....

I am in the US, and yes, this "rent to buy" or "rent to own" or "tenant buyers" or "lease option", whatever one wants to call it is sometimes used here when a real estate investor wants to sell a property, but has trouble finding prospective buyers who qualify for financing. Although there are several variations with different details, generally the tenant comes up with a big deposit which is held by the landlord as a down payment toward the purchase price. There is also a security deposit held by the landlord for damages as in any tenancy, and regular monthly rent at or near the market rate. If the renter defaults on the rent, the landlord needs to evict, just as if the tenant did not pay the rent. The hefty up front deposit would then be forfeited to the landlord.

The idea behind this method is that while the tenant is renting, their credit would improve and soon (within a year or two, or maybe three or four) they would be able to buy the home or apt.

This type of contract is tricky/risky enough to use in the US, so I can imagine what it must be like in Bulgaria. If you do decide to go this route, consult with a good real estate attorney with plenty of experience. Also, get a good real estate agent, get everything translated, and get everything in writing. You should also question the attorney how a court would look upon this type of contract if the buyer were to default. Good luck!!

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Hi thought I would tell you what happened this week regarding the sale of our apartment. We have had it on the market for three months now and a Bulgarian couple wanted it badly, to get to the point quickly they offered to put down 20% and some deposit in return for us letting them move in!!! Our agent did not see any thing wrong with this and tried to persuade us to go along with it, the whole thing seems too stupid for words.

So we let them move in with no guarantee that they will raise the remaining 80%, we told them what they could do with this offer and now they have gone off the idea of buying.

Has anyone else come across such stupid ideas as this with Bulgarians or heard of such a thing.

Mmm...well as you have heard from others a more formalised concept in US but NOT I think in Bulgaria...however I would be interested in knowing if there is a level of tenant protection over there...if they had got in, you might never have been able to get them out....

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Knowing who you are they'll think starting off by paying you -£30k as a deposit is an acceptable starting position.

Sorry. Can't help it. There's a guy in the office, and we do it to him all the time...

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The people who want to buy our apartment are still trying to get the mortgage for our full asking price, they are negotiating with the fourth bank now. They are obviously rather keen on our apartment as it is fully furnished and has everything complete. We are here in Bulgaria for another week so hopefully we may complete the deal before returning to UK,we shall see.

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  • 395 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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