To Wonder Who on Earth Would Accept This Offer on their House

[QualCheckBot]

I'm trying to sell a small house in an area that has experienced a lot of job losses and recession while at the same time a lot of new housebuilding. Like many properties on the market there, I've had little interest in 2 years. However, the rental market is quite good and I have it let out at a rent that more than covers the mortgage and its costs, despite a reduction for the tenant to allow any viewings.

My estate agent recently got in touch with a proposal from a company that she was bound to be pass on to me. It was an offer to buy the property in 7 years time (deferred purchase) and pay the cost of the monthly mortgage payments until then. So I would be bound to sell at today's price in 7 years, keep the property for 7 years, paying for any maintenance issues and insurance!

I mean, why? Who on earth in their right mind would tie themselves into something like this for 7 years?

We got offered that at our last sale. They find the tenants etc but they can either buy it at the price is is now or the price it will be in 7 years depending on which is lower. It was ridiculous. It was sold to us as a company that helps overseas buyer with no credit rating move to the uk with a view to buying the house once they had the necessary credit ratings, bank statements etc.

Seemed to me to be a horrible company preying on people who couldn’t sell in a buyers market. We held on a bit longer and sold normally

Only people who are desperate to sell, I suppose. We were facing the prospect of being unable to sell our last house, and at one stage I probably would have agreed to this! Thank god we sold by dropping the price. It still sold for £55000 less than what the previous owners paid for it in 2006, so that type of offer may well have worked out well in this case.

Only people who are desperate to sell, I suppose.

But we wouldn't even get it sold for another 7 years! And in the meantime, they could put in dodgy tenants who could wreck it!

I'd have to be crazy.