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  • Category: Miscellaneous

    Selling the house to a neighbor, or to other with better offer or retain for future use ?

    One of my friend decided to sell his Independent house to meet his personal commitments urgently. The news of selling spread through word of mouth and naturally the immediate neighbor thrown the hat by saying that the house must be sold to him only with special discount. Where as he has one more offer better than expected and that is from out side person not connected to the colony. On seeing uneasy situation my friend want to defer the sale as of now and keep the house for his children future use . What is your suggestion ?
  • #622166
    There is no rule that we have to sell our property to our neighbour for a lower rate. If he is interested and ready to pay the value as per the other person's rate we can give preference to the neighbour. That much favour we can do. Another thing we raised is can we keep it for future requirement? This point is to be decided before thinking of selling it. Immediately if you have no requirement of fund I advise them to keep the house for themselves and give it on rent to somebody. This is the number one preference. Once you decide on selling then you should see that you will get the maximum returns out of it. If your neighbour is ready to give you the prevailing price in the market you can give him preference but need not sell at a lower price to the neighbour.
    drrao
    always confident

  • #622169
    These kind of things happen sometimes,especially when we are not in a conducive neighbourhood. There are some sadists who will spoil our chances. These people will set eye on some property and then try to corner it by any means mostly foul means.
    Our position will be difficult if they are politically powerful or having criminal intents. If we are vulnerable they will tempt us first, in case we don't fall to their trap, then threaten us. If we still go in our way, they will put spokes by spreading bad things about the property to the prospective buyers and drive them away. At last without seeing any other alternative we will be forced to sell it to the same person, who will now reduce the price much further.

    In your case you may stick to your price and not bend down. If he is ready then you can sell it to him. You may tell him that you do not have any objection to sell to him, but want the price quoted by you. Stand firm.

    In case he is adamant not to allow you to sell the flat, and driving away prospective buyers, then mortgage the flat to a bank and get loan for your needs. Fix a very easy repayment schedule.Then leisurely contact some 'strong' brokers and sell the flat a still higher price ,getting concurrence from the bank.

    Before that discreetly asses how other neighbours attitude to your friend as well the other person. That will be an important factor to decide further course.

  • #623079
    Selling or keeping a house depends on other assets, mindset and the urgent need for funds. Hence a general statement cannot be made. We had one of our relatives who had only one site(vacant land), he registered in the name of his daughter and son-in-law and arranged a simple function at the registrar's office. In the same scenario, some parents even though not well off would have sold the land to have a well-arranged marriage. So, it depends on the individual's outlook too.
    I think, when it comes to financial transactions, there should be a clear line between money and friends/neighbors or relatives. Because, the moment people realize that it is a distress sale for the urgent need of money, they try to drive the price down. If possible funding can be arranged via a loan with the same papers of the home and then the children can repay it.


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