O
oneliner
Guest
Hi All
I have an investment property which is currently rented out with an out standing mortgage of 240k. The rent is more or less the same as the interest only repayments so the repaymemts are up to date.
My tenants are seeking to buy and would like to buy my house. Unfortunately they are only offering 215k which is a fair market price, so me (and the bank) are in a bit of a fix.
If I sell to them I will be 25k short on the mortgage. If I don't sell to them it is likely they will buy somewhere else and I will have no tenants (tough rental market) and so will be unable to meet repayments.
I am currently unemployed and I do not own any other property.
I am trying to find out if the bank will allow the sale and agree to a settlement for 215k.
If there is someone who has had a similar problem resolved or has had experience in dealing with a similar problem, your advice would be much appreciated.
Cheers
I have an investment property which is currently rented out with an out standing mortgage of 240k. The rent is more or less the same as the interest only repayments so the repaymemts are up to date.
My tenants are seeking to buy and would like to buy my house. Unfortunately they are only offering 215k which is a fair market price, so me (and the bank) are in a bit of a fix.
If I sell to them I will be 25k short on the mortgage. If I don't sell to them it is likely they will buy somewhere else and I will have no tenants (tough rental market) and so will be unable to meet repayments.
I am currently unemployed and I do not own any other property.
I am trying to find out if the bank will allow the sale and agree to a settlement for 215k.
If there is someone who has had a similar problem resolved or has had experience in dealing with a similar problem, your advice would be much appreciated.
Cheers