Selling AND buying same day?
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Selling AND buying same day?
Hi, I've bought and sold in Spain before, but never at the same time? We have a buyer for our house and have had an offer accepted on one we want to buy. When we bought our house we allowed the old dear a week after completion to complete on her new place and move out, but our solicitor didn't approve !
In the UK when completion day comes everyone packs up and moves once you get the call that the legal stuff is done, and money has been transfered, but in Spain I've spent hours at the Notaria just selling OR buying a house, so confused about how that would work when we do both! The house we want to buy is empty, should we try to come to an 'arrangement' with the owners to get in before completion? Any advice welcome......
In the UK when completion day comes everyone packs up and moves once you get the call that the legal stuff is done, and money has been transfered, but in Spain I've spent hours at the Notaria just selling OR buying a house, so confused about how that would work when we do both! The house we want to buy is empty, should we try to come to an 'arrangement' with the owners to get in before completion? Any advice welcome......
If I knew where I was going I'd be lost.......
Re: Selling AND buying same day?
That would be the perfect scenario but i doubt if A Spaniard would allow you to do that. If it all fell over at the last minute you could become a squatter. You could ask if you can move your stuff in and they keep the keys then if it fell over they would just need you to move your stuff out. No sitting tenant problems to worry about.
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Re: Selling AND buying same day?
Thanks! We wouldn't be moving us in, just our stuff, planning on renting an airbnb until completion done, so that might be a solution. Presuming of course they move their deceased relatives furniture out first! But I do wonder how the Spaniards do this ??
If I knew where I was going I'd be lost.......
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Re: Selling AND buying same day?
Many home sales are done including the furniture so you might find the place is still furnished.We bought our property with all of the furniture whether we wanted it or not, also included in the sale was everything at the property, including tractor although needed repairing...We agreed to allow them to stay in the house until their ferry date back to the UK, they had the house for a further 4 days. We returned to the UK after the sale leaving instructions for BIL to get the keys on the day of the sellers departure. They arrived at his house with the keys but unbeknown to us they had sold many items included in the sale before they left.. All had to have been arranged before hand in my opinion...Never would i agree to anyone staying in a property after sale day again...However since then i have no regrets, the place looks so much better now.
Re: Selling AND buying same day?
It's common here for all the contents to be left behind. Anything they don't want they just leave. We had an entire house full when we moved to this house, just the owners' clothes and personal belongings had been taken. There was still jars of pasta and everything in the kitchen left behind. It was good quality stuff but not to our taste and we already had our belongings, so we stayed renting and spent two weeks selling just about everything left behind. In France we were left with all the old rubbish stuff they didn't want. We upcycled a fair bit. So be prepared for it all being left behind whether you want it or not!
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Re: Selling AND buying same day?
Some friends recently bought a house here in La Herradura from an old couple who were downsizing their family home. It has 8 bedrooms and cost €1.5m. They agreed to leave everything. When our friends got the keys, it had been stripped including all the kitchen appliances. Apparently, the kids had decided that although the parents didn't want any of it, they did! Apparently the way to avoid this is to get an inventory drawn up as part of the sales contract. Actually, they could have taken out the entire kitchen as the units are not considered to be fixtures, just furniture.
As always, "buyer beware" and don't believe anything that is not agreed in writing.
Sid
As always, "buyer beware" and don't believe anything that is not agreed in writing.
Sid
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Re: Selling AND buying same day?
Sid, ours was all agreed in writing but meant nothing because it would have cost more to chase it..Best to agree to leave nothing and if they do then that is on them.El Cid wrote: ↑Thu Oct 03, 2024 6:53 pm Some friends recently bought a house here in La Herradura from an old couple who were downsizing their family home. It has 8 bedrooms and cost €1.5m. They agreed to leave everything. When our friends got the keys, it had been stripped including all the kitchen appliances. Apparently, the kids had decided that although the parents didn't want any of it, they did! Apparently the way to avoid this is to get an inventory drawn up as part of the sales contract. Actually, they could have taken out the entire kitchen as the units are not considered to be fixtures, just furniture.
As always, "buyer beware" and don't believe anything that is not agreed in writing.
Sid
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Re: Selling AND buying same day?
Thanks All, We've owned four houses in Spain over the last 25 years so plenty of horror stories about stuff left behind !
My question was more about the logistics on the day of completion? In my experience it takes hours at the notaria to do just one transaction, how much time does it take to do two!
Has anyone got any experience of completing the selling and buying on the same day?
My question was more about the logistics on the day of completion? In my experience it takes hours at the notaria to do just one transaction, how much time does it take to do two!
Has anyone got any experience of completing the selling and buying on the same day?
If I knew where I was going I'd be lost.......
Re: Selling AND buying same day?
No experience of that Hirsty although we've owned a few properties ourselves. I'm not sure I've ever come across it here, most people rent for a while, or camp out at a friend's house if it's only for a day or two until the other house sale goes through. I'm not sure how quickly the money is processed here. Years back we used to pay and get paid the proceeds by a banker's draught which once took ages to actually get credited to our bank for some reason. I guess now it's by direct transfer online or at the bank but still not sure about the money being available instantly to buy the other property the same day as they do in the UK. Have you asked your gestor/solicitor who is handling the purchase and sale?
When we sold our first house the new owners let us stay an extra night after we'd been to the notary as we were moving to France. All our furniture had already gone, but after spending half the day at the Notary we needed to camp out in the house just one more night before driving to France with our cats.
When we sold our first house the new owners let us stay an extra night after we'd been to the notary as we were moving to France. All our furniture had already gone, but after spending half the day at the Notary we needed to camp out in the house just one more night before driving to France with our cats.
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Re: Selling AND buying same day?
We are looking to buy a new place and have found something we like. However, they are asking for a hefty deposit with the stipulation everything is completed within 4 months, something I am not realyy comfortable with because we need to sell our current home. Is this normal?
No problem with the deposit with no conditions apart from the obvious ones that are typical here in Spain but to my mind there semms to be more than an element of risk that we could lose the deposit, were we not to complete in time.
No problem with the deposit with no conditions apart from the obvious ones that are typical here in Spain but to my mind there semms to be more than an element of risk that we could lose the deposit, were we not to complete in time.
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Re: Selling AND buying same day?
Thanks... we haven't got as far as solicitors, I'm hoping the owners of the house we are buying might let us move our stuff in before completion, we can Airbnb it for a bit. If not put our stuff in storage.....Wicksey wrote: ↑Fri Oct 04, 2024 9:44 am No experience of that Hirsty although we've owned a few properties ourselves. I'm not sure I've ever come across it here, most people rent for a while, or camp out at a friend's house if it's only for a day or two until the other house sale goes through. I'm not sure how quickly the money is processed here. Years back we used to pay and get paid the proceeds by a banker's draught which once took ages to actually get credited to our bank for some reason. I guess now it's by direct transfer online or at the bank but still not sure about the money being available instantly to buy the other property the same day as they do in the UK. Have you asked your gestor/solicitor who is handling the purchase and sale?
When we sold our first house the new owners let us stay an extra night after we'd been to the notary as we were moving to France. All our furniture had already gone, but after spending half the day at the Notary we needed to camp out in the house just one more night before driving to France with our cats.
If I knew where I was going I'd be lost.......
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Re: Selling AND buying same day?
Ah, we had six months... and had used up three before we got an offer. It's a gamble and up until last week we had almost accepted we'd lose our deposit and had been foolish!markwilding wrote: ↑Fri Oct 04, 2024 11:43 am We are looking to buy a new place and have found something we like. However, they are asking for a hefty deposit with the stipulation everything is completed within 4 months, something I am not realyy comfortable with because we need to sell our current home. Is this normal?
No problem with the deposit with no conditions apart from the obvious ones that are typical here in Spain but to my mind there semms to be more than an element of risk that we could lose the deposit, were we not to complete in time.
If I knew where I was going I'd be lost.......
Re: Selling AND buying same day?
I think many people sell their place first and get at least get the deposit and compraventa signed before attempting to buy another. Then they know how much they have to spend, and that it should go through, before commiting themselves to a purchase. I don't know what the market is like there but as we have a campo house which are usually difficult to sell, we would get a buyer first and then would have to put belongings in storage and rent if necessary in the meantime. I know it's difficult if you're looking and find the perfect place to buy, but the risk of losing a deposit is too much for us.markwilding wrote: ↑Fri Oct 04, 2024 11:43 am We are looking to buy a new place and have found something we like. However, they are asking for a hefty deposit with the stipulation everything is completed within 4 months, something I am not realyy comfortable with because we need to sell our current home. Is this normal?
No problem with the deposit with no conditions apart from the obvious ones that are typical here in Spain but to my mind there semms to be more than an element of risk that we could lose the deposit, were we not to complete in time.
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Re: Selling AND buying same day?
Personally i wouldn't take the risk, 4 months to sell your house and be ready to complete on the other property is a big ask.
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Re: Selling AND buying same day?
So an update,
We actually got an offer at the asking price within 24 hours, which sounds great until the bigger picture is looked at. It seems that house prices are rising pretty quickly now and this is borne out by the highest offer we got, when we put the house on the marktet 15 months ago, was 55,000 euros lower.
However, this is caused by a lack of properties on the market and the other side of the coins is that we are finding it difficult to find something. The house we are interested in has had various offers and this mixed with owners be involved in a messy divorce has meant that it is off the table for the moment so we are still looking.
We actually got an offer at the asking price within 24 hours, which sounds great until the bigger picture is looked at. It seems that house prices are rising pretty quickly now and this is borne out by the highest offer we got, when we put the house on the marktet 15 months ago, was 55,000 euros lower.
However, this is caused by a lack of properties on the market and the other side of the coins is that we are finding it difficult to find something. The house we are interested in has had various offers and this mixed with owners be involved in a messy divorce has meant that it is off the table for the moment so we are still looking.
Last edited by markwilding on Wed Oct 30, 2024 4:39 pm, edited 2 times in total.
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Re: Selling AND buying same day?
Thanks for the update Mark. Something will turn up .markwilding wrote: ↑Wed Oct 30, 2024 4:16 pm So an update,
We actually got an offer at the asking price within 24 hours, which sounds great until the bigger picture is looked at. It seems that house prices are rising pretty quickly now and this is borne out by the highest offer we got when we put the house on the marktet 15 months ago, which was 55,000 euros lower.
However, this is caused by a lack of properties on the market and the other side of the coins is that we are finding it difficult to find something. The house we are interested in has had various offers and this mixed with owners be involved in a messy divorce has meant that it is off the table for the moment so we are still looking.
If I knew where I was going I'd be lost.......
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Re: Selling AND buying same day?
UPDATE.
Having got a buyer in a good position but who wanted our house ASAP, and a house we liked we came to an agreement with the owners of the new place to set up a rent-to-buy contract. Moving into the new place before completing on the old one gives us time to organise everything without rushing about. The two months rent we will have paid will be knocked off the final buying price on completion. Highly recommend this route!
Having got a buyer in a good position but who wanted our house ASAP, and a house we liked we came to an agreement with the owners of the new place to set up a rent-to-buy contract. Moving into the new place before completing on the old one gives us time to organise everything without rushing about. The two months rent we will have paid will be knocked off the final buying price on completion. Highly recommend this route!
If I knew where I was going I'd be lost.......
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