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Buying property abroad
nightwatchman
Posts: 217 Forumite
I have a fantastic opportunity to buy property abroad (Greece).
This is a fire-sale. A relative has managed to find himself in trouble due to debt and divorce, everything has gone belly up for them
. Now he prefers to sell his property to me below cost instead to let it to be repossessed by the bank.
He has only one month left until his property auctioned so I have to act fast.
I know that Greece has a property bubble similar to ours however he is selling at 70% below current value. The house is massive and it comes with an olive grove (450 olive trees) which is approximately seven and a half acres.
However I don’t have idea about buying property abroad. My relative managed to make a fine mess and I don’t wish to be in the same situation.
With the Pound in record low against the Euro my savings will not go long way.
I will need to get a mortgage somehow.
I would be grateful for any advice from anyone which has any experience on buying property abroad.
This is a fire-sale. A relative has managed to find himself in trouble due to debt and divorce, everything has gone belly up for them
. Now he prefers to sell his property to me below cost instead to let it to be repossessed by the bank.He has only one month left until his property auctioned so I have to act fast.
I know that Greece has a property bubble similar to ours however he is selling at 70% below current value. The house is massive and it comes with an olive grove (450 olive trees) which is approximately seven and a half acres.
However I don’t have idea about buying property abroad. My relative managed to make a fine mess and I don’t wish to be in the same situation.
With the Pound in record low against the Euro my savings will not go long way.
I will need to get a mortgage somehow.
I would be grateful for any advice from anyone which has any experience on buying property abroad.
Si Deus pro nobis quis contra nos?
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