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spartan Fx

Strange buying situation

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(@itexpert7)
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Joined: 2 years ago

Hi everyone,
Finally found a great house, large, modern, in a famous Algarve Golf resort. Now the strange stuff:

* They are not budging on the price, but the opposite they keep saying they will increase the price from 950 to 1.2 mil with the excuse that house prices are increasing and the house is undervalued (another house on the same golf resort is for 1.2)

* They haven't sold in 2 years at 950, with 6 different estate agencies. House is immaculate, T4+1, 3000 plot, nicest house I've even seen inside in my life.

* I've never met the owners in our 3 viewings. The husband is not well mentally, and apparently needs a "court of protection" decision to be allowed to sell the house.

* They sent me a contract where they ask 20%, with no expiry date, no date where they will give my deposit back double if they fail getting that court decision or if it delays too much! Only that they are obliged to sell 60 days after they get the court decision.

* The agents are pushing me to sign it, by various blah blah.

My questions:
1. Does this all make sense, sounds a bit crazy, but after seeing 50 properties this is the nicest one by far.

2. When buying a house in Portugal and giving deposit, surely there must be a time term in which they have to sell you the house, isn't it? Otherwise why wouldn't they just keep the deposit and the house with the sale "in progress" for decades?

3. What do those of you experienced with buying in Portugal think about all this?

Kind Regards,
Michael.

27 Replies




Posts: 2679
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(@martin)
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Joined: 17 years ago

i am supposing the owners are Portuguese?? if they are then that's typical of the mindset that if (for example) a shop hasn't sold the product they put the price up

I recall one couple who had a coffee bar up for sale for 10 years....no one interested in it at all - but then one day someone walked in and  agreed to buy . The buyer came back the next day to be told the couple had now increased the price...needless to say he walked out .

Some industrial land was up for sale, a group of uk business men said they would buy the land, but then on the day of the signing the owners put the price up....again the buyers walked out. The land is still there undeveloped now for 10 years!

Reading your account, I would NOT proceed in any way with that purchase.

There will always be another villa to buy that's for sure.

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Posts: 2679
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(@martin)
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Joined: 17 years ago

and even more so when I read "court decision"

always keep in mind the famous Portuguese saying that "to start a court case in Portugal you must be under 30 and in good health"

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Posts: 2679
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(@martin)
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Premium Club Member
(@itexpert7)
Joined: 2 years ago

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Posts: 278

@martin 
Thank you Martin!
Wow amazing stories about greedy Portuguese.
Hehe, another agent said that to not show much interest, or go there with fancy car, even on a house that it's for sale for 1 million, as some Portuguese owners may think they can charge more!

Thank you for the house, nice pool and tennis court! but it's too old for us, and too far from the sea. High price too. The house we're interested in is so amazing inside, 5 star. Outside 3000m2, but no tennis court. Only 9 min drive from good beach in Portimao.
The owners are British + Brazilian.

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(@martin)
Joined: 17 years ago

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Posts: 2679

@itexpert7 

 

thanks for the reply, not sure but perhaps you are looking for something very modern??

If you have a link would love to see the place you like (don't worry I don't have a million I so will not be gazumping you!)

With ref to 9 mins to the sea, I think you could find that Silves is only about 15 mins to the sea.

Most agents will tell you that most buyers will always buy near the sea first time, but on second / third buys will always go inland

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Community Member
(@martin)
Joined: 17 years ago

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Posts: 2679

@itexpert7 

 

I have to say that living by a golf course is not something i would do unless you want to sit on a terrace and drink wine with snacks, They are not the sort of places where you could do car repairs, hang out your washing, get the chain saw out

An heard so many times that golf villas are tied in to the club, eg only they can paint, only they can clean the pool etc.

Would prefer to be my own master and not linked into some stepford wives zone

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Premium Club Member
(@itexpert7)
Joined: 2 years ago

Member
Posts: 278

@martin 
Thank you, interesting thoughts!
I was told there are no condominium fees, and every house is independent, but you never know. I need to have a lawyer to ask these questions, about any rules that come with the house.
Thank you again!

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Premium Club Member
(@jeanne)
Joined: 2 years ago

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Posts: 377

@itexpert7   I still say hire your own lawyer to dig a bit deeper. It's clearly your dream house, and if you just drop it, it will haunt you.  I 'd rather pay a lawyer to evaluate the facts of the situation.  Then you will have done everything you can, and if you don't get the house in the end, you can move on without regrets. Good luck.

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(@jgibson)
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I guess they don’t want to sell the place

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