Just looking for other peoples opinions/feedback/advice on the following hurdle the family and I are faced with. Maybe you have been in a similar position?
We are currently living in Portugal. Recently we were granted permanent residency (have to be in OZ before Oct 2014). We would move tomorrow except that we have our house to sell in Portugal first.
If we sell our house at the current asking price we would be selling at a substantial loss. As the property market in Portugal is not all that good, we find ourselves in a position where ... do we drop the price event further and face still having a mortgage on a house we no longer own, or do we try rent it out in the hope we can get long-let tenants in (highly unlikely) and the market eventually improves and we can sell at a better price?
The problem is, once in OZ I do not fancy the idea of going back-and-forth to Portugal to deal with Property related matters. So do we go for the clean break at a huge financial loss or do we hold onto the property (put it into the hands of an Estate agent), face the possibility of double mortgage/rental payments and hope things improve (sometime) in the future and we can sell at less-of-a-loss?
Have any of you been in a similar position?