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Old 7th November 2019, 19:57   #1 (permalink)
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Exchange Loss on House Sale

A friend from home has just had an offer of several million TL for his house in Bodrum.
Unfortunately due to illness he will not be able to come out for 3 weeks ,and he is very concerned that he could lose a considerable amount in exchange losses before he can get out here to close the deal.

Any thoughts or suggestions on how he could protect him self from exchange losses with the buyer ..
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Old 7th November 2019, 20:09   #2 (permalink)
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Re: Exchange Loss on House Sale

Would the buyer agree to a price in Sterling then any fluctuation in the exchange rate would be with the buyer.
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Old 7th November 2019, 20:15   #3 (permalink)
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Re: Exchange Loss on House Sale

I suggested the same but I don't think the buyer will agree . And to be honest I am not sure if that is technically legal .
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Old 7th November 2019, 20:36   #4 (permalink)
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Re: Exchange Loss on House Sale

I thought that had been scraped about buying and selling in TL for foreigners .Everything in Alanya is in euros .
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Old 7th November 2019, 20:39   #5 (permalink)
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Re: Exchange Loss on House Sale

Ask the buyer to buy the Stirling or Euros now and lodge them in his own bank account until Philip can get out there.

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Old 7th November 2019, 21:03   #6 (permalink)
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Re: Exchange Loss on House Sale

Thats a good idea Yalimart... and if the buyer accepts, he may want a contract to ensure he is not wasting his time, and the contract can be made in TL for the TL price, with a clause that requires the buyer provide prrof of funds in Sterling (at todays echange rate for example) to the seller of a specific amount of Sterling... and to settle on a future date in TL at that exchange rate...

Or alteratively the seller can go to a his Turkish bank and 'sell forward' the amount of the TL purchase price for the expected completion date... or alternatively use a FX firm...

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Old 7th November 2019, 21:19   #7 (permalink)
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Re: Exchange Loss on House Sale

The old hands are coming to the fore with good ideas...thank you .Keep them coming.
Philip, I mean Fred will be most grateful
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Old 8th November 2019, 07:03   #8 (permalink)
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Re: Exchange Loss on House Sale

Surely if the buyer buys sterling and lodges it in his account until the slae goes through then you are asking him to take all the risk if the sale falls through. I would not agree to that if I was him.
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Old 8th November 2019, 07:59   #9 (permalink)
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Re: Exchange Loss on House Sale

Quote:
Originally Posted by IbrahimAbi View Post
Surely if the buyer buys sterling and lodges it in his account until the slae goes through then you are asking him to take all the risk if the sale falls through. I would not agree to that if I was him.
Given its the seller who is concerned about the risk, Philip, sorry Fred could mitigate the loss should it happen, if the sale goes through then they are all happy.
Looking at historic exchange charts its odds on the will buy more TL in a few weeks, not guaranteed I accept, then nothing is.

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Old 8th November 2019, 08:23   #10 (permalink)
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Re: Exchange Loss on House Sale

I would just like to point out that I am not " Fred".........honestly
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