EA Dropped price without consulting me!

Incisor

pinkshoes wrote: »

It depends what you want in life, as it makes perfect sense to me.

Which is worse? £10k of negative equity and free from your ex with the potential of being happy again, or potentially even more negative equity and still tied to your ex for the foreseeable future, whilst watching her not struggle for money?

Why bother posting on a forum if you're only wanting people to tell you what you want to hear?

But this isn't about the selling price of the house is it? It is about the ex and the ea agreeing the price behind the op's back. op may well be peeved off to get into negative equity, but might well be able to take responsibility for his own decision to accept a loss. But op would understandably [to me] find it rather rancid to be put into that position by the ex and the ea without being involved in the decision. It's bad enough to have the situation take away your equity, but to have your pride taken away by other people bouncing you into a situation without consulting you [even if you might agree] is worse.

LittleMissAspie

I believe the OP wanted advice on the fact that his EA changed the price without his agreement, nothing else.

Personally I'd phone up and complain to them, and say that all price changes must be agreed by BOTH of you in future and can they please change it back to the original price until notified otherwise.

Then call the ex and tell her that you've had the price put back and she's not to go behind your back in future. If she wants to change the price, she can phone you to discuss it, and you will do the same.

Good luck.

silvercar

Again you are missing the point. My problem with your neat little comment was how on earth do you actually cope with 10k, 20k, 30k of negative equity? How does a normal person with a low earning job, who is scraping by as it is, deal with that without having to resort to bankrupcy? Nobody simply 'moves on' with that kind of debt.

Joint mortgage= joint debt=joint liability for all the debt.

Firstly the lender won't allow you to sell without repaying all the mortgage so it requires you and your ex to agree on a way of coming up with the extra funds needed to clear the mortgage.

If (and I say "if" just to offer an explaination, not to say this will happen) you were repossessed and the property sold by the lender with a shortfall, you would both be liable for all the debt. The lender won't say that each of you have half the debt. They will chase both and focus their time and resources on whoever they feel is more able to come up with the money.

casper_uk

LittleWonder wrote: »

Again you are missing the point. My problem with your neat little comment was how on earth do you actually cope with 10k, 20k, 30k of negative equity? How does a normal person with a low earning job, who is scraping by as it is, deal with that without having to resort to bankrupcy? Nobody simply 'moves on' with that kind of debt.

As for only wanting people to tell me what I want to hear, nobody is hearing what they want to hear in the current financial climate. All I wanted was practical advice, not some sub-Jeremy Kyle musings about the nature of relationships. I agree that happiness is the most important thing in the world, but I don't know anyone in the world who would welcome that sort of debt with open arms and without seeking advice from others who have perhaps already weathered the storm.

If you can't dispense any advise better than 'happiness is good', then don't post on financial advice forums. I know that I won't be returning to this site because some posters just want to make sweeping and frequently personal judgements about people and their relationships, not the financial problems that they actually need advice for.

Hi i think the point that people are trying to get across to you is that the housing market is in a downwards spiral. It's very likely that the longer you leave it holding out for the current price the worse it's going to get. Six months with a -2% drop and you are looking at a further 12% of your current price. This will saddle you with even more negative equity from the sounds of things, making a 10k, 20k, or 30k hit now look like a good option.

You will have to work out the negative equity figures for yourself and act on what's best as we don't have all the facts. About the other issue, i wouldn't be surprised if she just told the EA she had agreed it with you first. Best to give them a ring and tell them they have to double check everything with you first.

pinkshoes

LittleWonder wrote: »

Again you are missing the point. My problem with your neat little comment was how on earth do you actually cope with 10k, 20k, 30k of negative equity?

The point is, that the EA probably lowered the price as it was the sensible thing to do, and your ex also thought it a good thing to do to get the property sold. It sounds to me that both are acting in your favour. Yes, it was cheeky of your ex to over-rule you, and the EA to obey her, but perhaps it'll help sell the place??

As for the negative equity, it seems to me you really don't have any choice.

If you want some real financial advice, why don't you start by telling us how much the mortgage is, how much you think the house is worth, how much the estate agent has lowered the price to, and which area the house is in. Have you used Zoopla to get a valuation approximation?