Is this really a good time to sell a home?

Milly1974

Hi Dreamer,

Just thought I would pipe up to see how you are doing? Have you made your way onto the DFW board as yet? Any success with getting interest frozen or payments lowered?

Milly xxx

lotto-dreamer

Milly1974 wrote: »

Hi Dreamer,

Just thought I would pipe up to see how you are doing? Have you made your way onto the DFW board as yet? Any success with getting interest frozen or payments lowered?

Milly xxx

Thanks Milly xx

Basically, the bank said "no". I thought going straight to see them and then speaking to my other two creditors seemed a good idea at the time. My timing has been bad as the buyers of my house have now instructed their solicitors - initial process is underway. I therefore could lose the house sale if I continue to try to get some agreement out of all my creditors and if they don't agree (looking likely thanks to my bank) I will be in a worse situation. I was devastated, but should of course have posted my SOA long ago. And possibly done it all by letter.

I am now looking at rental properties (have found MSE sticky for advice!) and panicking slightly, as buyers want to be in before Christmas. Not easy as I work 9 to 5 during the week. Sons will help where they can though.

Thanks again to everyone who has been so helpful and supportive.

And I just want to add, for any 'lurkers' out there hesitating about posting their SOA on the DFW thread - do it NOW, forget any embarrassment or if it looks beyond help - and also talk to your family if they are unaware of the true situation. It could save your home and definitely your sanity and peace of mind. All I have found, after finally opening up, is lots of help and kindness and excellent advice.

domcastro

domcastro wrote: »

I know nothing about shares - decided to give it a go a few years ago. Didn't know my arS8 from my elbow and decided to chose to companies I'd heard of - Woolworths and ITV. Bought £700 worth of shares. I can't remember the details but Woolworths were about 35p and now about 4p. ITV were about 114p and now about 50p (last time I looked). I've still got them but I think they're worth between 100 and £200. lol! I read loads of stuff first and played the halifax trading game. It's not for me - learnt the "bye bye £500" hard way!
:rotfl: :rotfl: :rotfl: :rotfl:

Bye bye Money - definitely avoiding shares in the future - I'm rubbish :T

Sammy_Girl

Hi Lotto.

Any updates??

lotto-dreamer

Hi Sammy

I am supposed to be exchanging next week - on Tuesday 2nd December - (with very mixed feelings) - target completion on 15th December. Only once exchange has gone through I'll have the certainty of knowing it's going to happen. I can't make any definite arrangements until then.

On a positive note - my sons have been brilliant at getting their old video games/dvds on Amazon and eBay - and it has netted quite a few hundred pounds! They have been extremely understanding about everything. It's now a team effort.

Another slight hiccup is, although I've found a rental property - not far from where I live now - my bank has not sent the reference (has to go through head office and can take 10 - 14 days!!) and the agents have now asked for 3 months of my bank statements:o I just hope they will understand that after completion, my scenario will change. If not, I might find I have 13 days to find a home/storage after exchange.

If it all falls through (buyers pull out), I intend going to the DFW thread - and doing everything I can to hang on to my home. This is a short term solution - selling - but it is just as fraught trying to deal with it.

Will report back when it's all finally sorted. Just very worrying at the moment with everything still up in the air.

pawpurrs

Gosh that will be quick, if you exchange next week, fab news,keeping my fingers and toes very much crossed for you.

lotto-dreamer

Thanks Pawpurrs - as you know I've been following your thread too - and yes I have been lucky in that they are cash buyers and offered what I consider a fair price in the current market (now backed up by checking the mouseprice website I found yesterday).

The only thing is, I'm not selling to move to my dream home - but to get me out of financial difficulty. In the short term I'll be better off, but it's the future that may be tricky. I really am so torn about what is best. A crystal ball would be useful at the moment.

Milly1974

Hi lotto,

Thanks for updating us. I feel so sorry that you are in this situation, and really wish you had headed over to DFW before it got to this stage. (Although that option is still open if you change your mind about selling; I bet you and your boys together would be able to solve a whole pile of debt problems working together.)

Maybe it would still be a good idea as you might need to find solutions to ensure you do not get back into debt once you have sold. I have my fingers crossed for a happy outcome for you.

Milly x

fc123

Hi Lotto...if the sale completes OK, you pay off the debts + you will have a lump sum left over?


Do an SOA then (there is a budget planner down the right hand side of the page) and ensure that not one penny of the equity gets spent.

The boys will have to do the top up if your salary doesn't cover everything.

If they choose to leave home to set up their own lives (which will happen at some point anyway), you can move to something much smaller and cheaper.

Over time, you may be able to add to your savings, and, if prices continue to fall...then you can buy again....something that's just enough space for you and the odd sleepover from sons?

Keep your chin up.........I know it sounds trite but out of bad things come good things..in the end.

lotto-dreamer

fc123 wrote: »

Hi Lotto...if the sale completes OK, you pay off the debts + you will have a lump sum left over?


Do an SOA then (there is a budget planner down the right hand side of the page) and ensure that not one penny of the equity gets spent.

The boys will have to do the top up if your salary doesn't cover everything.

If they choose to leave home to set up their own lives (which will happen at some point anyway), you can move to something much smaller and cheaper.

Over time, you may be able to add to your savings, and, if prices continue to fall...then you can buy again....something that's just enough space for you and the odd sleepover from sons?

Keep your chin up.........I know it sounds trite but out of bad things come good things..in the end.

Thanks fc123, you've made me feel so much more positive. Of course my sons are going to set up on their own eventually and my circumstances will change.

I should have a lump sum of around £26,000 - £30,000 at my latest calculations after all debts are paid. And I am absolutely determined never to get into the situation again which I am in now, so I will budget very, very carefully on my salary. I will do the SOA again when sale goes through. Excellent idea.

The rental property I have chosen is £695 per month (there's not much cheaper where I live for a 3 bed house and older son's contributions make it possible) but my petrol costs are minimal because I work close by. Cheaper property in surrounding villages/towns would mean more costly travel expenses.

I've checked at the Land Registry and the rental property is owned outright by the landlords with no mortgage - their home address is a farm. They only bought this year in September so I assume it's an investment and not up for sale and therefore I shouldn't have to move (with all the additional expense that entails) until I'm ready to.

Of course, being in rented accommodation I could then easily move to something smaller/cheaper when my sons leave. A plus I hadn't quite appreciated. If I can add to my lump sum and buy again eventually - that would be wonderful. Something to aim for.

Now to get the exchange done on Tuesday.

I feel a whole lot more positive now - thanks fc123 xx