How long until we are offered to buy the BI in house

JPS29

Hi,

Haven't been on for ages so hello to all my old friends.

Can anyone tell me how long it normally takes for the OR to offer us to but the BI out of any houses? Spoke to my lovely case handler at the OR office months ago now;) who confirms the drive by valuation results point towards negative equity.

Went Br in June now so just wondering how long this normally takes...

Thanks in advance.

peachyprice

They usually offer shortly after your interview.

JPS29

Thats what i thought, was interviewed months ago though, should I chase or let it run its course???

Queen

Hi, both me and hubby went BR on 05th and received paperwork from OR about 2 weeks ago asking to return a form and get valuation from local agents, wrote back advising that we are interested in a 3rd party buying BI but can we delay until mid 2009 due to expense of valuations and legal costs waiting to hear

JPS29

Good luck with yours queen.

My case handler confirmed the neg equity on the phone and mentioned no need of me getting my own valuations. This was only mentioned in interview if I disputed the drive by valuation outcome which obviously i dont:D

Will give it a couple more weeks to see if any change if not I will get back in touch.

Richard_S

Hi ITBS,

We got the first letter about 6 months after our B.O and didn't do anything about it until just before we were discharged and the paperwork wasn't completed until 7 months after we were discharged.

In summary, there's no hurry, but I'd be tempted to write and request the relevant paperwork.

Regards

Richard

JPS29

Hi Rich,

Nice to see you're still on here. Im at about the 6 month mark now so will give it til early new year then get in touch. Agree about the no hurry but didn't want them changing their mind, if that is possible?

Hope all is well.

Best regards

Richard_S

Hi ITBS,

I don't get the chance to get on here during the week, new job and all that sort of sh1te. On the plus side I've got a couple of weeks off, and the "season of goodwill" and all that.:D

I would guess the reason you've not heard anything is because they're so busy. It's just a formality for them and they don't seem to attach any importance to progressing the paperwork. If your property is in negative equity there's no chance of them changing their minds; it's only going to increase during the next year or two.

We never bothered with a solicitor either; the paperwork is really straightforward.

Rich

maxmycardagain

ITBS, hideehi!

barring a miracle (ok, so its christmas) the house value is unlikely to rise (like a star from the north) - you wont find 3 wise men (or a virgin) here - so you dont wanna rush it

JPS29

Hi Max,

I know what you mean about not rushing it, I just wanted the formalities done so it was one less hold the OR/BR had over me. I know the values arent going to go up, thank god.

All the best

sammahootexpress

my or said i coudnt then the case handed to rtlu i think 4 months later they offered.