Buying The Bi

kezza90

I've just received a letter from OR asking if i want to buy BI, i do want to but i have equity at the mo, mort of 62 and valued at 80 minus 7 for the price of lease so 11k equity...of course this will be reducing each month at the mo with property prices the way they are.

If i write back now and say no, when will i hear from them again?

Thanks

tigerfeet2006

How long till your AD?

kezza90

i went BR on 25.11.08 so quite a while yet

debt_doctor

Hi,

The OR has up to 3 years from you becoming BR to realise the interest in your property. Do you have dependants in the property ? If you have then he cant sell it for a year, by which time it will probably be worth less.

Tell the OR you are trying to raise the funds. Also when making an offer make sure you take off sale costs ( about 3k)

So at 11k - 3k - tumbling prices = ??? 4k? nowt?

DD

kezza90

So does that mean i say no now? and then see if they contact me again to say they want to sell it? i dont have any dependants, there is only me in the property

debt_doctor

In that case you need to stall as long as poss. Yeah, ignore for now ( you will definately know before a forced sale is begun) Can you raise any funds ?

DD

nervousmother

I know it has taken two months for the offer to buy the BI has come through, is there anyway we can speed this up? we went BR 6th Jan. I know house prices are still falling but im scared incase they go back up, (would be my luck) if they do we wont be able to afford to buy the BI.

kezza90

ok, do i just say no on the letter and send it back, or do i also put a letter in with it explaining how im not in a position to buy now? my parents would give me the money if needed but i'd rather try and hang on as long as possible cos the prices are dropping all the time

debt_doctor

I would say that you are trying to raise the funds, but may take 3 months. Get some realistic valuations for a sale within a reasonable time. Its sad to say, with the stakes so high, but its almost a poker game between you and the OR.

DD

kezza90

thanks DD, have you had experience of this yourself?

debt_doctor

Not in my own personal BR, but certainly on behalf of clients.
DD