How long after OR interview till u knew if u had lost ur house?

payingtheprice

forgot to say, the OR was really helpful and im sure that he may be able to give you an indication of what MAY happen to your house if you ask him during your interview.

HTH

dack_2

Worriedandpreg wrote: »

Thanks so if he says the BI is 10k can someone make a lower offer and he may except?

Yes, There are documented cases on this forum of people who have made an offer under the amount the OR requested and had it accepted. The OR may accept a lower amount as they do not have to pay fees associated with the sale of the house (I was quoted £3k fees recently) and I guess it's less hassle for them.

Forum poster, nervousmother, was able to pay around £6k instead of £12k (or thereabouts) and another poster, skylight, suggested if my OR comes back with a BI of £10k I should offer £3k at first and if refused, petition that I can't get more than £4k and see what they come back with.

dack

Worriedandpreg

Thanks Payingtheprice and Dack that is extremly helpful and set my mind to ease a little.

I mean if there are 2 houses in our road up for 195 (that are better than ours) then no way they can value ours as more and common sense says it must be less. So as our mortgage is 182, worst case the BI could be is 13k and that is unlikely and very good to hear a relative can make a lower offer.

Thanks.

X

Worriedandpreg

Oh one more thing if a relative buys out the BI is that then the end of the matter if thw property goes up in value can they come for anymore?

And also one we are discharged how do we go about buying the BI back?

Thanks

dack_2

If a relative buys the buy-in I think that's the end of it and no change in house value will make any difference though someone should confirm this as I do not know for sure.

Assuming you mean how do you buy the BI back from your relative that would be for you to arrange with them. If you needed to borrow in order to pay back a lump sum I imagine you would find it difficult too soon after discharge, again someone else should clarify this as I am just making educated guesses now Sorry I can't be more helpful

Worriedandpreg

So if the house goes up in value u would have to pay the BI that, or is that at there discretion? What if they wanted to give it back as a gift?

dack_2

Once the OR has received the money he wanted for the BI from your relative, I don't think he will have any further interest in your house or what you do with it. Not sure of the legalities involved but I suppose your relative could sell it back to you for £1 if they wanted to.

Worriedandpreg

Thanks again Dack. X

IcelandicMaiden

Hi

Sorry to hear of your stress with regard to your home. I know how it feels as I have had to wait nearly 3 months to see if I was able to buy back the BI in my home. I went Bankrupt in 2007 over 2 years ago.

Firstly the sale of your home, if it is a family home is put off till after the end of the first year. I think that the OR is so busy it is unlikely much would happen before then. After speaking with my case manager this year, she kept mentioning the 2 year and 3 month rule, when they assess the case and pass it into outside insolvency practioners if there is nobody interested in buying back the interest.

When I originally went bankrupt, our home was worth considerably more, for me the credit crunch has been a good thing, as over the two years it has lost £20,000 equity. However we have noticed prices are all over the place as people are still reluctant to sell at realistic prices and are still holding out for original prices from over 18 months ago.

We had our home valued 3 months ago, and submitted our mortgage statement and valuation, it took nearly 10 weeks of utter hell before the offer arrived this saturday. We could'nt sleep, at times eat, our whole future was placed on hold. Our case officer was lovely she kept trying to reassure us, but would come up with different figures every time we called. They are as you can imagine snowed under with people just like ourselves, but call them, they are very approachable, and quite human!

Eventually our offer came back this weekend, and to our amazement we are in neg equity, so only £2 + £211 fees to pay. Life for us has now restarted, and I am sure that will happen for you, so calm down. It will be a long wait, but you will get through it, just think of your baby! you have everything to look forward to.

Dont forget, the OR will deduct 3% off your valuation, to take account of selling fees, so this may well place you in Neg equity. If they ask you for valuations make sure you shop around and ask for a valuation for a quick sale. Point out all the down points of your property, damp patches, etc!!

I am sure everything will be okay, take a deep breath, and dont worry, you've already gone through the worst, keep posting everyone here is so helpful.

Good Luck.

Worriedandpreg

Thanks so has it taken 2 years to buy out ur BI?

Also who is the case manager? The OR?

We did get valutations of estate agents and they were placing it higher than we realistcly think it would fetch and i stressed we needed a quick sale. Estate agents are sharks and will value the property higher to get you to put it up with them and what they value it at isnt what you sell for, so im so confused.

Thanks.