vendor in negative equity - what next?

mrsw1983

ab7167 wrote: »

plot thickens - apparently there is not only not enough money to cover all the debts, they have already defaulted on the IVA and possibly the 2nd charge. But we keep getting quoted "confidentiality" and "data protection" - I'm about to hand over significant sums of money - surely I can expect more information about what we may be getting into?

Solicitor (ours) says we have more chance of winning the lottery than completing by the 12th Feb, so we have decided that even if we go for this house, we will be delaying until after baby is born - if it is as late as they come, then there will be a 7 week delay. However, if they are this close (as we suspect) to the brink of bankcruptcy, this may well push them over the edge. If we carried on would we then be dealing with the Courts? I assume this would add another layer of delay?

Am struggling with guilt for these poor people who have found themselves in a truly horrible situation - have to keep reminding myself that I cannot afford to feel guilt tripped into making their life easier at the expense of my family. And am going for pregnant lady pamper day on Friday to take my mind off :-)

Further complications - we loved the house we saw today, more suitable for both current and future needs, so we may well be pulling out anyway if tomorrows offer on new house is accepted. Am not looking forward to seeing EA, she is scary bossy women who likes to shout at me... and when I tell her we are pulling out, I think she will go ballistic. Is it wrong as a grown woman to be scared of a shouty EA? (I should add that in my professional career I work in construction and am more than capable of holding my own with mucky !!!! builders!)

Anyone who shouts at a pregnant woman, who is trying to deal with a house move at the same time, surely has a death wish?!!!:rotfl:Hold your own (and shout back if required!!!)

ab7167

maybe I will take my little dictaphone and record the conversation - purely for my own entertainment :-)

have midwife appointment at 9.45, will be going straight to various EA's afterwards, so fingers crossed for around lunchtime.

I'm a fairly placid variety of pregnant lady, apparently I managed to go through a 24 hour labour last time without swearing (too out of it on gas and air to remember much of what I said) But if I lose my temper it does tend to go with a bang!

Will let you know tomorrow how things work out :-)

silvercar

From your sellers point of view, you are probably their last opportunity to sell without being repossessed. In their mind you could be the one thing that staves them off bankruptcy.

For the EA, the sale going through means the commission. If you don't buy, there is no guarantee that that EA will get the sale instruction if it is repossessed. This should all be business for the EA and no excuse to act unprofessionally.

Delaying the sale may mean that the property gets repossessed and you get the opportunity to buy it in a few months at a reduced price. On the other hand it may mean you losing the property.

These things happen for a reason, I wouldn't go on a guilt trip; the sellers were in a financial mess before you met them.

ab7167

Yeah! Offer accepted on new place, we are dead chuffed as managed to get them to accept just below stamp duty barrier (£249950), which I really didn't think they would, therefore saving us thousands of pounds straight off. Went to see our solicitor to tell him and have a quick chat about fees. Mentioned that I didn't really want to go and see old EA to call off the sale - he was only too delighted to do this for us, as she had really, really annoyed him as well!

So, all is well that ends well, we have a lovely (or will be lovely..) house, saved thousands of pounds and am now able to relax and concentrate on baby, as there is no possible chance of us being able to move in before baby born, so I can't dwell on the possibility :-)

Happy Happy A

GDB2222

I'm so relieved that you are walking away from the nightmare of dealing with the other property. I hope it all goes well for you.

SouthCoast

Karma..................

DVardysShadow

ab7167 wrote: »

Yeah! Offer accepted on new place, we are dead chuffed as managed to get them to accept just below stamp duty barrier (£249950), which I really didn't think they would, therefore saving us thousands of pounds straight off. Went to see our solicitor to tell him and have a quick chat about fees. Mentioned that I didn't really want to go and see old EA to call off the sale - he was only too delighted to do this for us, as she had really, really annoyed him as well!

Great News! But where is my entertainment for tonight, the confrontation with the Battleaxe EA?

mrsw1983

Excellent news!!!

PottyHouse_2

Congratulations - new house, new baby !!!

Good luck

ab7167

plot thickens... have had 3 calls from EA today trying to convince us to go ahead. Apparently they have convinced the 2nd charge holder to convert to unsecured loan and the sale can now proceed. They are willing to exchange contracts in 7 days (bet they are!) and knock £5k of as a goodwill gesture. Am wondering how they can afford this?

I must have repeated "we are not willing to proceed with the purchase" about 15 times and they are not getting the message. Quite apart from the fact that we have found a much more suitable property, I cannot take the risk that this all falls apart again.

In my heavily pregnant worried state I have now got it into my head that they EA will think that we were never serious from the start (£600 down on fees is very unserious...) and try to find out which property we are buying and bad mouth us to our new EA. I'm sure EA's do not behave like this, and I am attributing everything bad I have ever heard and coming up with something shocking! But I'm looking forward to another sleepless worrying night - added to which I have just paid for the new valuation and am terrified that everything is going to fall apart again.

I feel guilty for the sellers, as it is a really crap situation, but I don't feel that we have done anything wrong. Can I now refuse to speak to EA as I just don't want to have to justify our decision again and again. In fact, legally I don't have to give any reason, do I - we have not exchanged contracts, so we can pull out at any time for no reason?