Waiting for IVA to start?? Possible buyer... Help

Ava8

Hi everyone, Just looking for some ideas please. My OH is close to his IVA going through, mine will be close behind as we are both talking to our IP's. Everything is ready and just about to go before the creditors. He has 50K of debts and so do I. Now comes the spanner!!!! Our house has been on the market for 3 yrs now and after one buyer pulling out with a week to go until signing deeds we had a viewer a month ago who wants to come back next week to look again. we had pretty much resigned ourselves to taking it off the market and sitting tight throughout our IVA's so what should we do now?

If we get the asking price 235,000 we can pay off the mortgage 174,000 but that only leaves 61,000 the estate agent and legal fees will prob be 5k so what then? are we able to ask our creditors if they will accept a reduced settlement? Will we even get another mortgage? Should we rent for a couple of years to epair our credit history? I am 45 and he is 48. God what a mess to get us into (it was all my fault) I can hardly look at him these days without my insides tearing up with guilt. The stress is killing him. Maybe they won't want to buy it and we won't have to worry about something else.

part of me thinks we should take it off the market and wait the 5yrs. It was valued for the IVA at 210000 so not enough equity for them to force a sale at the present time.

Any advice gratefully received. Thanks.