Eviction and time to sell the house!

unluckytime

Hi guys,

Not sure if it a right place for the subject, but I hope to get some help.

We recieved the 2nd eviction notice, and we decide to sell the house. We dropped the price from £320,000 to £285,000 and today we accepted an offer for £275,000 to sell it and avoid the eviction. But is not so easy. I get an offer from the agent on the paper, it's a cash buyer. I spoke with our mortgage comapany and told them about it, but they asked me for exchanging contract. How can I have contract if I accepted offer today??? I explained him so it's impossible, so it will take a week or two at least (survey etc. etc). I put an application to the court for emergency court hearing and I have it on tuesday, eviction is on wednesday. Any idea how the court will see it so we accepted the offer etc. and all we ask is 6 weeks to sell the house. Any idea what else we can do?

Thank you for your time ...

Jowo_2

I can't answer your question but the Shelter website has good information for property owners on how to avoid repossession. Give them a call on their free advice line.

LisaLou1982

unluckytime wrote: »

Hi guys,

Not sure if it a right place for the subject, but I hope to get some help.

We recieved the 2nd eviction notice, and we decide to sell the house. We dropped the price from £320,000 to £285,000 and today we accepted an offer for £275,000 to sell it and avoid the eviction.

But is not so easy. I get an offer from the agent on the paper, it's a cash buyer. I spoke with our mortgage comapany and told them about it, but they asked me for exchanging contract.

The mortgage company would want to know how close you are to exchanging contracts as this will have an effect on what decision they make regarding eviction on your property.

How can I have contract if I accepted offer today??? I explained him so it's impossible, so it will take a week or two at least (survey etc. etc). I put an application to the court for emergency court hearing and I have it on tuesday, eviction is on wednesday.

If its a cash buyer - are they aware that you are close to repossession? Have they been told that the acceptance of their offer is on the basis that it is exchanged within "x" amount of weeks?

Any idea how the court will see it so we accepted the offer etc. and all we ask is 6 weeks to sell the house. Any idea what else we can do?


Thank you for your time ...

In my experience it completely depends on the lender. Ive known lenders that will be flexible if you can prove that youve got a sale proceeding with an exchange date in sight. Ive also known them say that theyre going ahead with repossession regardless of the buyer.

Is Wednesday when you go to court for your final hearing or is it to update them on where you are at the moment? The best you can hope for is that the judge will see that you are trying and will give you a bit more time.

Will the offer pay off the outstanding debt? This will also have an effect on the outcome.

Go to court with all of the information that you can. Make sure that your buyer is actually a cash buyer rather than someone who is cash from sale or cash from mortgage. - Yes, people do actually say this!!!!

Other than that, theres not much else i can give you im afraid. Have you been paying any of the mortgage or have you stopped all payments? If youve tried to pay something or offer to pay even a nominal amount, they might be more willing to give you a little extra time.

unluckytime

LisaLou1982 wrote: »

In my experience it completely depends on the lender. Ive known lenders that will be flexible if you can prove that youve got a sale proceeding with an exchange date in sight. Ive also known them say that theyre going ahead with repossession regardless of the buyer.

Is Wednesday when you go to court for your final hearing or is it to update them on where you are at the moment? The best you can hope for is that the judge will see that you are trying and will give you a bit more time.

Will the offer pay off the outstanding debt? This will also have an effect on the outcome.

Go to court with all of the information that you can. Make sure that your buyer is actually a cash buyer rather than someone who is cash from sale or cash from mortgage. - Yes, people do actually say this!!!!

Other than that, theres not much else i can give you im afraid. Have you been paying any of the mortgage or have you stopped all payments? If youve tried to pay something or offer to pay even a nominal amount, they might be more willing to give you a little extra time.

In Tuesday is myhearing. We are trying to sell the house since December. First eviction I had in April. I found new job in March and I could pay mortgage again. I had an order to pay £100 pounds extra. In end of May, the company I worked for get bankrupt and I lost my job and possibility to pay the Mortgage. I paid last time in end of may £750 where my Mortgage is £2100. We decided to drop the price to sell it in June from £320k to £285k. We accepted the offer for £275k what will cover £230kmortgage and £10k secure loan. I checked already it is a cash buyer the agent has seen the bank statements etc.

No idea what to do It's 5 bed house. Court hearing I have in Tuesday, eviction date on Wednesday ... what to do ... start packing the stuff or not ... is a big house. I don't want to face the situation where court will not give me time to finnish transaction ...

I feel really depressed