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Selling house in negative equity
DizzyDizzy
Posts: 170 Forumite
Hi all,
We have been trying to sell our home for about 18 months now. The reason is because we had a business debt secured against the house. Well the the business went under last year and so the bank obviously want their money. They are now getting a tad impatient!
We think we have a possible buyer, but he is talking about offering 10K under the equity we have.
To be honest, we are seriuously thinking about biting his hand off and going for it, this will be better than having the house repossessed surely? But what happens to the 10K we will still owe the bank? Do we then just come to an agreement with them to pay them back in installments??? They won't want it all in one lump sum?
Can anyone help us with advice? Has this anyone got any experience of this?
We have been trying to sell our home for about 18 months now. The reason is because we had a business debt secured against the house. Well the the business went under last year and so the bank obviously want their money. They are now getting a tad impatient!
We think we have a possible buyer, but he is talking about offering 10K under the equity we have.
To be honest, we are seriuously thinking about biting his hand off and going for it, this will be better than having the house repossessed surely? But what happens to the 10K we will still owe the bank? Do we then just come to an agreement with them to pay them back in installments??? They won't want it all in one lump sum?
Can anyone help us with advice? Has this anyone got any experience of this?
0
Comments
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If the loan is secured against the property, you cannot sell it wihout the bank's agreement. Which means either paying them the outstanding £10K or coming to some new agreement with them.
Talk to the bank.0 -
Yes we've been talking to the bank quite a bit. We've told them it's up for sale and who the estate agents are. We've dropped the price by 10K already, which we've informed them about. We are now on the equity line if you know what I mean. I think they may allow us to go ahead, as it's been dragging ona bit now, and if this offer goes ahead it will be the first offer in 18months!0
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