Selling my house....estate agent taking the p1ss

mrsrwallace

Alas we do not have sufficient space for a lodger so that is not an option. Without blowing my own trumpet my house is sitting very well maintained and tastefully decorated. It is a fairly new-build so all very modern etc and ready for someone to move straight in. The person who had placed an offer and then subsequently pulled out was just someone who liked our house but then one she liked better came along and so she bought it instead.

The only thing that I feel is putting FTB off is the fact that this area is now getting a reputation for repossessions and those who bought when we did mostly bought to live in but are now letting them out to any Tom, !!!!!! or Harry so there are some unfavourable types here now. Investors are buying in here BUT they are sitting on the sidelines waiting for the asking prices to go a bit lower. There are a few repos in here on market at same time as mine went up for sale but they are all sold at less than what they asked for. A few others are on since and they belong to people looking to relocate or buy other houses. Other estate agents have identical houses to mine on their books for higher asking prices but they are not shifting at all.

It looks likely that I will just have to sell for less than we were looking for. I have sent a letter off today to the lender seeking their advice on the matter as they are taking over the sale when we get an offer so it really is up to them whether we drop the price or not.

Miss_Havisham

Have your circumstances changed to make you unable to afford the mortgage ? Is there anything you can do to raise extra money such as a second job or ask family to help out ?

pmlindyloo

Have just read your previous thread and you have all my sympathies. Rotten spell of luck.

I don't know what stage you are at now with your lender - are they likely to go for repossession soon?

I would be contacting them to see what kind of timescale you have for trying to sell your house. If they are happy to wait then you can hold on for a buyer nearer your asking price.

If they are hassling you then it may be better to take the drop and sell.

If you are happy that you are going to be able to repay the shortfall, even at the larger amount (what terms would your lender be happy with - would they be manageable?) then selling at the lower price may be the best scenario.

I am not one to advocate bankrupcy but sometimes this is the best option.

You have been through a very stressful time and it may be that a new start without any debts would be good for everyone.

Of course I can fully understand that you want to repay your debts but there are many people who have been hit by the recession who have to go the bankruptcy route. You should not feel any shame in this.

Wouldn't it be good to have all this strain lifted from you?

My very best wishes. I hope it all works out.

dinofabio

mrsrwallace wrote: »

Any help/advice appreciated. House has been on the market for few months now

EA overpriced to win the instruction in the first instance

mrsrwallace wrote: »

in my opinion the EA is keen to push us into selling at a ridiculously low price so he can get his fees off us and the buyer and we lose out massively as does our lender.

I am refusing to budge on the price. So what should I do?

Drop the price in smaller increments over a period of time if you can .......eg in £5k's

You can always change EA's if you're not happy with he service.

Lots of people live in negative equity. If the bank isn't calling in the loan just stay put. If you keep paying you mortgage on time the bank won't repossess no matter how much negative equity there is.

mrsrwallace

Miss Havisham, like many we had a very good income which paid everything comfortably even giving us enough to have some savings. Then it all came crashing down. Hubby went from being super busy with work in the construction industry to having no work. We used every single penny of our savings to get us through the loss of income and he did eventually get work but in a different sector and not much more than minimum wage. So the income was low but the financial responsibilities were still high. Lenders worked with us for as long as they could but things did not improve so we had to take on an IVA and mortgage company agreed for us to sell house as we will never afford the repayents and arrears at this stage.

Fast forward and circumstances are still the same except the housing market has taken a bigger knock in our area and repos are common. My family have helped me way more than they should. They provide food shopping for us regularly and help with clothing our children. We are effectively broke. Everything coming into the house goes back out on debt. We have sold possessions to pay essential bills etc so have no assets and no savings.

pmlindyloo, thank you. I have been to hell and back and probably heading there again soon but you are right. Bankruptcy is looking our only option. The mortgage company have been nothing but helpful since we told them we would need to sell. They have not pressured us or hassled us but like everything we cannot sit here forever. I was raised to pay my way and I was until all this happened. Now I can't pay. Something has to give. I have aged so badly and am in a constant state of stress. I know deep down I will have to go BR. I don't want to but what else is there?

mrsrwallace

dinofabio, thanks for your reply. Unfortunately we are in serious arrears with our mortgage and this is why we need to sell. We are unable to meet the mortgage repayments at all. We were allowed to pay less for a while but the lender has no longer accepted that plan. It's all pointing at the one option isn't it?

dinofabio

mrsrwallace wrote: »

dinofabio, thanks for your reply. Unfortunately we are in serious arrears with our mortgage and this is why we need to sell. We are unable to meet the mortgage repayments at all. We were allowed to pay less for a while but the lender has no longer accepted that plan. It's all pointing at the one option isn't it?

I'm sorry to here of your predicament. Your circumstances seem unforeseen and beyond your control.

Your options, unfortunately, are limited. Get some proper advise asap. Good luck

[Deleted User]

Have you spoken to any of the debt charities for advice on your situation?

Their advice is professional, free and impartial.

Here's a link to where to look for who to contact:

https://forums.moneysavingexpert.com/discussion/2077631

I hope things improve for you soon.

jb66

40k, id rather go bankrupt

kowloonboy

You should sell it yourself.