Selling house in negative equity

jdogg1976

Hello again, this is a follow up to my previous thread about considering voluntary repossession. https://forums.moneysavingexpert.com/discussion/4704249

I got so much great advice from everyone, thanks again for all who responded.

I am looking into the auction route. I have not heard back from a company I contacted last week, I will need to chase them up. I also contacted another auction company who I expect to hear back from tomorrow.

In the meantime, I have also been revisiting the we buy your home companies option, and contacted webuyanyhouse. They have offered me more than I got offered from a similar company last year but its still less than I owe on the mortgage.

Does anyone have any experience in this area? Can I sell to them and negioate a payment plan for the shortfall win my mortgage company. Or is it likely the mortgage company will not entertain it?

The offer I have received is approx £12000 less than I owe on the mortgage.

mrginge

You do know they will drop that price even further don't you.

jdogg1976

Who? The company that made the offer?

mrginge

Well yes of course

gazter

jdogg1976 wrote: »

Who? The company that made the offer?

Their MO will be the same as those webuyyourcar type places. People who use them usually need a quick sale and are thus easily manipulated.

You get an attractive offer of a price to begin with, but then every single defect that shows on the survey (which will be carried out by their surveyor) will be a price reduction.

They will draw you in with non refundable deposits, get you so far down the line, that you are more desperate for the money, and something else will pop up to justify a further reduction. They know a clock is ticking for you. And just when you think you are ready to exchange, suddenly an extra £5,000 is taken off the total

With the webuyyourcar type places, the offer they give you is based on the car being in a particular condition. If you turned up with your car showroom standard they would still reduce the sum they offered.

here is an article:
http://blogs.mirror.co.uk/investigations/2011/04/misleading-valuations-by-webuy.html

Sally22_2

Soory slightly off topic but...

Just saying my friend used webuyanycar to sell her Vauxhall Corsa about 18 months ago and she was offered more than Vauxhall would give her for it, and they didnt knock her down a penny...

If you are going to quote an article, at least use one thats not over two years old

gazter

Sally22 wrote: »

Soory slightly off topic but...

Just saying my friend used webuyanycar to sell her Vauxhall Corsa about 18 months ago and she was offered more than Vauxhall would give her for it, and they didnt knock her down a penny...

If you are going to quote an article, at least use one thats not over two years old

the point was the business model that these type of places use, the fact that the company i mentioned had an horrendous reputation for doing what i said, then cleaned up its act does not invalidate the point that this how these organisations operate.

Dan-Dan

Sally22 wrote: »

Soory slightly off topic but...

Just saying my friend used webuyanycar to sell her Vauxhall Corsa about 18 months ago and she was offered more than Vauxhall would give her for it, and they didnt knock her down a penny...

If you are going to quote an article, at least use one thats not over two years old

Great for her , the fact is , the industry/s in discussion have a business model to follow , to be able to make money , you think everyone who rocks up with a crappy corsa gets more money than the local dealership offered?!

Maybe the dealership just wanted your mate and her banger off the forecourt!

Ionkontrol

Sally22 wrote: »

my friend used webuyanycar to sell her Vauxhall Corsa about 18 months ago and she was offered more than Vauxhall would give her for it, and they didnt knock her down a penny..

Based on that anecdotal evidence, I now know they are a reputable and decent company.

Sally22_2

Wow did I really need three people to quote my post

Her car was a 1 year old Corsa not a crappy old banger

No one who goes to these sort of companies has to take the money they offer, everyone has the option to walk away

Dan-Dan

What sort of commission do they pay you .