Seller's are being repossessed

honey_badger_3

silvercar wrote: »

If the seller's have moved out then they have given up on the property. So forget about the seller being given loans. Either the lender will repossess quickly and sell to you or put on open market.

They've moved out but until we buy or they get repossessed the property still belongs to them. The bank has also offered them unsecured loans to make up the shortfall on their mortgage.

ispookie666

I'm in the middle of house purchase from a couple who are splitting. It is just a nightmare getting things done from their end. Not willing to sign the contract paperwork, no agreement on the solicitors, no agreement on the fixtures and fittings and hell no agreement on who's taking what of their personal belongings.

Its not been 6 months but 3months and counting.

silvercar

honey_badger wrote: »

They've moved out but until we buy or they get repossessed the property still belongs to them. The bank has also offered them unsecured loans to make up the shortfall on their mortgage.

I meant that they are unlikely to fight the repo, given that they have moved out.

I'm a bit puzzled how the bank is giving you this information, I would have thought data protection would have prevented this.

If it is from the estate agent, no guarantee they know what is going on.

Always the risk that the sellers just disappear and don't sign for loans.

honey_badger_3

silvercar wrote: »

I meant that they are unlikely to fight the repo, given that they have moved out.

I'm a bit puzzled how the bank is giving you this information, I would have thought data protection would have prevented this.

If it is from the estate agent, no guarantee they know what is going on.

Always the risk that the sellers just disappear and don't sign for loans.

All the info has been given to us via our solicitor and the EA, I think due to the long delays, the seller also sent an email to the EA to pass onto us regards what is going on.

Hopefully there's no more stunts from their end - we've got 2 weeks to wait until the banks decision comes through. Though the EA has let us know that the independent valuation hasn't been done yet.

honey_badger_3

ispookie666 wrote: »

I'm in the middle of house purchase from a couple who are splitting. It is just a nightmare getting things done from their end. Not willing to sign the contract paperwork, no agreement on the solicitors, no agreement on the fixtures and fittings and hell no agreement on who's taking what of their personal belongings.

Its not been 6 months but 3 months and counting.

It is a nightmare! we've had the same trouble regards getting forms signed too, luckily the house is empty but there's the repossession carry on which is on-going.

The best advice I can give you is to hound the EA for info and to get them pushed into sending forms back - my partner was making daily phone calls to the EA at one point.

I hope you're sorted soon

We're about to enter month 8! Started sale 1st August.

Good luck with it

honey_badger_3

so the painful process is still ongoing!

Today we had a call to say that the seller has received a letter from the bank telling them that the bank will only accept 'at least £120k' only we don't know whether to believe the seller - the 'at least' bit sounds a bit dodgy.

So now our solicitor is chasing this around to check its credibility.

We are with the same bank as the seller and we have been cleared valuation wise for a mortgage but the valuation (if this is true) by the sellers side of the bank is £5k different (higher).

So the question now is - do we stick out the sale and increase our offer or give it up as a bad job and find somewhere else? Fed up of the games they are playing. We obvs won't be deciding until we know for sure what has been said by the bank.

alwaystryyourbest

Hope things work out for you soon, you have waited a long time.
My sale from start to finish took 16 weeks,and that felt like forever..
You must love the house if you are still waiting around ?
Anyway good luck with things..

LisaLou1982

It isnt so suspicious that the bank have given a bottom line figure - thats usually the case - particularly if theres a large debt that wont be covered

Definitely get your solicitor to confirm it though

honey_badger_3

so our solicitor checked out all of the details and it turns out that the claim was a lie and they were having a go at bumping up our price. The bank is yet to respond. The solicitor also pointed out that he is still waiting for their marriage certificate and answers to our search questions - he started requesting last September!
This then lead to a lot of soul searching on our parts and we realised that this seller was expecting us to carry on waiting and jump through a load of hoops to buy the house, and even if the offer went through we were still waiting for them to send relevant info and actually sign the contract. So we have withdrawn our offer. So that's 8.5months of waiting that we won't get back
We have found another house however (after lots of double checking of sellers background, not going through all of that again) we viewed it today and are going to put our first offer in on Monday.
Thanks to everyone who offered words of advice - it just wasn't meant to be for that house but hopefully we will be more successful next time.