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Buying (hopefully) a house in negative equity
RUBELRUBEL79
Posts: 4 Newbie
Hi,
Just wondered if anyone has been in our situation before !
Offered on a house, offer accepted, mortgage offer done, signed contracts (our side) completion date set for last week. deposit transferred. Bubbly chilling in the fridge !
The two days from the completion date, phone call from our solicitor. Starts with - have some disappointing news, you are not going to complete on Friday. In fact, don't think that you are going to complete at all !
Turns out, the seller is in negative equity - and their bank did not know anything about the house sale. So that's it we thought - all over.
However we then got a call from the Estate agents who got in contact with the vendor (more difficult as they live abroad) and the vendor knew they were in negative equity ( but failed to tell anyone about this ! ), but they had been in discussion with their bank, and their bank wants to revalue to the house, to check that our mortgage valuation is correct (which was done by a bank !! ) If it is, then they will release for sale (how likely that the two are going to match ! )
Has anyone been in this situation ?? Our solicitor said that they know nothing about this development of the banks revaluing the property) - so I have asked that they contact the vendors solicitor to check - but they aren't very fast are they ?
The estate agent has fed back that the seller is awaiting forms to sent from the bank for them to complete and return - so they are saying around 2 to 3 weeks.
Given its only been about 3 working days, I know I can't expect much movement. But I am unsure on who I should be nagging and what time scales we should be looking at. We are in no rush to move from our property - however we don't want this thing dragging on on ....
Help, guidance, cold hard facts, reassurance - anything would be appreciated for people who may have been in this situation ???
Just wondered if anyone has been in our situation before !
Offered on a house, offer accepted, mortgage offer done, signed contracts (our side) completion date set for last week. deposit transferred. Bubbly chilling in the fridge !
The two days from the completion date, phone call from our solicitor. Starts with - have some disappointing news, you are not going to complete on Friday. In fact, don't think that you are going to complete at all !
Turns out, the seller is in negative equity - and their bank did not know anything about the house sale. So that's it we thought - all over.
However we then got a call from the Estate agents who got in contact with the vendor (more difficult as they live abroad) and the vendor knew they were in negative equity ( but failed to tell anyone about this ! ), but they had been in discussion with their bank, and their bank wants to revalue to the house, to check that our mortgage valuation is correct (which was done by a bank !! ) If it is, then they will release for sale (how likely that the two are going to match ! )
Has anyone been in this situation ?? Our solicitor said that they know nothing about this development of the banks revaluing the property) - so I have asked that they contact the vendors solicitor to check - but they aren't very fast are they ?
The estate agent has fed back that the seller is awaiting forms to sent from the bank for them to complete and return - so they are saying around 2 to 3 weeks.
Given its only been about 3 working days, I know I can't expect much movement. But I am unsure on who I should be nagging and what time scales we should be looking at. We are in no rush to move from our property - however we don't want this thing dragging on on ....
Help, guidance, cold hard facts, reassurance - anything would be appreciated for people who may have been in this situation ???
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