House at Sale Agreed?

warmhands.coldheart

I'm sure I heard on the radio the other week about the way banks are offloading repossessed properties here in Northern Ireland it is keeping house prices low and EA's are complacent in it.... What they were saying was in GB the banks are selling the repossessed properties through EA's who are treating it like a normal house sale so the properties are sold pretty much close to the normal market value over the normal period of time a normal sale would take, 3 ~ 4 months... Over here in Northern Ireland the banks and EA's are looking for quick sales... ie. 1 month or less so prefer cash buyers "whatever the price"... The bank don't care as the house mortgage holder is still liable for the shortfall unless they go bankrupt (hence the higher rates of bankruptcy over here too as mortgage holders are being short changed) and the EA get's their fee quickly from the quick turnaround... I wonder is the same mentality now creeping into "normal" house sales??
The contributor to the broadcast suggested that if you are in trouble, try to hold on as long as possible and sell it yourself, that way it minimises your shortfall.....

Ticked

warmhands.coldheart wrote: »

Moral of the stories... there are still a lot of Estate Agents who are still unethical, unscrupulous, money grabbing scumbags..... bit like bankers really !!!

Maybe they are not as bad now, what I was telling happened over 20 years ago. At least I would like to think things have improved! There will always be a bad apple or two, when you find a good apple - cherish it!

HulaNuala

I've found EAs are the worst of anyone. They led me down the garden path over a damp issue, assuring me it was fine, and the Co-ownership survey wouldn't touch it with a barge pole. They became very impatient at times. Now I don't feel bad at all for dragging it out!

I've just started posting here, and transcribed my full CO experience to date on the House Buying forum, for anyone who's interested http:// forums.moneysavingexpert.com/showthread.php?t=5044093

SIJ, good luck with everything. Keep us up to date with how it pans out, I would be interested to hear your progress.

sij2211

Brilliant advice, thank you so much everybody you've been so helpful. I might follow the advice and write a letter explaining what has went on. Worst outcome? He ignores it.

maggiecon

Just make sure if you are going down the route of co-ownership you have no missed payments on your credit report for the last 2 years.
I just bought a house which was originally sale agreed to a couple who spent months going through co-ownership only to be turned down at the last step, because the husband was one day late paying a CC payment of £20 !!

Oliviasmom

I was speaking with co-ownership last week and the lady said 1 year of no spending. I'm assuming she meant credit cards and overdrafts.

saverbuyer

1 year of no missed payments and total debt (credit cards, loans, overdraft) under £5,000.

leemuddywaters

We are looking at applying in my wife's name due to my bad credit to get us on the ladder, we were told its no late or missed payments for 12 months and debt under 5k

sij2211

Yeah no late or missed payments for 12 months. No debt over £5000

leemuddywaters

We will be applying in Feb 2015 as it has to tie in with the new build being completed within 6 months - really keen to hear stories and experiences with co-own