From bankruptcy to repossesion - advice please

moneylover13

Any help will be greatly appreciated.
I seen a house that I liked so I arranged a viewing, when speaking to the estate agent who showed me around she said the property had been on the market for around a year with very little interest and that the property was for sale because the owner went bankrupt whilst he was renting this property out, taking these few things into consideration I thought I would make a cheeky offer of 100k hoping that they would want a quick sale due to the bankruptcy situation (the property was on the market for 117,950). Two days later I rang the estate agent to see if there was any news she said she hadn't heard back from the trustees yet and in the end it took them a week to decide to reject my offer and make the decision to take the property off the market due to the property being in negative equity. If you've got this far I thank you for your time and basically what I want to no is what do you think they will do now? Will they file for repossesion and therefore the property will be up for sale again shortly? If so how long would it take before its back up for sale? Or will they do something different? Obviously the mortgage company want as much money back as possible therefore the only way I can see this happening is by them selling it. One thing I've thought of is will the trustees possibly take charge of the property and rent it out until the property price increases until they case sell it for what they need to take the property out of negative equity? Thanks

G_M

Please use punctuation.

And paragraphs.

They might rent it out.
They might re-advertise it with agents.
They might send it to auction.

Ask them?

silvercar

trustees yet and in the end it took them a week to decide to reject my offer and make the decision to take the property off the market due to the property being in negative equity.

So the trustees in bankrutpcy have worked out (eventually, sigh!) that the property is in negative equity ie the outstanding mortgage is greater than your offer.

So the trustees have no financial interest in pursuing the sale as this will cost them in estate agent and legal fees for no return.

Will they file for repossesion and therefore the property will be up for sale again shortly?

The "they" in this question is a different body to the trustees. It would be a mortgage company that would repossess. If the owner is bankrupt then the mortgage won't be paid (as the property is not the bankrupt's home), so eventually the lender will repossess. How long this will take is anyone's guess. Could be weeks, could be months.

One thing I've thought of is will the trustees possibly take charge of the property and rent it out until the property price increases until they case sell it for what they need to take the property out of negative equity?

Very unlikely. Trustees aren't there to make investment decisions on future house prices. As a calculation, the property needs to increase enough to take it out of negative equity and pay the arrears that are building up each month and pay the selling costs. In the mean time the property is empty and not being well maintained.

moneylover13

Thanks for your responses

In reply to G_M I've asked the estate agent and they said they don't no as it's no longer anything to do with them

evelynbarnaby

I would suggest you to take a legal experts advice before taking any final step and it would be great if you consult real estate expert as they know all the facts with regards to property deals.

moneylover13

evelynbarnaby wrote: »

I would suggest you to take a legal experts advice before taking any final step and it would be great if you consult real estate expert as they know all the facts with regards to property deals.

Do you no the best place where I can talk to an expert? Thanks for your help

silvercar

moneylover13 wrote: »

Do you no the best place where I can talk to an expert? Thanks for your help

I think that post is just someone posting gibberish to get their post count up to start spamming.

You just need to wait it out. The only people worth contacting is the lender. If the estate agent won't tell you/ doesn't know then download the deeds from the land registry website for £3. That will tell you who the lender is, I doubt they will give you any information due to data protection, but they may release a snippet - like which local estate agent they use to sell repossessions.