Buying a house with a court order

locatelli

Hi guys,

Just asking for advice if anyone has been in a similiar situation.
Attempting to buy a property with an enforced court order sale due to the 2 vendors splitting and not agreeing to sale of house..

After the mortgage valuation house was found to be overpriced and therefore new offer was made.One vendor has agreed to the market price whilst the other has declined stating he wants the initial EA valuation.

To further complicate matters the vendor has stated that if the new valuation is agreed to by the other vendor, then he will apply to buy the other half out via the courts.

i ofcourse want the property. Any way that i can secure the property without going above and beyond the valuation.

Alter_ego

Presumably the order to sell does not specify the buyer?

locatelli

i dont think it does. i dont think it stipulates price too.

Alter_ego

Find another property!

TBagpuss

If the parties can't agree on the value then they (not you) could ask the court to determine the value.
If they court then accepts the value is lower than the original asking price then there's no reason why one of the existing owners can't buy out the other.

So, you may have to wait while they argue this one out. If you offer more than the other potential buyer they you can get the house, if the other person doesn't then also up their offer.

SO you need to decide whether (i) you are willing to wait while they fight or one of them returns the case to court, which could be a long wait, and (ii) if so, whether you are then willing to pay more than your mortgage valuation to secure the property.

locatelli

Hey guys,

bit of an update. The vendor has applied to the local court for control of sale. I've been told that a hearing could take place within the next 2 weeks. That and it doesn't necessarily have to be a court hearing but a telephone hearing.

My question for those who have ever encountered a similiar position is

i. can hearings occur in what is quite a short space of time.

ii. I've never heard of a telephone hearing to determine control of sale???


anyone have any advice?

AdrianC

locatelli wrote: »

The vendor has applied to the local court for control of sale.

ITYM "one of the two vendors"...

This is the whole problem. Two people are selling the property - and one of them is determined to be as awkward to the other as they can be. And, unfortunately, you're the stick being used to hit their ex...

Annie35

As it's only a couple of weeks wait it out & see what the outcome is

AdrianC

Annie35 wrote: »

As it's only a couple of weeks wait it out & see what the outcome is

...then wait for the ex's next bright idea for a time-waster...

JoJo1978

These situations *can* sometimes go on for years, especially if the vendors are not amicable and one becomes jealous of the ex's new life, and neither desperately need the proceeds. Not a situation I've been in myself but we have a friend whose ex won't play ball on disposal of their former house. They broke up over six years ago and the property is now rented out after failed attempts to sell and buy each other out. Unless this property is so unique to your needs that another similar won't come on the market in that area I'd walk away unless the hearing provides a clear and lasting resolution.

locatelli

Cheers for your responses,

it Is a really nice property but im in two minds. I guess my fear is that another delaying tactic would be used or say an appeal lodges against what the court says. The again I'm surprised the court would be able to take a hearing and make a decision in space of a 2 weeks.

Is there any way I could get more information on court orders, would my conveyancers be better sources of information on this?