House being reposessed in 56 days

getmore4less

How long have you had it for sale and at what price?

Renegadecrab

Reposessions also have to have the sale agreed price constantly advertised online and at least once in the paper (not sure anyone buys this way anymore) so if they did accept a silly offer it is likely someone would come in and offer higher. Highly likely it will still go for below market value but there is still time to do something with the flat, change agents at a new price?

I keep meaning to look into it but a company called Nest apparently guarantee to sell your property, I assume they must have a price written into the contract they commit to buying it at.....I could be wrong.

Renegadecrab

Nested.co.uk not Nest, sorry. I had a quick read and it looks like they secure a loan against your property and give you the funds to pay off your mortgage and the balance, once the house is sold if they owe you any more minus their fees they will pay you that. If you are looking to downsize within your means and buy something then it could be an option to consider....

luvchocolate

I had a property on the market and an offer on it when it got repossessed ..the lender went through with the sale but there was a £5000 shortfall.

Robin9

Renegadecrab wrote: »

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If it is potentially worth £650,000 then list it at £599,950 and you will be much better off than the bank selling it,...............................

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After expenses you will have £230,000 - .................. but is the mortgage just the tip of iceberg of a mountain of debt ?

Renegadecrab

If £650,000 is the top of the market currently for a house like this then it won't be listed at that price by the bank. They will ask for realistic valuations and realistic meaning what will an agent confidently say they think they can find a buyer within 4 weeks for. That would be £599,950 in my view if the best listing price you could try would be £650,000.

If he/she lists it at that kind of figure now then they have a chance of selling without the added costs and risk of selling for much less, they won't have any say. It has to be worth a try considering selling costs you nothing until you exchange contracts.

Get three agents in tomorrow for valuations and then list it immediately, ring all the agents in your local area and offer them 2% fee if they bring buyers around to view it. If any of those agents are motivated they will just need ID and proof of address from you and you can sign a 0 week contract with them on a multi agency agreement to allow them to bring their best buyers, be honest and tell them you need a certain figure and why. You will be treated much better than when they get a call to value your house from the bank and put two and two together.

csgohan4

OP be realistic about the price and price it accordingly, if it's been on the market for sometime, it's the price that's the problem.

enthusiasticsaver

You will get the balance after fees etc, however the mortgage company will only be interested in getting enough to cover their mortgage and costs rather than getting a good price to give you a surplus. Repossession costs are also relatively high. Ideally you would be reducing the price to get it sold quicker so you are in control but it sounds as if you have left it very late in the day to do this.

Blackbeard_of_Perranporth

If you bury your head in the sand and let the mortgage company do it, you will get peanuts!


If you get off your rrrr and market it to sell, you may have a few walnuts instead!