Repossession

phoebe1989seb

We purchased a repossession two years ago as cash buyers. The price we paid was 44% less than that the previous owners had originally advertised it at, mainly as a result of the deterioration that had occured during the extended period it was for sale at what was obviously too high a price. If they'd been more realistic at the outset they'd have achieved a sale before repossession took place 

csgohan4

bob_the_dinosaur said:

He is basically cutting his nose off to spite his face, the more he does this the more of his own money he is wasting.
Lose a potential buyer- have to take a lower offer- less money for him
Drag procedings out- more solicitors fees for him to pay- less money for him.
If he has debts then he is unlikely to get a mortgage himself (depending on what the debts have done to his credit record), he might be trying to get the repossesion to happen so he can present himself to council as homeless and get l.a housing.  

On the repossession side, if its a property that would be suitable for a FTB in normal circumstances then the agent might only want to show investors/cash buyers round.  I bought my first house as a repossession at the age of 27, the agents didn't initially want to show it to me as I was a FTB and there was a 28 day completion deadline 

Sadly if the break up is bad in his opinion, they will make it difficult no matter the cost, some are stubborn, even left in debt and negative credit history they simply don't care, because to them it's just a piece of paper. They may regret it later but at the time, they are resentful 

D_M_E

Would have thought that any debts in his name would come out of his share of the leftover proceeds (if any) after sale - leftover after mortgage, fees etc have been paid out of the sale price.

If he's being difficult over the sale then surely any extra costs caused by him would be attributable to him, thus leaving him with a smaller share, or no share, or even having to pay extra thus leaving him with larger debts?

She relly needs to check what would happen after repossession and sale with respect to his sole debts and anything left after the mortgage and costs have been paid from sale proceeds, and object if possible before any disbursements if there is anything left over.