Sell property asap but stay in it, advice please

Rellen

MF2027 said:

About 10 years ago I assisted a friend through threatened repossession because he was in no fit state to cope with it. What I suggest is:

Make sure you attend the court hearing. The judge likes to see that and will be more open to any suggestions you have. Do you have a plan for repayment of the arrears? At the hearing a rep from the bank will be there to work with you to avoid repossession. 

Ask your bank about any assisted sale scheme they have. This is the route my friend ultimately took, and the bank were fantastic - all selling fees were paid by them and they worked with us to get the best price. He was able to stay in the house until it sold. 

Hi, thank you for helping your friend, and now me : )

I really need to avoid court altogether and get something in place well before the court date in 2 months so they will stop it. 

I’m not holding out any hope the mortgage co or their solicitors are going to work with me. Everyone I have spoken since last Thursday has made that clear. 

With that said I’ll look into assisted sale scheme. Thank you

Rellen

RAS said:

Rellen said:

Hi

housebuyer143 said:

If you list it with a normal agent cash buyers only you could find somebody who is a cash buyer but then later change their mind. They are not committed and they could drop out at any time. There's no way to tie them into a time scale with traditional buying and selling.

With an auction, you would go to an auction company who would do all the advertising and marketing. I think it goes on right move for a certain amount of time before the auction. Ibelieve you're required to pay auctioneer fees of a few hundred and the rest on sale. I have heard you can include your selling costs in the auction so the buyer pays them.
I don't think there's any hard fire rule about what it goes for at auction. If you list it really low then is likely it will go above guide price quite significantly. If you have the guide price quite high, you might get small amount above or it might not sell at all. The company can advise you of the best strategy and what they think the property will achieve. As soon as the hammer falls, the sale is legally binding. So if you took that to your mortgage company they would almost certainly postpone proceedings

So if on market even with cash buyer, there’s nothing to guarantee until the actual completion-moving day. 

Incorrect. With a cash buyer, there is no guarantee until exchange.

If the buyer pulls out after that, they lose their deposit, which would probably be enough to get your mortgage provider to suspend proceedings.

Some good advice from MF2027. But start by talking to the mortgage provider, acknowledge you need to sell, and see if they will suspend action as long as you are seen to be actively working to sell ASAP.

Suggest you report to them weekly, and ask if they any advice on auction firms or even an assisted sales team?

Hi thank you for this
I will ask them advice on auction and assisted sales team. 

The thing is, they knew and agreed I was selling (to my brother) and had a buyer and still they’ve escalated to court. 

So even if i have another buyer, if there’s nothing definite I can send to them before it completes then it’s not going to be enough for them. 

Jonboy_1984

What is your plan financially after the house is dealt with?

I ask because a relative went through this around 15 years ago, managed to convince someone to buy their house and let to them, and still ended up being evicted months later (with several cats) as they hadn't managed to fully deal with the rest of their financial issues. They then almost lost all their belongings a few weeks later as they couldn't pay the storage facility they had used in panic...


If you don't have any budgets or written plans of attack it may be worth looking into the Debt-Free-Wannabe forums for some advice, or talking to Step-Change or Citizens Advice to try and get a longer term plan into place of what to tackle after the immediate housing issues.


(P.S. We recently moved with a 17 year old cat who had lived in the same property since 12 weeks old, he adapted ok after a couple of weeks)

Rellen

Jonboy_1984 said:

What is your plan financially after the house is dealt with?

I ask because a relative went through this around 15 years ago, managed to convince someone to buy their house and let to them, and still ended up being evicted months later (with several cats) as they hadn't managed to fully deal with the rest of their financial issues. They then almost lost all their belongings a few weeks later as they couldn't pay the storage facility they had used in panic...


If you don't have any budgets or written plans of attack it may be worth looking into the Debt-Free-Wannabe forums for some advice, or talking to Step-Change or Citizens Advice to try and get a longer term plan into place of what to tackle after the immediate housing issues.


(P.S. We recently moved with a 17 year old cat who had lived in the same property since 12 weeks old, he adapted ok after a couple of weeks)

Hi. 

I’m so sorry for your relative but thank you for telling me
i won’t sugarcoat, For the first time In my life I’m in debt and was in a dire situation before this repossession threat but was focused on sorting and things were looking up but now this takes precedence. Thank you tho I know I need to get back on track as soon as I have a plan for this. 

Thank you also for reassuring me about your cat. That makes me feel so much better! 

RAS

I also inhabit the DFW forums.

Jonboy is right, but right now everyone on DFW would advise that you stop paying anything towards consumer credit debts. You need every brass farthing to cover rental deposits etc. And seriously consider decluttering and selling stuff.

Any chance dear bro could help you do a car boot sale, if you don't have one yourself?

Rellen

Hi I’ll check that out too thank you. 

On Friday I contacted my credit card to ask for a payment holiday so I’ve got 3 months relief with that. I’m going to try do same with other 

Over weekend I’ve just been on a cleaning and decorating mission for valuation yesterday and ones this week but I definitely need to make a plan for getting rid. It’s on the list!

Thank you so much for all this help and advice

RAS

Just stop paying the other one.

And ideally both. That screws your credit record for 6 years after a default. But it's screwed anyway. 

If you get Arrangement to Pay markers, those damage your credit record for 6 years after the debt is paid off, so potentially a lot longer.

Rellen

Hi 
Just to check what do you mean by stop paying?!

I read that arrangements affect credit score. So will avoid that. 

Caz3121

Rellen said:

I read that arrangements affect credit score. So will avoid that. 

is that not what your 3 months payment holiday will be flagged as? (rather than missed payments you have come to an arrangement)

Rellen

Oh god I didn’t think so, they just offered me a temporary hold and with what im facing I gladly accepted. 

Nothing in the terms she read out said anything about adverse affect or mention of credit. 

I’ll have to check, thank you for mentioning this.