Help!

Insomniac666

Hi all,

Hoping some of you savvy people can help... defaulted on mortgage with GE Money, long story.. mortgaged upto the hilt with a secured loan which mean zero or negative equity..

Decided to sell house to "those companies you see offering to buy house" over 10 weeks ago at a low price, which meant i have to haggle a deal with Black Horse on paying the rest of my secured loan as an unsecured loan..as the sale doesn't cover costs (they have not agreed yet!) but eventually I'll be able to buy a house when money woes are gone.

I find out today that even after signing forms to agree sale... that the company don't want to buy the property at the previous price agreed..

i've moved out of the house in readyness and signed onto a 6 month rental agreement in the process and cannot keep 2 properties and the loan on my income....

Any suggestions on how i can approach GE Money / Black Horse on delaying payment before i lose house competely...and go further in debt?

ready to find some rope and rafters!!!!

Doozergirl

Are you on the open market at all?

There are also companies that will move a darn sight quicker than 10 weeks! Seems that allowing them to take this long has put you furhter into your predicament.

What sort of value is your house and what were you accepting? Are you sure that walking into an EA and offering it on the open market (ie. their mates) at 'offers over' that price won't get you a quick sale?

italia

i'm afraid i have no experience or knowledge of this, i take it the forms they signed didnt mean legally they have to buy at that price?

so sorry you are going through all this.

silvercar

"those companies you see offering to buy house"

Unregulated area and full of cowboys.

So how much is the house really worth, how much did they offer and what was their second offer?

You must have found a really dodgy bunch. Firstly, sell-me-quick shouldn't take 10 weeks, secondly if they knew you had to negotiate on a secured loan, why did they try to lower the price?

Name and shame!

Insomniac666

House is my first terrace house priced at £85-90 (pre house prices starting to slide) Hopuse does need a little bit of work and i was desperate so that's why I was willing to accept less..£72k they haven't replied to my wife yet with second offer

Insomniac666

Name and shame.... sure Freedom Property

Insomniac666

italia wrote: »

i'm afraid i have no experience or knowledge of this, i take it the forms they signed didnt mean legally they have to buy at that price?

so sorry you are going through all this.

I need to dig out the forms...my wife found out this afternoon..i got home came straight to the computer to see what was said.

Insomniac666

Wait for it £60k, with a warning to be careful of other companies ofering higher amounts then dropping it 10 weeks later.... pot and f*$king kettle! :mad:

I think i'm going to have try and sweet talk my creditors....

Anyone know the position on renting out my house as i have no intention of returning to it?

Fred1_2

Renting your house out is a good option, but....

What are the rents like in your area for your type of house? You could get an estate agent or 2 to give you an estimate, although I would recommend not using them to rent the house out - their fees are criminal and their marketing skills are pants. Will it cover the mortgage, insurance, repairs, gas servicing, rental voids? You say that the house needs a bit of work? Does this need to be done before you rent it out? Remember that the better condition your house is in, the easier it will be to rent out, the more rent you will get for it and, most importnatly, the more likely you are to get a tenant who will look after it.

Insomniac666

the work is mostly cosmetic, but there are somethings that need to be looked at.. the flat roof on extension has a pipe leaking on it causing a bit of a wet roof.. radiator leaking and I'll need some electric points moved.. small crack in corner of front window... other things.. new carpets throught out shower curtain.... it's a 3 bedroom terraced, got a decent sized reception room (originally 2 rooms) and kitchen can hold a small table or you can use the breakfast bar.. no parking and no garden (well a small slab of concrete - garden disspareared under extension)

Renting might not cover mortgage but i can happily pay the difference.. it's all the other stuff that goes with it.. i'm not sure of. I'd rather try and do it privately... i'm happy to take dss as half my street were!! (part of reason why i was happy to get out of there)... i think I can get a large chnk of the work done but not this month due to the shock of not selling up! as fo rthe secured loan if i explain my situation i can possibly pay smaller amounts over a longer period... not ideal..

i'd get the work done beforehand i think...

Fred1_2

Insomniac666 wrote: »

i'm happy to take dss as half my street were!!

Pity more landlords don't think like that. Get the right person in, it doesn;t matter where their money comes from as long as it ends up in your hands

Check with your local council and see if they do a landlords accreditation scheme. You should get all the advice you need to make sure you are completely legal and they may even be able to help you find a tenant.