selling house or repossesion

wot_a_life

Hi all,

I've posted a few times about the financial mess we're in and the fact that we are in arrears with our mortgage of 2k, the mortgage company went for repossesion once, but we managed to come to an agreement where we pay an extra £105 per month on top of our mortgage repayments of £1070.

Well, the bottom line is, we can't afford it and we've defaulted again on this months mortgage.

We've been in touch with a sell your house quick buyer who offered us a good price initially, but now, he can't borrow the money from the bank to buy it. We don't want to put it on the open market, the costs are way too high.

would it be worth advertising the house ourselves at a cut price? we just want to rid ourselves from this mortgage

Nenen

Have you thought about putting it up for auction? Where abouts in the country are you?

You could whack an advert on your local gumtree.com or on some of the free private house sales but, to be honest, I think you'd have to be incredibly lucky or offer it incredibly cheaply in order to sell it quickly that way.

There are some other private sales websites that charge and get you onto Rightmove (cheaper than local EAs) but I would guess these are more suitable for people who are not in such a desperate situation as yourselves.

What would the rent be on a similar property be in your area? Would that be any more affordable for you?

Have you got any equity in the house as it stands? Would you have any equity if you dropped the price by 20% for a quick sale?

Finally... sorry to bombard you, .... have you had debt advice from CAB or similar?

Best of luck and let us know what happens

PasturesNew

What is it really worth?
How much do you need?
What have recent, similar houses really sold for?

silvercar

We've been in touch with a sell your house quick buyer who offered us a good price initially, but now, he can't borrow the money from the bank to buy it.

So much for being a quick buyer if he now has to go and raise the finance for it! He's no different than any other buyer who needs to raise a mortgage.

You could try and find another quick-sale company but be warned that they will only offer you 80% of the value.

We don't want to put it on the open market, the costs are way too high.

Estate agent would be no sale no fee, some estate agents also supply HIPS, you wouldn't have to pay legal costs until you have a buyer, you could start marketing it at slightly under market value for no initial cost.

neas

Its intersting to see everyone is having difficulty finding mortgages oO.

How much is the mortgage and how much do you think the house is worth currently?, its a falling market and time is of the essdence.

A 1000 pound mortgage is alot of money to me... . Sorry for the stress it causes you... its not the end of the world chin up .

silvercar

Previous thread by OP here:

http://forums.moneysavingexpert.com/showthread.html?p=10706445#post10706445