House Sale

[Sadsack]

Hi all - me again with another question!

I think we all know that creditors would like an equity release at some stage during the IVA. I have had my property on the market now for almost 6 months and have had not luck in selling. The situation is now becoming really stressful as I am struggling to juggle all the money around to keep myself afloat.

I am rather tempted to go for one of these companies who purchase your house from you even though it is at approximately 10 - 20% below the market value.

Has anyone considered this/done this and if so, do you have any recommendations or advice to give me?

Sue

Ho Hum! Think I'll bang my drum!

[Adam Davies]

Sue
Just some thoughts on that,
I think that 10-20 percent is the "best" offer that you will get,I think in reality it will be 30-40 percent below market value.Also you will need to check about how selling your property below market value will affect you with regards to an IVA or bankruptcy because in effect you are disposing of an assett below market value.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[MelanieGiles]

NO NO NO!

If you are struggling to make the mortgage payments at the moment - ask the mortgage company if they will give you a three month holiday from payments. If not, ask your Supervisor the same question. It is in yours and your creditors interests to get the best price for this property. And get your agent shifting - or instruct another one.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Oliver]

Total agree with Melanie on this point, hang in there and talk to your mortgage lender, estate agent and IP about the points raised in the post above.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[Sadsack]

I know in my heart that you are all correct.

My situation is becoming dire and I honestly cannot think of a way out. Having a payment holiday for 3 months is a good idea, but after the 3 months and the house is still not sold, I am back to square one.

With an average income of £2,800 nett per month, mortgage, secured loan and IVA payments totalling £2,300, (not even going to go down the council tax, electricity etc etc route) I am not managing to keep myself going.

Sue

Ho Hum! Think I'll bang my drum!

[freelili]

Sue dont do it

I thought about this also, just to get out of limbo but was only offered 50% of the asking price, its really not worth it. Please hang in there, we will float around in limbo together for a while.

Take care

LILY

I believe that angels breathe and love will live on and never leave. I cherish all you gave me everyday.

[Sadsack]

Hi Lily

I think I am losing the will to live! I think everything has just climbed up and bitten me in the rear end - so much so that I have no idea which way to turn. There is just nothing left at the end of the month to pay utility bills etc and the longer I still have this house, the worse it is becoming. And lets not talk about "him" as "him" I have not heard from since I told about this IVA.

Honestly wish now that I had never gone down this route - should have gone BR and that would have been the end of it. At least I would have been 2 more months away from the end.

Sue

Ho Hum! Think I'll bang my drum!

[Adam Davies]

Sue
Have a chat with your IP and explain the situation.It is in everyones interest to help you.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[Skippy]

Oh Sue, I wish I could give you a big hug as you really sound like you need one. I know I can't say or do anything to make you feel any better, but I am thinking about you, and you are bein so brave about this, and helping others on here as well. Don't give up on selling the house - give the estate agent a rocket up the backside and if things don't improve, as Melanie says, instruct another one. Just one thing about selling your house - if you are going to change agents try and do it before the end of May. I know it's not long, but if you change agents after 31st May you will need one of the new Home Information Packs (or should that be Rip Off Packs?). While it is still on with the same agent you are ok as you have 9 months from the date of instruction to sell the property, but if you change agents it is classed as a new instruction. Dave is getting our flat on the market next week because of this.

Regarding "Him", please don't give up. He has probably gone away to think things over. Dave was terrible for that when I first knew him - he often used to have to take time out from our relationship to think things through, and as he put it, 'find himself'. I came out of hospital after a knee operation and he announced he was off to find himself for a week - I never did know where he looked, but he was living in a bedsit at the time so it shouldn't have taken a week! It must have worked as we've been together 10 years in December! Good luck Sue, I really hope things work out for you xxx

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Sadsack]

Hi Skippy

Thanks for the kind words and support. I guess I am going to have mull over everything again. I am loathe to telephone my IP as she can be such a nasty piece of works and I am not sure if I am going to be able to take any more knocks from her, never mind the yelling and screaming!

As for speaking to the mortgage company, I am not sure about this as I will have to tell them I am in an IVA (perhaps they already know) and I don't quite know how this will affect my relationship with them.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[Oliver]

You being in an IVA should not affect your relationship with your mortgage provider as it will not make any difference to them as there debt is secured on your property.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[freelili]

Hi Sue

I am not going to try to make you feel any better, you feel how you feel and no wonder. However, please try to hang in there, I have lost count of how many nights when I have gone to bed hoping that I wouldnt wake up or that everything that happened was just a dream.

I cant tell you how hard its been to clumb out of the hole but I did, because I believe that life is worth living. I know it does not feel like it, I am like a cat on a hot tim roof sometimes. But then I think, well you can have all I have (which is nothing), but not my life or my happiness, because I am doing all I can.

I know your IP is a bit of a bag, she is just like that, (no wonder she is a miss, eh???) its not personal, email her if its easier but please dont give up.

Dont worry about the 'HIM'; truth, honesty and trust, is the best way forward, he will come round.

Go and have a good cry, release some of those stress hormones and smile. Here is a hug from me.

Inside every giver upper there's a none giver upper trying to get out. Inside every sadsack theres a happy sack trying to get out. YOU WILL.

love

LILY

I believe that angels breathe and love will live on and never leave. I cherish all you gave me everyday.

[freelili]

Hi Skip

Does that rip off pack include price dropping??? If you stay with the same agent but drop the price is that new instructions????

LILY

I believe that angels breathe and love will live on and never leave. I cherish all you gave me everyday.

[Skippy]

Right, this is how the rip off pack was explained to me by one of the estate agents I've had the misfortune of dealing with over the last couple of weeks!

Providing the property is on the market by 31st May we do not need a seller pack. If we notify the estate agent by the end of May of our intention to sell we won't need a seller pack, even if the property doesn't go on the market until the beginning of June (sounds a bit dodgy, but that's what I was told). If the sale falls through we won't need a seller pack, providing we go on with the same agent as we have 9 months to sell.

Thinking about it I would imagine that if the price of the property is reduced it wouldn't make it a new instruction, providing it was left with the same agent.

Sorry I'm being a bit vague, but I'm new to this house selling lark! I've never actually moved before, apart from going from my mum's house to Dave's flat.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[tracy.h]

Hi Sue,
Read your blog know wonder you feel like you are on the road to HELL,there isnt anything i can say to make you feel better but i want you to know we are all here for you,and there will be a solution i dont know what it is but you seem a very genuine person,and its not fair that you keep getting these knock backs,im a great believer that no matter what we go through eventualy we will come out the other side,so hang in there im sending you positive thoughts,and i really do hope life will start to become a place that you can start living with some kind of security and love.

Tracy xx