Guest SGKG102 Posted December 13, 2008 Share Posted December 13, 2008 Hi Guys, Yesterday, out of the blue, I received a telephone call from the estate agent. There was a bloke back in September that viewed our property and made an idiotic offer of 95k when the house was on for offers between 129,995 and 134,995. We have since reduced our price to 129,995. Well anyway this bloke has now made us an offer of 105k. Problem with this is that our mortgage is 126k. I know that we are lucky to have received this offer as he has a 30% deposit and is ready to go. The question is how on earth can I accept this offer and leave us 21k in the red. How do I pay off the remaining 21k. :frownxmas: Would the mortgage company even allow us to sell at a loss?????? Oh my gosh what shall I do? Please can anyone give me any advice on this one. It would be greatly appreciated. Thanks Karen :unsure: Link to comment Share on other sites More sharing options...
TaniaColin Posted December 13, 2008 Share Posted December 13, 2008 Sorry i can't offer you any advice, just sending you lots of luck in whatever you decide to do. We had a guy who offered nearly 30 grand less than our asking price, but we just couldn't accept it. Hope things work out okay for you Tania X Link to comment Share on other sites More sharing options...
Guest Andy Posted December 13, 2008 Share Posted December 13, 2008 Hi Karen, Yes that is a real tough one, I think if i were in your shoes i would reject his offer and maybe wait until spring as i think the market may start to revive itself although there are plenty of people who say the opposite.Also he may come back with an improved offer if he wants it that badly. You just have to do what you think is best so good luck andy Link to comment Share on other sites More sharing options...
LYNMACMD Posted December 13, 2008 Share Posted December 13, 2008 The answer is the theory is if you have the money i.e. 21k to pay the gap then you can sell and the solicitor will process as normal if you haven't the solicitor acting for you will not be able to complete the sale as the Mortgage holder will not allow him to hand over the title deeds to the new buyer unless they receive the full amount owed as per the redemption statement. So the real answer is NO you cannot sell it unless you have the difference and can hand it over on the day you sell the house to the new buyer Link to comment Share on other sites More sharing options...
Guest WARDStoOZ Posted December 13, 2008 Share Posted December 13, 2008 Hi Karen! Great to hear that you've had some interest despite the offer still being low. As the man has come back with a higher offer, presumably he is very keen on your house so maybe if you bide your time a bit he may come back with another offer... though of course you may not be that lucky! Personally, I'm not sure what I'd do for definate if I were in your shoes but I'd probably lean towards rejecting the offer. Take care and Lots of Luck with the decision...!!! Dan xx :emoticon-signxmas: Link to comment Share on other sites More sharing options...
Guest gibbboe Posted December 13, 2008 Share Posted December 13, 2008 Hi Karen! Great to hear that you've had some interest despite the offer still being low. As the man has come back with a higher offer, presumably he is very keen on your house so maybe if you bide your time a bit he may come back with another offer... though of course you may not be that lucky! Personally, I'm not sure what I'd do for definate if I were in your shoes but I'd probably lean towards rejecting the offer. Take care and Lots of Luck with the decision...!!! Dan xx :emoticon-signxmas: Hi Karen, Is is a property developer who made the offer? I ask because if its taken 2 months to come back with an offer then he doesn't sound that committed to your house, not emotionally attached. If he knows you're going to Oz and and are extremely keen to sell, the WORST case scenerio is he could on the day of exchange lower his offer on the house and you will then be forced to accept it as you have made your arrangements to go Oz. I know someone who had this happen to them 6 years ago when the market was strong. :wideeyed: Link to comment Share on other sites More sharing options...
Guest SGKG102 Posted December 13, 2008 Share Posted December 13, 2008 The answer is the theory is if you have the money i.e. 21k to pay the gap then you can sell and the solicitor will process as normal if you haven't the solicitor acting for you will not be able to complete the sale as the Mortgage holder will not allow him to hand over the title deeds to the new buyer unless they receive the full amount owed as per the redemption statement.So the real answer is NO you cannot sell it unless you have the difference and can hand it over on the day you sell the house to the new buyer Hi Lyn, Thanks for that advice. I thought that might be the case but the estate agent told me that in the current market the mortgage company might agree to transfer the ramining 21k to a personal loan. I thought he might be talking out of his a**s as it is in his interest to get the sale. I think what I will do is take it off the market and put it on afresh in the New year. Regards Karen :emoticon-signxmas: Link to comment Share on other sites More sharing options...
Guest SGKG102 Posted December 13, 2008 Share Posted December 13, 2008 Sorry i can't offer you any advice, just sending you lots of luck in whatever you decide to do. We had a guy who offered nearly 30 grand less than our asking price, but we just couldn't accept it.Hope things work out okay for you Tania X Thanx Tania, Fingers crossed for you on your viewing today. Lets hope you get an acceptable offer. :hug: hugs to your little man and hope he gets better soon. Regards Karen :emoticon-signxmas: Link to comment Share on other sites More sharing options...
Guest SGKG102 Posted December 13, 2008 Share Posted December 13, 2008 Hi Karen, Yes that is a real tough one, I think if i were in your shoes i would reject his offer and maybe wait until spring as i think the market may start to revive itself although there are plenty of people who say the opposite.Also he may come back with an improved offer if he wants it that badly. You just have to do what you think is best so good luck andy Hi Andy, Yes I agree rejection it will be. If he really wants it he will come back with a realistic offer at the end of the day he knew full well what the asking price was at the time he viewed. He must have more money than he is willing to actually part with otherwise why would he have looked in the first place. :unsure: Regards Karen :emoticon-signxmas: Link to comment Share on other sites More sharing options...
Guest SGKG102 Posted December 13, 2008 Share Posted December 13, 2008 Hi Karen! Great to hear that you've had some interest despite the offer still being low. As the man has come back with a higher offer, presumably he is very keen on your house so maybe if you bide your time a bit he may come back with another offer... though of course you may not be that lucky! Personally, I'm not sure what I'd do for definate if I were in your shoes but I'd probably lean towards rejecting the offer. Take care and Lots of Luck with the decision...!!! Dan xx :emoticon-signxmas: Hiya Dan, Thanx for that. I will be calling the estate agent on Monday to reject this offer. Karen x x x :emoticon-signxmas: Link to comment Share on other sites More sharing options...
Guest SGKG102 Posted December 13, 2008 Share Posted December 13, 2008 Hi Karen,Is is a property developer who made the offer? I ask because if its taken 2 months to come back with an offer then he doesn't sound that committed to your house, not emotionally attached. If he knows you're going to Oz and and are extremely keen to sell, the WORST case scenerio is he could on the day of exchange lower his offer on the house and you will then be forced to accept it as you have made your arrangements to go Oz. I know someone who had this happen to them 6 years ago when the market was strong. :wideeyed: Hi gibbboe, Yes he is a property developer. I hadn't thought of the WORST case scenareo but it makes sense what you are saying. Rejection it will be. Thanx Karen :emoticon-signxmas: Link to comment Share on other sites More sharing options...
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