Sale Achieved For House but well below the asking price

[Wishes]

Hi guys,

I have been offered a sale on my home which is in dire negativity equity.

The purchaser is a cash buyer. All sounds wonderful apart from the fact that the offer is 200k short of my mortgage deficit.

The EA tells me I am not going to get a better offer.

Any ideas how I can persuade the bank to accept the offer?

 

[orka]

What is the amount outstanding at the moment (ie is 200K big relative to the debt)? Are you on a tracker? Have you been paying at least interest only or are you in arrears?

 

[greengrass]

unless you have savings, this is going to be a hard one.

 

[Wishes]

Nope, no savings. All money was invested in property.

 

[Jayjay80]

i just sold the other day for €120k and paid €275k. Mortgage was €250+ and in huge arrears

 

[bugler]

i just sold the other day for €120k and paid €275k. Mortgage was €250+ and in huge arrears

Would you mind telling us your bank, and how they approached the process of selling while in serious NE?

 

[Brendan Burgess]

i just sold the other day for €120k and paid €275k. Mortgage was €250+ and in huge arrears

Hi JayJay

This is really interesting. It could be of great interest to others in a similar position.

Any chance you could update your previous case study?

http://www.askaboutmoney.com/showthread.php?t=146068

I see you approached New Beginnings and MABS. Even a summary of your experience with them would be very useful.

Brendan

 

[ClubMan]

Nope, no savings. All money was invested in property.

Do you still have other property investments?

 

[Wishes]

Hi Clubman,

One property in the UK. The property is fully performing with a small profit each month. I would then allocate the profit against my mortgage payment here, along with what was left of my wages from both jobs.