Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

House to be sold at auction

(15 Posts)
brothershouse Sun 04-Jun-17 20:55:26

My db has been a bit of an idiot and has a large court ordered debt to pay off and they say that his house will have to be sold at auction for a quick sale

Has anyone had experience of something like this?

How would I find the house online? Would it be online at All?

LIZS Sun 04-Jun-17 21:00:35

It will probably have already been up for sale but no offers received. Is he in default on the mortgage, if so he is still liable for any shortfall if the mortgage is higher than the sold price.

brothershouse Sun 04-Jun-17 21:03:46

Mortgage is up to date (as far as I know) obviously that would be paid off

Market price for a nicely upkept house in his road would roughly be 280? 260? His house is not well kept,

I think he will get enough to clear both debt and mortgage (around 170) is that realistic?

LIZS Sun 04-Jun-17 21:14:45

No idea. Why would the debt secured on the house if not mortgage? Could he go to a property purchase company first?

brothershouse Sun 04-Jun-17 21:16:25

I don't think it is already up for sale as he has refused to do anything

brothershouse Sun 04-Jun-17 21:17:34

I think it's being sold because it's his only asset

He's not talking to me as I told him to stop acting like a child

IamMoana Sun 04-Jun-17 21:20:50

Bear in mind that there will be solicitor & asset manager costs to be added, may be redemption fee & closure costs. Also depends on the loan to value how much he borrowed against the house. You then have any subsequent charges (Land Registry will show this). The lender has to attempt to achieve the best price possible so it would be rare for it to go straight to auction unless there are problems with the house. Lots to think about.

brothershouse Sun 04-Jun-17 21:25:47

Thank you for your posts

I have literally no experience or knowledge about what happens

My dm is beside herself as he won't 'do anything to help himself'

RTKangaMummy Sun 04-Jun-17 21:28:02

It should be on rightmove etc

I have seen houses to buy on there that have about 4 or 5 viewing days/times

But not looked at them cos not got courage to buy at auction

If you want to know the dates and details etc --- Set up an alert on Zoopla and rightmove for his postcode and it should come up when it puts up iyswim

WeakAndUnstable Sun 04-Jun-17 21:28:25

Lots of the big auction houses advertise in conjunction with agents on Rightmove & Zoopla. eg Hamptons estate agent is affiliated to Countrywide auctioneers (renamed now but you get the point). In the listing it will give you auction contact details inc date; normally the estate agent's role to facilitate quick sales if they are able to exchange prior to the auction date.

So I'd suggest you look online've a pretty good chance of tracking it that way.

WeakAndUnstable Sun 04-Jun-17 21:30:07

OP...can I ask you what you want to do with the info if/when you find it? (hope that's not too personal)

RTKangaMummy Sun 04-Jun-17 21:31:02

An alert means that any property that meets your criteria an email is sent to you with details of it

But your DB won't know you have done it iyswim

brothershouse Sun 04-Jun-17 21:45:15

I want to have as much information as possible, I want to know what the process is so I can support him.

My dm is concerned that he might do himself/people around him harm - the more information I have on what is likely to happen the better

She thought he was bankrupt prior to this happening, I thought he couldn't be as he still had a mortgage and an asset ( the house) so one of us is wrong

WeakAndUnstable Sun 04-Jun-17 22:55:12

OK. I was kind of wondering if you wanted to buy the house (in a nice way) and wondered if you needed more info about buying at auction. Sounds very difficult, sorry you are going through this.

It looks a bit like he is going through the bankruptcy process now.

Are court orders public information?

brothershouse Mon 05-Jun-17 08:25:09

No, I can't afford to buy it, and I also don't think it would good in a mental health way for him either

Join the discussion

Registering is free, easy, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.

Register now »

Already registered? Log in with: