Need to sell my house. just lost buyer number 6!

[mrsnec]

This is very long winded. I do apologise, And sorry if I posted in the wrong place.

We bought our house for 92k in 2005. We spent 40k on it. Its been on and off the market for 5 years. It's in an average area of the west midlands. Properties in the same cul de sac have gone for anything between 45 and 100k recently. We want to offload the place as its caused us a lot of stress we accept the losses of what we spent but want to at least recover fees and what we owe on the mortgage so we are trying to sell at 90 It's true market value.

We are covering the mortgage. Just, but we have a new life abroad and live rent free in our in laws second property. Money is tight for us but we wont be homeless.

So, after a few failed sales sales it transpired that lenders were refusing to lend on the place. We knew there had been a subsidence issue in the past but were assured it had been fixed. We also found out that the records hadn't been updated to show there hadn't been any movement since.

We got our own survey done when we lost buyer no 5. We got all the paperwork in order, spent another few thousand putting right everything it unveiled and then remarketed the place. We had viewings straight away and an offer within a week but weve lost this buyer again as a result of a survey.

We rented it for a bit. But our mortgage is interest only and the rental value only just covers it. We also spent thousands in maintainance costs when we had tenants and it's Hard for us to manage from abroad with no friends or family in the area.

The mortgage company know our situation. Both them and the agents are encouraging us to sell for a song and work out a repayment plan to cover the shortfall.that would break my heart it's a beautiful house I've already lodt 50k on.

We have discussed repossession as an option but wed still have to pay a shortfall unless we go bankrupt I think but since we have no ties to the UK that might be on option.

We are wondering if we can do anything legally as perhaps our lender shouldn't. Have leant to us on it if none of the other companies will lend to anyone else on it.

We are trying to obtain the latest buyers survey. He wouldn't even reduce his offer after his survey.

Thanks for reading all, just wondering what you'd do in this situation. Bottom line is want to walk away without spending one more bean, how can I do this?

It's funny you should say that. My dm is constantly banging on about my hot-shot property developer dsb who lives in Surrey and is minted and who's business partner hails originally from round the corner to said house. I'll get on to her marvellous, and see if there's hope there.

Considered in laws they skinted themselves setting us up and now are after us for income as their pension doesn't stretch very far and they've had huge hospital bills recently as they didn't realise they didnt have free healthcare here.

My folks are minted too but a bit tight.I have a massive family. Dh is an only one.My dm thinks we're stupid not renting it.

Any survey commissioned by the lending bank will be addressed to that bank and not you. This mean you have no recourse against that surveyor.

You may have paid for it but you are a third party. Third parties cannot take legal action against the issuing surveyor. Only those to whom the survey is addressed has recourse.

Snow. Property values are certainly rising in many parts of the UK.
One of my buy to let properties was bought at auction 6.5 years ago for £180k (it was a cash buy due to rising damp and no heating or working kitchen). I spent £20k on it and have let it ever since.
I've had 3 valuations done last week and its now worth between £300k to £325k. Admittedly the rising damp was dealt with and it has central heating and a kitchen. But nothing else has been spent on it since the refurb 6.5 years ago
It's simply the market.
So values are and have been rising.

You're welcome mrsnec, I hate to think of you worrying about the whole situation and knowledge and information is power, well, of a sort.

How about you find all the Agents you can in your area and get them all to give you their valuations with full knowledge of the history.
You can then see who'll willingly overvalue and who's realistic and helpful as opposed to just clawing for your business.

I know it's not that easy if you're overseas, but at least you're doing positive things.
If you don't mind me saying so as well, it seems as though the problem house is only one aspect of your issues, if your DH 'blames' you for buying it in the first place etc. it's a source of friction between you, which you could well do without.

There've been some really good ideas and comments on this thread and although the dream scenario is to be well rid asap, I genuinely think you need to be tenacious to get the best possible outcome.

My sense is, as an asset its no good for resale. So you either give it away, or you make it produce an income.

£575 a month is £6,900 a year which is an 8% return on your £85k mortgage. So I would rent it, try to pay down the mortgage over time, and look on at as an insurance policy- (a) because you may not have a good pension scheme, and this would provide retirement income; and (b) in case you do ever need to come back to the UK.

And, of course, the longer you rent it, the more years 'trouble free' you'll be able to prove. Maybe as house prices rise again it will become a more attractive thing for a first time buyer, and you will have had rental income in the meantime.

Have you got a friend/relative/acquaintance nearby that could ring up the estate agent or contact through rightmove, not just about your house but a couple of similar ones.

Then you will get feedback on how well the agent is selling it, if they are pushing other ones over yours, if they are really telling people the whole picture as you think, or of they are glossing over it...

It's not a fix at all but it might be really useful feedback, especially if they don't say they are cash buyers but the estate agents tell you that they are.

Do you agree with the other survey that said the Walls are all wonky etc? And does your info pack explicitly show that your mortgage company and insurers are happy to continue with the property, along with telephone numbers and reference numbers and contact details for them?

Also if you do end up in negative equity remember the building society has already got the money back through insurance so negotiate hard with them on what you have to repay!

mrsnec Where are you? Did your in-laws not know that the NHS only exists in the UK? I thought everyone moving abroad would know that...

Morning All,

Mrsf, it may be a knee-jerk reaction and us just looking for someone to blame. In reality. There is no way either of us could handle another legal battle at the moment I don't think!

I think it's a skill people like you have with a portfolio like that. I am trying to predict what will happen and is happening to prices in the area and Im seeing very contradictory information.

Thanks enriqe, this thread had been invaluable. Dh and I had a very in depth conversation yesterday. I am happy ish with the outcome for now.

We lost buyer no5 about 6 months ago. He started at 90, got his survey done and knocked us down to 82 and we said no but we did the work his survey asked for. Dh says he's not going lower than that so when he's talking about going into negative equity he's only talking about a tiny bit. And if I win my case he doesn't want any of that used in this situation and has stopped mentioning bankruptcy and nasty stuff like that. So dh wants to keep the same agent and find buyer 5 or similar. For now.

I looked into auction. They want a reserve as low as the we buy any gaff lot wanted to offer.

I still can't convince him about renting that house, but he's confident im going to win my case. He does appreciate the investment side but thinks if we were ever going to do that we're better off doing it here. If I do win I will have enough to buy an apartment outright. But it could be just as risky here as the market is dodgy here too. I found a place for 39k euro, yesterday with a communal pool and tennis court but then checked one in the same complex on owners direct and holiday lettings and they had no booking from now until July 2015 so that will need more research. The point was dh does sort of understand how property as an investment can help us in the future.

Marvellous and Zip, no we've never noticed or had a survey pointing out wonky walls and our pack does have everything in it. But the buyers are only interested in what their surveyor says. They also mentioned the roof. We fixed it after buyer 5, didn't trust just a surveyor so got the council out to verify it. They rubber stamed it but buyer 6's survey still says it could do with more supports.

I've done cold calling on this agent to check on them and they are pushing the place.it's why I sacked the other ones after I tested them. The problem is they just can't do the paperwork. Zip, the only contacts we have in the area are going through exactly the same isdues as us at the moment with different agents and solicitors and they live in the posh part if town! It appears nightmare buyers and rubbish agents are the norm in Wolverhampton!

I know we are going to have to watch the lender if we do go into negative equity. They want the completed forms and bank statements before we've accepted another offer.

snow, I 'm in Cyprus.

So for now its back on the market. If nothing happens soon we'll Rethink. We had other views lined up when no 6 offered. They all want to see if any of them are still looking but as of last night they still hadn't put the place back on rightmove.

Thanks again everyone just thought I'd update you all.

The point was dh does sort of understand how property as an investment can help us in the future.

Really? And he still wants to keep yours empty while he persues unattainable goals of selling it at some unknown time in the future for an unealistic price? And he's already turned down an offer of £82K - on a house that's has subsidence?

I don't think I would be taking any interest in anything he had to say re property.

If it's a sale you're determined on then you could be looking at years (no exageration) of offers, followed by unfavourable surveys, causing deals to fail. You are at the mercy of every single surbeyor who values your property in the course of the sale and every fault they find with your house.

Meanwhile, the uninhabited, unheated house will continue to deteriorate while it remains unoccipied. Houses get 'repuations' and the longer this situation continues the worse your house's reputation will become as people will ask 'How long has it been on the market? and walk away when the answer is months / years. That alone can taint a house - let alone one with subsidence.

Is it on rightmove?