Voluntary Sale/Voluntay Surrender/Sell ourselves

B

Ballinteer

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Hi, just wondering whether anyone has advice re the voluntary sale/voluntary surrendor/sell ourselves options. Mortgage with PTSB, arrears on mortgage, owe about €175,000, valuation done recently and valued at €140,000. Do not want to keep house due to marriage breakdown and have been deemed unable to meet mortgage by PTSB. Am looking into our options re sale or surrendor. Neither i or my husband have any other debts and both are renting so have no excess monies. I am reluctant to sell ourselves as i think that will add to our current stress levels re our marriage breakdown but is that our best option for getting the best price for the house, or would the bank get the same? If we sign and take the voluntary sale option are we admitting our liability for the balance after the sale? would we be better there selling it ourselves? Thanks for any advice!
 
Hi Ballinteer

I would suggest the Voluntary Sale option as your projected shortfall amount will not be that significant.
We went with the PTSB voluntary sale and used Anthony Joyce & Co - who organised the sale on our behalf. His fees and the estate agent fees (which Anthony organised for us) were covered by the bank. I would recommend giving him a call!!
 
You need to both work together on this one.

You should meet ptsb and ask them to do a deal on the shortfall before you agree to a voluntary sale or surrender of the house. They probably won't agree beforehand, but they might. They may give you an undertaking not to pursue you for the shortfall.

If you sell the house and your only creditor is €35k to ptsb, they probably won't veto a Debt Settlement Arrangement.

Brendan
 
epicaricacy said:
Hi Ballinteer

I would suggest the Voluntary Sale option as your projected shortfall amount will not be that significant.
We went with the PTSB voluntary sale and used Anthony Joyce & Co - who organised the sale on our behalf. His fees and the estate agent fees (which Anthony organised for us) were covered by the bank. I would recommend giving him a call!!
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Thanks for that. Did tsb arrange Anthony or did you go to them. I am worried by signing tsb voluntary sale that we are admitting liability for the shortfall? The house is in negative equity. Is that balance split equally between both parties? Or as I am working and he is not could they come after me more than him? Thanks for your help!
 
Signing the voluntary sale makes no difference to your liability. You owe the money anyway.

You are jointly and severally liable for the shortfall. If he does not pay, you have to pay it all. If you go bankrupt, he owes it all.

Brendan
 
Brendan Burgess said:
Signing the voluntary sale makes no difference to your liability. You owe the money anyway.

You are jointly and severally liable for the shortfall. If he does not pay, you have to pay it all. If you go bankrupt, he owes it all.

Brendan
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This is what I worry about. I am working, he is not. Would we be in a better position if we try sell the property ourselves without signing anything with the bank and going to them with an offer? I have looked at bankruptcy as an option after this is sorted but I am fully aware that as the weeks pass the mortgage is building up and a decision needs to be made!
 
Firstly you can't go ahead with a sale process without the approval of PTSB. Secondly you should obtain expert advice. Either Anthony Joyce & Co as mentioned above or another reputable insolvency practitioner. bankruptcy is an option but not one to be taken before discussing all alternatives.
 
44brendan said:
Firstly you can't go ahead with a sale process without the approval of PTSB. Secondly you should obtain expert advice. Either Anthony Joyce & Co as mentioned above or another reputable insolvency practitioner. bankruptcy is an option but not one to be taken before discussing all alternatives.
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Would anyone know someone in the mayo area who deals with same?
 
AJ Debt Solutions (Anthony Joyce) have an office in Galway. Number is online. I've recommended others to use the Galway office and it's worked out for them. That person's house was in Mayo!!

44 Brendan is correct - you won't be able to sell the house on your own. It will need to be part of the voluntary sale process. It took 6 months to complete our sale. It can be longer for others - 9 months for one friend of ours in Cork. 8 months for 2 other friends. (All using Anthony Joyce or his man in Galway (the same guy works from Dublin and Galway).

I wouldn't recommend bankruptcy for such as small amount. PTSB may write it off or accept a fraction of the shortfall in full and final settlement. PTSB have become far more realistic in the last 6 months or so. The Galway guy will be able to negotiate on your behalf. Ring him and meet him in person!! Negotiating on your own is a non-runner (from our experience).
 
epicaricacy said:
AJ Debt Solutions (Anthony Joyce) have an office in Galway. Number is online. I've recommended others to use the Galway office and it's worked out for them. That person's house was in Mayo!!

44 Brendan is correct - you won't be able to sell the house on your own. It will need to be part of the voluntary sale process. It took 6 months to complete our sale. It can be longer for others - 9 months for one friend of ours in Cork. 8 months for 2 other friends. (All using Anthony Joyce or his man in Galway (the same guy works from Dublin and Galway).

I wouldn't recommend bankruptcy for such as small amount. PTSB may write it off or accept a fraction of the shortfall in full and final settlement. PTSB have become far more realistic in the last 6 months or so. The Galway guy will be able to negotiate on your behalf. Ring him and meet him in person!! Negotiating on your own is a non-runner (from our experience).
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Thank you for your help, I have emailed them to see if they can help.
 
Voluntary Sale
(1) Your (PIP's) negotiating leverage is stronger with a Voluntary Sale as you have something (house) which the bank desperately wants. He may be able to negotiate better terms for you re. shortfall.
(2)Voluntary Sale should lead to a better price and therefore a smaller shortfall.
(3)If you talk to AJ's representative in Galway face to face - he will explain some other crucial benefits of Voluntary Sale over Voluntary Surrender.

Voluntary Surrender
(1) You avoid the stress involved in selling a property.

In our case the estate agent and Anthony handled everything - all we had to do was sign the contracts!! We weren't living there throughout the sales process.
 
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