about to lose offer on my house

offer on house but there's a shortfall

hi all. i have just recieved a cash offer on my house of 92k, leaving a shortfall of approx 48k owing to the bank. i am separated, 3 kids, 2 in college,no maintenance and living in a rented house.bank have just sent me a massive form to fill out outlining all my outgoings, but i'm worried they'll reject my buyers offer as they'll clearly see i can't afford to pay them back.does anyone have any similar experiences? what did you do?

If I were you I would contact new beginnings and see if they can do a deal for you. They seem to have had success with some lenders.

hi. had offer on my house of 92k leaving shortfall of 50k, separated from husband who has gone on dole and refuses to engage.bank keep telling me i'm liable for all the money and wo'nt give a straight answer about whether or not they'll accept the offer until i make a suggestion as to how i will repay 50k.i've asked them for a proposal from their side,but they wo'nt give it.now the buyer has said he'll pull out and is looking at other properties today unless i get back to him.all previous offers we got were a lot less than the current one.any advice, i'm at my wits end.thanks.

Write to the Bank (register) stating that this offer is the best you can get on the property. State that the proposed purchaser has put a limit (say 1 week) or the deal will be lost. State that unless you receive an immediate response from them that they will aloow this sale to progress you will hold them responsible for any loss that will result from the sale not completing. Tell them that you will fully engage with them in respect of any shortfall on the sale in due course.
This re-action from them is ridicolous.

But why have you refused to give the Bank your own proposal to repay the 50k? Why are you waiting on their proposal first?

dereko1969 said:

But why have you refused to give the Bank your own proposal to repay the 50k? Why are you waiting on their proposal first?

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The Bank and OP priority would be to achieve a sale of this house at an acceptable price. Yes, the 50K residual balance will have to be dealt with but currently the loan is 142K nd this needs to be reduced ASAP.

For specifics on how to tackle this, I can't add anymore that what has been said above, but please don't be at your wits end... it's only brick & mortar and you are doing the best you can, your sanity is worth much more than this...

I know that this situation is VERY stressful, and it's easier said than done, but please try to seperate yourself from all this... it will pass, solutions will be found, but in the meantime look after yourself.

wrecked said:

hi. had offer on my house of 92k leaving shortfall of 50k,

.bank keep telling me i'm liable for all the money and wo'nt give a straight answer about whether or not they'll accept the offer until i make a suggestion as to how i will repay 50k.

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You can never get a bank to give you an answer with a end of day deadline.

The bank want you to tell them how you will repay the 50K, so why don't you suggest they convert it into a personal loan (in both your name and your husbands) at the same interest rate you are now paying on the mortgage and for the same term (work out how much you can afford and put it that way). Can you afford to pay back the 50K?

Your husband is also liable for the shortfall, but in reality if he has no income and you do then you're going to have to repay the full debt. Engage with the bank and they will work with you, it to the mutual benefit of you both. Try and get any agreement from the bank in writing. And only correspond with them in writing.