Sell House in Negative Equity and Use Proceeds to Buy New Property

[miker]

Then you have a serious problem and need to learn to budget and save, instead what you are doing is trying to get into more debt without paying off what you aleady owe, living outside your means and not saving to fund what you wish for.

We I don’t regret doing any thing we have done in the last couple of years and wouldn’t change a thing, life is for living J

Apart from the car loan, wedding loan, small credit card debt and mortgage that’s all be have borrowed. In the last couple of years we have enjoyed nice holidays, allot socialising, shopping, had a baby in a private hospital (Wifes decision) and funded two business ventures in the couple of years all with out borrowing and I don’t regret it.

We are still youngish both 32, but my problem has always been that I’m impulsive and when I see something I want it now.

I do agree though we should budget better and save for the things we want, which is what we intend on doing in the future. As i mentioned above we intend on trying to save 3k plus a month.

Our outgoing are still pretty high, but we are working on reducing them.

What would you advise? When we purchased the house we had intended on it being short term (5-6 years) Now would like something bigger.

 

[miker]

My apologies Miker. I wrongly assumed that you were the OP. Generally the response would be similar. Yes BoS are doing deals. However, you are only in a position to do a deal if you have something to offer them. Re-finance has no attraction to them as they want to exit the market. Look at the prospects of selling your own house first. When you find a buyer you will be in a strong position to negotiate with Certus (BoS) and assess your future options. Taking on additional debt is fine. However, you will need to be satisfied that you can afford it ongoing. Remember, interest rates are going to rise again over the medium term.

Thanks

Could you give me an example of an offer you think we would need to make? I know they want to exit the market, but surly they wouldn’t write off that much money?

Our jobs are pretty secure, I’m wife’s is very secure so we could afford to take on a second mortgage, but ideally would prefer not to.

I don’t think there is much of a rental market where we live, but we could lease the house to the council for 10% less than the market value. But you get the security of a 4 year lease!!

 

[Bronte]

We I don’t regret doing any thing we have done in the last couple of years and wouldn’t change a thing, life is for living J

.

Well you made me laugh. You never know your business ventures might pay off. I'll think about your question though and post back another time.

Meantime it's only too true, life is for living.

 

[44brendan]

Miker, your'e probably running a little ahead of yourself here. before you are in any position to negotiate, you need to have something to offer. Currently you have nothing to offer BoS. Wait until you have a realistic offer on the property (or alternative cash) and then talk to BoS about a settlement. No point in talking about examples of other deals. This is done on a case by case basis.

 

[miker]

Well you made me laugh. You never know your business ventures might pay off. I'll think about your question though and post back another time.

Meantime it's only too true, life is for living.

Ha ha thanks

Don’t think there will be a return on business 1 of a couple of years, business 2 though you never know, but it’s a niche market.

Anyway I’m not expecting or counting on any income from them for quite a while.

Thanks Bronte!!

 

[miker]

Miker, your'e probably running a little ahead of yourself here. before you are in any position to negotiate, you need to have something to offer. Currently you have nothing to offer BoS. Wait until you have a realistic offer on the property (or alternative cash) and then talk to BoS about a settlement. No point in talking about examples of other deals. This is done on a case by case basis.

Ok Thanks

 

[South007]

I have been told that B of S will be writing off Euro 4 billion within the next year as they leave the Irish market 100%. In addition, if you owned lots of properties, yes, the bank would do a deal with you, i.e. tell you to sell them for what you can get, give them the proceeds and as far as I know, they would then leave you alone.

As a small fish, it seems that this option is not yet available to you.

It may yet be though so I wouldn't give up.

I would also wait a while before buying land and/or a property in Ireland as prices continue to plummet. I own an apartment which cost Euro 139,900 - I have been saying it will be worth Euro 20K in a few years max and no-one is disagreeing with me.

 

[miker]

Thanks South