Voluntary Repossession

T

tanman

Guest
I bought a house a couple of years ago, its on the market over a year and I cannot sell it, I have tried to rent it out but having difficulty. I am due to emigrate soon and was wondering has anyone ever heard of voluntary repsosession and how does it effect my credit rating.
 
Rather then simply giving the keys back, have you asked why can't you sell it. Is it priced too high? What does yoiur estaste agent think?
 
tanman said:
I bought a house a couple of years ago, its on the market over a year and I cannot sell it, I have tried to rent it out but having difficulty.
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You bought a house for a year? Has your flip flopped?
 
Drop the price to get it moving?

How much did you buy it for?
What mortgage is outstanding?
What is your current asking price?
What is a realistic approximate market value?
 
tanman

You personally owe the money to the lender.

It's not a good idea to hand the house back. If you do, they will sell it and have the right to come after your for the balance.

You would be better trying to sell it yourself at a reduced price as the lender will probably sell it off at a far reduced price.

People expect to pay less for a repossessed house.

Brendan
 
You say you are due to emigrate. Does this mean you have to sell it or could you hold on to it, given the consequences of "voluntary repossession"?
 
Brendan said:
People expect to pay less for a repossessed house.
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How true is this I wonder - people may expect to pay less, but will they necessarially know that it has been repossessed while negotiating? Is the EA obliged to give this piece of info or is the obligation on the buyer to ask and would the EA even give an answer?

Obviously when it comes to contracts it would become clear the vendor is a bank, but how early in the process?

Above is assuming the house is sold in normal fashion (daft myhome etc), and the buyer is not aware of the history.
 
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