Voluntary Sale - advice pls

[fineline]

Hi

My situation is as follows:

1. Bought house at almost peak. Family home, young kids etc
2. ran into payments trouble about 4 years ago, but bank accepted interest only for considerable period
3. Had PIP help me with proposal to purchase loan from bank at a discount (money from family/friend)
4. Bank were considering, but brought down shutters before loan was packaged up with others and sold to vulture fund
5. Vulture fund refused to allow interest only payments, or even interest plus some capital, on the basis that the mortgage was unsustainable
6. Vulture fund has indicated that voluntary sale would lead to full and final settlement
7. PIP has helped again to develop new proposal for vulture fund
8. Vulture fund is considering proposal, and sending own valuer out to value PPR
9. Vulture fund has asked me to put home on open market also
10 Have legal (messy) boundary dispute with neighbour, which is currently in circuit court.

Question: why would an agent put my house on the market given i) there is a legal dispute and ii) I have made a decent offer given the circumstances. in other words, would they not think it's unlikely that they would get their commission, and move on to the next opportunity?

I haven't contacted any agent yet, but am not sure what to tell them on the phone vs waiting until they arrive.

Any advice welcome

thanks

 

[Brendan Burgess]

I presume that the lender must be satisfied that the property is not worth more than you are offering.

Are they allowing you choose your own estate agent or are they giving you a list to choose from?

The boundary dispute will probably work in your favour as any valuer will put it very low indeed.

Brendan

 

[fineline]

Hi Brendan, and thanks for taking the time to reply.

They are sending out their own valuer, but are allowing me to choose the estate agent; they wish to see evidence that it is on the market

I don't know yet if they are satisfied that my offer is sufficient; I suspect that this is only the start of a process, and that the valuer and estate agent appointment is the next stage

I agree that the boundary dispute will affect the valuation

 

[Bronte]

I agree the boundry dispute is in your favour. The vulture fund is just checking out the bone fides of the value. Also might be edging for more from you.

Can you tell us how much the property is worth, the mortgage, the arrears and what you offered. Very interesting to know what a bank would take in those circumstances and also checking that it makes sense for you.

And of course a warning, are you sure that taking money from family is a good idea.