The situation I am in now is that an IP has taken over the equity of my ex wife’s share of the home and endowments. Ex made bankrupt November 2008.
We have had a couple of valuations on the home and I made 3 offers to buy the share out from them but it seems it was not enough. Last February 2010 we agreed to market the house to release the equity but because of a few mistakes from the IP office and am now dealing with the 4th different person in charge of my case the house was only marketed on the 24th May2010.
The problem now is houses aren’t selling and it looks again like we are on the edge of a house price crash. I have only had two viewings on the property and many in my area just don’t sell.
If I hold out I could buy the other half back at the lower offer if we do indeed have the predicted house price crash. The IP seems to be very reasonable and don’t seem to be pushing a sale at all.
Am I correct to think this will play out? Or will they force a sale in the end. If they do, the low forced sale will be close to my offer price.
Any advice will be helpful. I would think many here are in a similar situation with little interest in sales of housing.
2 L A T E S T R E P L I E S (Newest First)
chewy22
Posted - 29 September 2010 : 20:41:27 A Rock and a hard place
Been here with my problem now for about 3 years. I am stuck
My problem now is I have offered to buy the beneficial interest to the other half of my home from price water house and coopers. They have refused my first 3 offers so I placed the house on the open market for a sale price of about 165k. To date they want 68k from me for the beneficial interest, my last offer was for 55k. If we achieved a sale price of 165k then that would be fair or close minus costs would give about 66k each. The best offer we have had is 135k for the house and the vendors were in no position to proceed (not sold their own home). If we did get this price then they (PWC) would only get 51k. In 4 months we have only had 5 viewings
We are about to hit the 2nd anniversary on November the 13th of the bankruptcy. What are the options open to me and what can they do.
I feel like my time is running out. Will I be thrown out of my home? I still have a mortgage to pay on it.
RHB
Posted - 12 July 2010 : 07:46:04 There doesn't seem much option for you but to hang on & wait.
