selling house

heyday30

Looking For advice on where to start.
Property 10 yrs. Looking to sell due to change in circumstances, I can't afford mortgage.

Wheres my first port of call.

Mods feel free to move if posted in the wrong place.

BrokenArrows

I would think your best bet would be to start investigating estate agents. Finding out their fees, get them to value your house etc.
Estate agents should be well suited to advise you on how the rest of the process works.

Atlantic Dawn

Most important question is the house in negative eguity, if it is the process will be more difficult.

heyday30

Atlantic Dawn wrote: »

Most important question is the house in negative eguity, if it is the process will be more difficult.

It will be in negative equity. Houses in the area going for approx 40 grand less than what's left to owning on my house. Will make an appointment wit estate agent n get it valued.

smash

Have you talked to the bank about restructuring or going interest only? 40k isn't a whole lot and if you can hold out a year you'll probably clear it.

heyday30

smash wrote: »

Have you talked to the bank about restructuring or going interest only? 40k isn't a whole lot and if you can hold out a year you'll probably clear it.

Ya smash I'm currently in negotiations. Haven't defaulted yet really don't want to either.

Houses like my own in my area are going for circa 90 to 100 k plus. I currently owe just shy of 139 K.

If I can get interest only it will give me time to consider what to do. I'm just up in a heap. A bit of breathing space would let me get my act together.

smash

heyday30 wrote: »

Ya smash I'm currently in negotiations. Haven't defaulted yet really don't want to either.

Houses like my own in my area are going for circa 90 to 100 k plus. I currently owe just shy of 139 K.

If I can get interest only it will give me time to consider what to do. I'm just up in a heap. A bit of breathing space would let me get my act together.

A mortgage of 139k will be a hell of a lot cheaper than rent which is flying up. I'd try stick with the bank negotiations and hopefully they'll sort you out. First step is to complete a SFS(Standard Financial Statement) form to show the bank what you can or cannot pay.

euroboom13

smash wrote: »

Have you talked to the bank about restructuring or going interest only? 40k isn't a whole lot and if you can hold out a year you'll probably clear it.

I wouldn't be betting on a 40% property boom anytime soon! (In fact the opposite in some areas still)

I can't believe we as a nation have learnt so little!

But obviously ,low interest rates ,have protected /deferred a lot of the over indebtedness pain, that should have been felt after the crash!

And fair play to the original poster for wanting rid!! best of luck to you!!(your heyday will come)

heyday30

euroboom13 wrote: »

I wouldn't be betting on a 40% property boom anytime soon! (In fact the opposite in some areas still)

I can't believe we as a nation have learnt so little!

But obviously ,low interest rates ,have protected /deferred a lot of the over indebtedness pain, that should have been felt after the crash!

And fair play to the original poster for wanting rid!! best of luck to you!!(your heyday will come)

Thank you. Like you said I really just want the house gone bad memories here. It's the nues around my neck holding me back from moving on / starting again.will be moving back with family.

Im under no illusion, I will have surplus Debt from selling.

I guess I'm wondering if anyone has gone through similar situation recently.

euroboom13

heyday30 wrote: »

Thank you. Like you said I really just want the house gone bad memories here. It's the nues around my neck holding me back from moving on / starting again.will be moving back with family.

Im under no illusion, I will have surplus Debt from selling.

I guess I'm wondering if anyone has gone through similar situation recently.

I know a few people whom offload some property last year, when prices lifted.(at a20% loss from purchase price) But there loans were covered by the sale price .

1)As I say repayments on loans can`t really fall much anymore which leave the likely hood of rate rises more probable, and rate rise will reduce affordability(and house prices will fall more).

2)entry level salaries have taken a Hugh fall ,which means anyone whom entered employment in the last 6/7 years can only afford a fraction of previous purchasers.

3)deposit level requirements increased,

4)property tax

5)water rates, will hit deposit savers!

Nothing going to push price highs for quite some time.Goodluck (don't believe the nonsense Celtic tiger echo)

For ever odd

If you are moving in with family, is it possible for you to rent the place out to cover some of the mortgage. Listening to the radio this morning, it was said that 31,000 homes will be taken by the six banks this year. Your predicament sounds like the lower end of the scale so I'd say the bank would be willing to negotiate terms with you.
I hope everything works out for you.