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Selling a house in negative equity

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  • 09-08-2017 10:23pm
    #1
    lrushe
    Registered Users Posts: 1,713 ✭✭✭


    I'll try keep this as short & simple as possible.

    We currently own 2 properties, 1 we live in at the moment with a mortgage on it & one we bought for cash & have renovated with the view to moving into it in the next fortnight.
    We currently owe €225000 on the mortgage & the property is sale agreed for €205000. The bank are willing to let us sell & pay the balance of €20000 off over 5 years. The problem is we want to have the estate agents & solicitors fees (€4,000 total) taken from the sales price as we don't have the money to pay them out straight ourselves but the bank are refusing, they want the whole sale price.
    I don't understand why they are putting this road block up, we are happy to pay the subsequent balance of €24000 over the 5 years, we have been paying alot more in mortgage payments for the past 8 years & have never even been late on a single payment.
    I am close to just surrendering the property to them & letting them do what they want with it (I've no need for it anymore) but I like to do things right which is what I've been trying to do since April but I also feel painted into a corner.

    Any advice would be so appriecated.


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    #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod: OP, I have moved your thread to the main accommodation and property forum.


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    #3
    Eric Cartman
    Registered Users Posts: 26,280 ✭✭✭✭Eric Cartman


    credit union loan for 4k to pay the fees ?


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    #4
    Mongfinder General
    Registered Users Posts: 1,992 ✭✭✭Mongfinder General


    Get a credit card with avantcard. Transfer 4 grand to your bank account. They will lend this to you at 12.9%


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    #5
    lrushe
    Registered Users Posts: 1,713 ✭✭✭lrushe


    Honestly, we have begged, borrowed & stole (not literally) over the past 2 years renovating our new house that loans aren't really an option hence us wanting to spread the €4000 out over the 5 years along with the residual balance.


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