This is my first post on here. Any help will be greatly appreciated.
I seen a house that I liked so I arranged a viewing, when speaking to the estate agent who showed me around she said the property had been on the market for around a year with very little interest and that the property was for sale because the owner went bankrupt whilst he was renting this property out.
Taking these few things into consideration I thought I would make a cheeky offer of 100k hoping that they would want a quick sale due to the bankruptcy situation (the property was on the market for 117,950). Two days later I rang the estate agent to see if there was any news she said she hadn't heard back from the trustees yet and in the end it took them a week to decide to reject my offer and make the decision to take the property off the market due to the property being in negative equity.
If you've got this far I thank you for your time and basically what I want to no is what do you think they will do now? Will they file for repossesion and therefore the property will be up for sale again shortly? If so how long would it take before its back up for sale? Or will they do something different?
Obviously the mortgage company want as much money back as possible therefore the only way I can see this happening is by them selling it. One thing I've thought of is will the trustees possibly take charge of the property and rent it out until the property price increases until they case sell it for what they need to take the property out of negative equity? Thanks