Hi experts,
I have just bought a property via real estate agent, but unable to settled on time because of the problems of vendor's side. Apparently the vendor owes a great sum to bank and others relating renotation, and the sale price of the property is not enough to cover their debt.
We are living this property now under another agreement for renting, but rent was weived. We have been living in almost 4 weeks, there is no signs of settlement. The vendor's bank came to evaluate the property last week. I don't know what it means to us. This property was not sold under value at the time. Is it possible the bank re-sale the property? My solicitor just advised us not to put any fund into the property before settlement take place.
Is anyone know what is going to happen to us? What options do I have? I appreciate any advice.
Cheers
Vivian
I have just bought a property via real estate agent, but unable to settled on time because of the problems of vendor's side. Apparently the vendor owes a great sum to bank and others relating renotation, and the sale price of the property is not enough to cover their debt.
We are living this property now under another agreement for renting, but rent was weived. We have been living in almost 4 weeks, there is no signs of settlement. The vendor's bank came to evaluate the property last week. I don't know what it means to us. This property was not sold under value at the time. Is it possible the bank re-sale the property? My solicitor just advised us not to put any fund into the property before settlement take place.
Is anyone know what is going to happen to us? What options do I have? I appreciate any advice.
Cheers
Vivian