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Response to Under-valuing of repossessd houses/flats

from Jo (chrisbrad@zoom.co.uk)
Hi Eleanor

Basically once the property has been repossessed the lender couldn't give two hoots what they get for it as long as they get something - I'm surprised they don't just give them away. Speaking from experience my partner had his property valued prior to the repo and Northern Rock refused to agree to a sale saying that the price was too low (there was a couple of thousand shortfall) which we asked if we could turn into a personal loan) This was refused. When THEY sold the property they sold it for B#9,000. They say that this was in line with the valuation. Interestly they used the same Estate Agency that my parter used for the earlier valuation - with substantial differences. The property price had decreased by the same valuer by twelve thousand pounds within several months. However Northern Rock feel that all of this was "fair" and that they obtained the marketable price for the property. Basically it seems that the lenders can and will do what ever they like what ever the consequences. It seems like if joe public conned somebody he'd go to prison the lenders don't even get the wrists slapped - WHY?

Look forward to hearing your comments

Jo

(posted 8555 days ago)

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