In my view Eleanor has raised a very important issue. Namely the so called "independence" of the valuations that are carried out on repossessed properties.(posted 8526 days ago)Let's take my case with the Halifax as an example:
I was lucky enough to be able to track the Halifax's actions from the very start of the repossession proceedings. So when I received their infamous "estimated" shortfall letter I immediately demanded copies of the valuations which they could not then refuse to supply.
One of the two "independent" valuations was in fact carried out by...... the Halifax!
The other valuation was carried out by the Estate Agents handling the sale. How independent was this one? Well, it was written on a Halifax form but I'll leave that fact to be judged by others. I am of the opinion that the fact this valuation was handwritten and also that it shows evidence of being written in a hurry may indicate something suspicious. The valuation figures are identical. Strangely enough though that's all that really is! The Halifax's valuation correctly described it as a 4 bed semi. I wonder if the Estate Agents did in fact even visit the property for they valued a 3 bed End Terraced one!!
The Estate Agents valuation having been independently examined and multiple errors found was described as "Negligent". What did the Halifax's Chief Executive Officer do when this matter was brought to his attention? He ignored it along with all the other major issues! "Arrogance and complacency have no place in the Halifax". Guess who said that in the press on the 14th October 2000? Yes, the Halifax CEO!
I know it may feel at times like you're banging your head against a brick wall when you're talking to these people Steve but believe me it's the only way with them. Let's hope the Halifax have the courage to take me to court, because I believe it will prove before the law my belief that they have been negligent and so may help others like yourself in similar situations.
Keep Fighting!