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Response to Duty of care

from Jim Devine (anon@anon.co.uk)
I absolutely agree, in fact I think that lenders when considering offers less than the asking price should where possible establish contact with the ex-borrower and give them the opportunity to have a say as to whether or not the sale should proceed at a particular price or wait a bit longer.

At the end of the day and as you have pointed out a quick sale with a £2k loss is better than a long drawn out sale process and a £10k loss not including all the extra costs built up in the interim, lenders know that fine well. But by giving the borrower a say it could prevent a worse situation and although it sounds silly I really think that agreeing a shortfall with a borrower is much better than the alternative wait and see what happens option!

My point as I stated was not to defend lenders, it was to point out that in a lot of ways lenders have the court on their side and there is damn all you can do it about it in 90% of cases.

Its a sad state of affairs though when a lender refuses to justify why they sold lower than they could have, they must surely want to get the best price for the property as well to lessen the need to pursue shortfalls, bloody idiotic!

(posted 7686 days ago)

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