I would like to know if anyone knows of any estate agents that deal with Repossessed houses or run down houses so they coul dbe bought. Im looking in the area of NW London and West London. Thanks

-- Lub na (lubna_rahmaan@yahoo.co.uk), November 29, 2000

Answers

Time and time again, those wishing to make a quick profit off the misery of others, post messages on this forum asking where they can obtain information about repossessed houses to buy!

This forum is for the victims of the Repossessed Property Sales Scandal and NOT for those that help perpetuate it!

I will repeat the closing part of my response to the previous posting on this subject: "Repossession Lists"

"When are the lenders going to wake up and realise public perception actually proves the truth of the matter that lenders ARE underselling these reposssessed properties. Otherwise why would people be so desperate to locate them before they are so quickly sold off at a bargain price?"

-- Tony Hayter (Tony@Hayter.com), November 29, 2000.

Perhaps we should leave this particular vulture's message on the bulletin board, so that lenders can be referred to an example of the typical public perception of "fair and reasonable marketing" of repossessed properties.

-- Too scared to say (iwasduped@yahoo.com), November 29, 2000.

Actually due to recent case law (Skipton Building Society -v- Stott) lenders MUST ENSURE that repossessed properties are marketed by Estate Agents in the same way that they market other properties.

Therefore in your search for a bargain Lubna you could do all repossession shortfall victims a favour. If you are informed during any future enquiries regarding an property, by an estate agent, that they are selling it below market value as it has been subject to repossession, then please let us know.

Thanks,

-- Tony Hayter (Tony@Hayter.com), November 29, 2000.

If you're man enough - please publish your current name and address !

'We' can take it from there !

-- Vic Harper (victorcharper@aol.com), November 30, 2000.

I have now received this email message from Lubna in reply to my responses on this matter:

"It is a fact of life Tony so please get over it!"

I will leave the judgement of this message to the many other readers of this forum.

Tony.

-- Tony Hayter (Tony@Hayter.com), December 01, 2000.

Yes it is a fact of life, unfortunately it is a fact which is very evident in our lives, therefore I suggest you make your enquiries elsewhere. I am sure you will understand if I don't wish you well in your search for a property.

-- jacky jones (jackycolin.jones@virgin.net), December 01, 2000.

Perhaps Mike Hancock MP would be interested to see this example of cut price repossessed houses being perceived as "a fact of life". Whilst Lubna is not alone in his quest to profit from our misfortune, I wonder if people knew the stories behind the homes they would be as quick to snap them up? The person who bought my property specifically asked the estate agent for "cheap repossessions" and was handed mine on a plate. This person has no qualms about buying the property and in fact re-sold it less than a year later at a profit. I could cry just typing this. The worst thing is - do you know how much my arrears were? Less than one thousand pounds.

-- Too scared to say (iwasduped@yahoo.com), December 01, 2000.

Lubna,

This web page exists to help people who are the victims of repossession. Because repossessed houses and flats are so frequently sold very cheaply by the mortgage lenders, something called a 'mortgage shortfall' is created. Many vulnerable people find themselves, as a result, being pursued very aggressively by a lender for money they don't have. On average, this is £27,000 some 8 years after repossession, I understand. Yet is actually unlawful for lenders to sell repossessed properties too cheaply. They are meant to market and sell them in exactly the same way as other properties.

I would be very grateful if you let me know if you do find evidence of repossessed properties being valued, marketed and/or sold relatively cheaply. As I am sure you are aware, helping others and pursuing social justice can also be a fact of life.

Thank you.

-- Eleanor Scott (eleanor.scott@btinternet.com), December 02, 2000.

Hi Lubna

After reading your comments and noting that you are looking for a cheap repo. Have you ever heard the saying those in glass houses should not throw stones. Mortgages are usually taken out over a 25 year term that's such a long time to mantain such a haughty attitude about the facts of life. I sincerely hope that you never have to visit these pages for advice, please bear in mind that nobody knows what lies around the corner there are lots of unexpected things that can cause your life to drastically change, people don't enjoy losing their homes and it's usually a combination of events out of a persons control, that cause it

-- Jo (chrisbrad@zoom.co.uk), December 05, 2000.

Jo's right, you know. Causes of repossessions include relationship breakdown, such as divorce; unemployment, including compulsory redundancy; and long-term illness. Some people get hit with all three (they get ill, they lose their job, their partner leaves them), and you wouldn't wish it on your worst enemy, especially where there are young children involved.

You might just shrug and say, it's economics. But every faceless economic structure has a human side. Repossession is extremely traumatic for families. Many houses repossessed in the 80s and 90s were subsequently sold at less than the market value, and the repossessees are often only now being chased for the shortfall created. Just as they thought they'd emerged from one nightmare scenario they find they must enter another. If marriages survive the first hurdle, they often don't survive the second. Again, young children are often involved, and stuff like this makes people ill, especially when they see the lenders trying to pass on all their risks and responsibilities onto the repossessees' shoulders.

I still would be genuinely fascinated to know if you found your cheap repossessed property. They are not, technically, meant to exist. But of course we all know different. We'd be glad of the help.

-- Eleanor Scott (eleanor.scott@btinternet.com), December 17, 2000.

Hello Lubna, After reading the heart-breaking stories on this page, could you really be truly happy dwelling in a place that has caused its previous owners such misery? I have been pursued by the Bradford and Bingley for more than 4 years for a repossession that took place about 9 years ago. I have been constantly reminded of my unhappy marriage during this time and have suffered stress-induced illnesses. Yet I count myself fortunate as I have a strong constitution. Others aren't so lucky.

-- Catherine Adams (catherine@olias.co.uk), December 20, 2000.

Hi Catherine - I totally agree with your comments. However, the sort of person who jumps on the band wagon and tries to make a killing on anothers misfortune or bad luck is no better than a vulcher or parasite. I'm a firm believer in what goes around comes around and I for one would never buy a repo and I couldn't care if it was being sold for £1.00 for I know only too well the misery that repossession causes. It wouldn't be so bad if once the house was repossessed then that was the end of it and you could just get on with your life, as we all know it's just the beginning of years of hassle. Anyway enough of my whining, I hope that things are starting to work out for you and I hope next year will hold better and brighter things for all shortfall victims.

-- Jo (chrisbrad@zoom.co.uk), December 20, 2000.

Thanks Jo! Well, the New Year will see me making a trip to the bankruptcy court, thanks to the Bradford and Bingley. However, I see it all in a positive light as the nightmare will end, even if I do have to become 'persona non grata' in financial terms! I now have the love of a good man, which is worth much more to me than bricks and mortar or money. I am feeling much happier, and I intend to support HRP as much as I can. Happy Christmas, Jo.

-- Catherine Adams (catherine@olias.co.uk), December 21, 2000.