Another Shortfall Case ..views Please

[Nightmare4banks]

Hi All!

 

Like others on this forum I am being chased for a shortfall on a property that was repossessed.

 

However,in my particular case:

 

1.There were "underhanded dealings" between the estate agent/buyer/surveyor who intentionally downvalued the property and thus property was marketed at 25k below the market value and sold at 30 k below the market value - Market Value being around 145k - 152k.

 

2.After the purchase completed,the new buyer put the property on the market for the full market price but it did not sell.I found out through an ex-neighbour that it was being let out and taken off the market.

 

3.The acting solicitor for the mortgage company does not give a damn and wants to enter judgement against me for almost 25k.Hearing is in the not too far away future.

 

Any ideas/views/suggestions would be highly appreciated.

 

Many thanks in advance.

[Bona]

I have you put in a defence

have you asked by way of CPR 18 for all details of the house purchase ie 3 independant valuations they need what money was added to your account copies of all offers ect

Nobody gives a dam about you you have to do it all yourself

who are the mortgage company

Have you got witness statements from your neibourgh

When is the hearing

[Nightmare4banks]

Hi all!

 

Bona,many thanks for your post.

 

I would try and answer some of the questions you have mentioned.

 

1.There was a survey carried out by a chartered surveyor company with 3 compartive values but very misleading because no details of the addresses were provided which leads me to believe it is completely a farce/made up.

 

2.The estate agent also provided an indicator to the value.

 

 

3.I have received some details regarding the offers but just names of persons - incidently it was only 2 names.

 

4.You mention the neighbour,this is not needed as I already have a print out off of the rightmove site to show the details of the house/price/selling agent.

 

5.The hearing is in a few weeks time.

 

I think I will do a CPR 18 as you have stated mainly to get the details of the exact addresses of the properties.

 

Finally,I would rather not post here the mortgage company details because of prying eyes but just say it is one of the sub-slime companies.

 

Many thanks for your input.

[Bona]

PM me with the name it cammake a difference depending who it is

[Nightmare4banks]

Hi Bona,

 

Just sent you the PM.

[Bona]

recieved not one i have come across had hoped it might be my old motgagee

The should I think get 3 independant valueations as to the value of the house they have a legal obligation to get the best price you have to prove that they did not the valuation will help who did it when they valued our house the judge threw out a valuation from somebody a long way away also a drive buy one You can probalyy show that the purchaser only wanted it to make a quick buck can you find out anything about him does he buy many propertys to rent

[Nightmare4banks]

Bona,just a few points I would like to add:

 

1.The point about having 3 valuations is a very interesting one.In my case,the surveyor office is within my area.However,like I said very unclear as to which properties were used as comparatives and these values given do not match any properties sold at the time stated on any site linked to HM Land Registry office - FOOD FOR THOUGHT!

 

2.Again in my case the buyer was a property company involved in buying/selling and managing properties for landlords.Also,it is invloved in purchasing properties at a discount and helping other newbie landlords to buy properties with the least personal outlay.This is called buying at BMV - or Below Market Value and this is very popular with experienced property investors.

 

3.I think this sort of thing is rife(i.e.selling at a knockdown price) throughout the country and with any lender not just the sub-slime lenders.

[Bona]

You need to play this ask for more details our house was bought by a bilder who tried to evade Tax and all sorts ask for detials of the comparisons under cpr 18 them in a wirness statemnt show these values against land registry taking into consideration a forced sale price

Try to find out what you can about the purchaser does he always use that estate agent was he tpped off I agre with your assumptions but the burgen of proof is on you you need to get that try being a sluth for a few days and see what you pick up allso there was a TV prugrame about this

[Nightmare4banks]

Bona,in reply to your last post:

 

1.I have a crooked estate agent,surveyor and buyer.Now the duty of care is owed to me by the mortgage company and it is liable for the actionsand ommissions,deeds good and bad of both the estate agent and the surveyor but not the buyer.

 

2.So,I am seriously considering approaching the buyers and tell them that if they do not "tell me" all that I will be reporting them to the authorities for tax evasion and assisting the surveyor and estate agent in committing mortgage fraud and mainly causing me a financial loss.

 

3.The main proof that I have is that they bought the property on the cheap and tried to sell it at a markup and at my expense.I will also threaten to sue them for causing me this loss in they do not cooperate - they will hopefully crack in the end and if they know they would not lose any money,they would probably confess as the last thing they would want would be to be investigated by the tax authorities and police - fraud dept.

 

4.Since you suggested the CPR 18,I spoke to the court.I will get it to the court no later than after the bank holiday i.e. next Tuesday or Wednesday.Now I need to decide on what items to list in the order apart from the details of the properties and the breakdown of the costings that have been demanded.

[Bona]

You need them to tell youeverything you want ie.

"Please sepecify all and every valuations obtained on the property who the surveyors were , what instructions were given and by whom, what comparisons were used .

Give details of each and every person who enquired about , looked over the preperty

Give dtails of all offers recieved what date they were recieved from whom they were recieved and to whom were they made.

" Give details of all eatae agents approached re the sale of your house who was engaged and why who was not engaged and why and what were the terms of engagement,

ect ect

 

Was the sale £xxxxxxx plus xxxxxxxxxx for fixture and fittings , have you looked at weather they were trying to avoid stamp duty

[Nightmare4banks]

Bona,many thanks for your posts.

 

I have a few questions that you or anybody else may be able to answer:

 

You say that there must be 3 valuations - is this 1 valuation with 3 properties - compartives in the area where the house has been repossessed or

 

is it 3 seperate valuations done by 3 different valuers or 2 valuations done by

 

2 valuers plus the estate agent?

 

Also,what particular law is applicable in this case?

 

Many thanks in advance.