Rodney

[rodney5769]

Hi all this is my first time and i need some advice, my repossesed house is being sold at a price around £40k less than its worth, i have a feeling that someone in the know is buying it. the sale board went up on Friday and it was sold by Monday morning any advice please

[rippedoffagain]

I would go here first, check the correct selling prices in your area. The mortgage company have a duty to obtain the best price possible, and if yours sold in a weekend it would suggest that it was too low.

[rodney5769]

Hi thanks for that reply i have a valuation taken 12mths ago for the purpose of buying the interest back from administrator of my bankrupcy, that was valued at £186.000 the house has sold for £129.950 some difference eh . the thing is what can i do about it

Rod

[rippedoffagain]

A valuation from a year ago would be a very different animal from today. A new development in my area, was on offer from £209k. Last week they were offering these from £160k.

 

All I am suggesting is you check the last similar property sold in your area. If you were to find that a similar property was sold last month for say £165k, you would have more ammunition at your disposal.

[rodney5769]

Houses in my area have stayed fairly stable over the last few years, my bungalow is 4 bedroomed with a granny anex it is a large detached property. the price it has sold for would not buy a semi bungalow in this area. If they have sold it far below the market value would it be best to let it all go through and then sue or try to stop it via FSA

[rippedoffagain]

There is precedent for claiming compensation in such cases, sorry I can't remember where I read it, but I believe it was a high court case.

[rodney5769]

thanks for that i'll look into it further

 

Rod