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repossession
pickets1980
Posts: 8 Forumite
hi
just wanting to know if anyone as any info on how to carry on about a house we've been looking at that been repossessed?? the house was origianally marketed at 179k then as been further reduced to 139k still not sold its been on the market over a year..the house is now in the hands of the mortgage company we've got to know through a friend that the outstanding balance owed to the mortgage company is 90k.. would they take near to this or let it go to auction?? any help would be grateful.
just wanting to know if anyone as any info on how to carry on about a house we've been looking at that been repossessed?? the house was origianally marketed at 179k then as been further reduced to 139k still not sold its been on the market over a year..the house is now in the hands of the mortgage company we've got to know through a friend that the outstanding balance owed to the mortgage company is 90k.. would they take near to this or let it go to auction?? any help would be grateful.
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Comments
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They will want to get as near "market value" as possible, which is simply what someone is prepared to pay for it.
It will need to be more than £90k - in addition to the mortgage outstanding, there will be all manner of other fees/costs, not least of which, the EA's fee.
All you can do is offer and see what happens.Warning ..... I'm a peri-menopausal axe-wielding maniac
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thats the thing what is market value?? its been up for at least 4 month at 139k still no interest.. would a 95k offer be too low?0
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Offer 95 - they can only refuse. What's your sensible budget for it?0
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we could go to 120k just didn't know how the mortgage company worked weather they would jus recoup there 90k owed to them.0
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pickets1980 wrote: »we could go to 120k just didn't know how the mortgage company worked weather they would jus recoup there 90k owed to them.
They want as much as possible, but if yours is the only offer, then that's what they have to settle for.Warning ..... I'm a peri-menopausal axe-wielding maniac0 -
would they not sooner let it go to auction though?0
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S'up to them. Auction costs to put property in doesn't it?
They'e got to weigh up that your offer of 90k might well be outbid once it gets to the paper advert stage and that might speed the process up.0 -
we was thinking of a bid of between 95k and 100k thats just based on the market at the minute and the fact that the house as been up well over a year and the fact that the outstanding mortgage balance is 90k . does this sound ok???0
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pickets1980 wrote: »we could go to 120k just didn't know how the mortgage company worked weather they would jus recoup there 90k owed to them.
The mortgage company is obliged by law to get the "best possible price".
They can satisfy this requirement if they sell at a public auction................................I have put my clock back....... Kcolc ym0 -
Repossession sales dealt with by - lenders, EA, receivers, solicitors and auctioneers.
This has always bothered me instead of having a couple of people in the chain there are now five.
Very often what people offer an EA is more than the final auction price. I would prefer lenders to try every avenue before going down this route but lenders like HBOS are flooding the auctions at the moment.
Tis a murky business, brown envelopes from investors, receivers only interested in covering their costs - not what is best for anyone else. Auctioneers and receivers getting paid before anyone gets a penny.
Finally the original borrower could be paying for the next 10 years or even longer - due to all the unecessary fees0
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