Repossessed house price advice please.

kersh14

I have had my home repossessed.

I had the house on the market for £99,950 with the local estate agent, which is the going price for houses in the area.
I have just found out that the mortgage company have put it on the market for £74,950!!!

Obvously they are going to come to me for the short fall and I just wondered if there was anything I could do or say to them regarding the price as it is clear they have not tried to get the maximum they can for it.

Thanks in advance for help.

mikejay

Sorry to hear about your house i cant help with what you can do but can say most of the time that price dont mean much because we have tried to buy a few repoed houses and on all of them the price has suddenly jumped right up i think they put them on low to generate intrest in the property. dont know if it will get as far as you want but i hope someone can gave you some good advice and good luck with the sale.

poppysarah

Had it on the market for how long? Did it get a lot of viewers? Where you close to selling? You can only hope two people spot a bargain and then bid up.

uk_property_expert

How long did you have your property on the market for, If it was over 3 months then it was at to high a price. The mortgage company will have had 3 surveyors value it before they decided on a price. They will have advised the estate agent as to the price they will accept based on the three surveyors. Once an offer is accepted then a notice will be published in the local paper which says somthing like we have received an offer of xxx for xxx address if you want to offer a higher amount please contact xxx thus inviting higher offers. I have purchased over 100 properties that were repossessed but normally only the ones that were in a poor condition. The ones in good condition normally fetch close to full market price. The biggest mistake some one can make is to damage the property remove kitchens etc. If i can be of any further help please let me know by pm. Also if any one needs advice becuase they are being repossessed I can advise you how you can prevent it in most cases.

kersh14

Thanks for the help so far.
I put the house on the market in October and had 2 offers one was 92,000 but did not take it due to needing more to clear all my debt.

I am just thinking regarding them coming for the short fall and what I am gonna have to do after they have sold it.

I was advised that they have to get a realistic price for it. When other properties that are not as good as mine are going for £20,000 more in the same area I wanted to find out if there is anything I can do about it.

silvercar

You had the house on the market for 100k and got one offer for 92k. In hindsight you should have accepted that and then got an unsecured loan to make up the balance.

Anyway that 92k offer has gone, so the lender will want to sell quickly so needs to accept less. In setting the price, the lender is aware that you are accumulating more arrears the longer it takes to sell, so the lenders will always price for a quick sale. Also an empty property never looks as attrative as one that is furnished and tidied up by an owner who wants to maximise their price, so that too will have an effect on the price.

Fire_Fox

You need to look at land registry sold prices not for sale prices to find out what is realistic for your area. I am afraid the lender will chase you for the shortfall and for their costs in repossessing and selling which will run to thousands. I would get some advice on bankruptcy or an IVA.

g_attrill

If you think it is being sold too cheaply you can stop the sale - I don't know the process but have been reading about buying repossessed houses and have read that sometimes the borrower will apply for a court order to halt the sale because they believe that the lender hasn't been diligent in getting the best price.