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Repossessed house mortgage shortfall, Ombudsman case
Comments
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If tentative offers had been submitted and then along came a lower offer with confirmation it could conclude...why wouldn't this be acceptable?
In addition a Notice of Offer would have been placed saying something like....."We advise that an offer has been made for the above property in the sum of £310,000.00 Any persons wishing to increase on this offer should notify the agents of their best offer within the next 7 days".
The sale is either dealt with either via a lender's in-house department or through a separate property management company employed by the mortgage lender who usually obtains 2 independent valuations on the property.
A lender is not bound to postpone the sale in the hope of obtaining a better price at some future date...
So on what grounds would the OP have a case?0 -
The lender repossessed and took over the sale from my OR. Yes, they got independent valuations but they were comparing our house - a 5 bed detached - with 2 and 3 bed detached houses - where is the logic in that? Yes, they can accept less than the value of the house but they are honour bound to get the best possible price and £40,000 is a BIG drop.0
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I know of folks who are still paying for properties that were repoed in the 1990's. You will have to wait for the Ombudsman's decision.0
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The lender repossessed and took over the sale from my OR. Yes, they got independent valuations but they were comparing our house - a 5 bed detached - with 2 and 3 bed detached houses - where is the logic in that? Yes, they can accept less than the value of the house but they are honour bound to get the best possible price and £40,000 is a BIG drop.
But as I have stated they are not honour bound to postpone the sale in the hope of obtaining a better price at some future date...0 -
... Yes, they got independent valuations but they were comparing our house - a 5 bed detached - with 2 and 3 bed detached houses - where is the logic in that? ...
Maybe the house was considered over-developed for the area. If people looking for houses there are only looking for 2-3 beds then that could cap the price you would get for any house.loose does not rhyme with choose but lose does and is the word you meant to write.0
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