reposession

carlos700

I need advice on what the procedure is when your house is being reprosessed.Does the morgage company use a local estate agent ?What i mean is would people know that you are having it reposessed.Do you have to have a sign up or is that up to you or down to the morgage company.

pickles110564

If you were selling the property yourself you could tell the estate agent that you do not wish to have a sign up, however if it becomes the banks property I guess they could do what they want.
Why dont you sell before they take the property back? That way you can decide the best route to go down.

silvercar

If the property is repossessed you won't be living in it.

People would see it advertised in the local press/ estate agents website with phrases like "no chain", "vacant possession". Chances are there would be a sign outside as the lender will have a duty to obtain the best price for it so will use whatever advertising the agent thinks appropriate.

chugalug

Repossessions are likely to be sold at auction - quick sale - so you'd then have to pay the difference between what the property fetched at auction and what was left on the mortgage plus costs. (and I mean lots of costs.,...) The property can't be sold until possession is granted to the lender - they have to then enforce the order......... all costs for you. From their point of view, if you're behind on your mortgage and they have to pay out to get their money back they're gonna want a quick sale. Much cheaper for you if you can sell before it gets that far. Courts will often give you time to sell if you've got a buyer in mind - get legal advice. HTH

newish2this

If you were to sell your house yourself, would you be able to achieve enough money to cover your debts???
If you can achieve this figure, why don't you put your own for sale board up to see how much interest you get?