Repossession going to auction

space_rider

Jorgan wrote: »

The person who was repossessed will still be liable if there is a shortfall in the amount borrowed compared to the selling price, so the lender hasn't lost out at all.

So much for the lender being under obligation to get the best price.

Jorgan_2

space_rider wrote: »

So much for the lender being under obligation to get the best price.

They are under obligation to get the best price, by going to auction they can prove they have been open & honest & achieved the best price, on that particular day. There are a number of people who have challenged the price achieved when a property has gone to auction, when a higher figure had already been offered via an estate agent. No doubt the number of people making such claims will increase.