Response to Under-valuing of repossessd houses/flats

Hello Eleanor,I may be out of date on the date I quote but I understand that Bldg.Societies are required by the B.Soc.Act of 1986 to'obtain the best price reasonably available'.Obviously this 'best price' can be the best in a bouyant market - and reason suggests that it should be a fair, realistic and healthy price because of the very conditions that exists i.e. plenty of buyers.Or,it can the 'best of a bad job'in a depressed market. Now, we all know that the appointed Est. Agents in these cases all seem to have a totally different understanding of the English language in these instances and invariably sell way below the 'best price reasonably.....(I,m quite sure that many of these 'agents' or their friends/relatives/ business associates have benefitted from buying properties at these deliberately depressed prices. May they rot! What I cannot understand is why the nudge, nudge approach is seen to be so acceptable. It is not - it is theft. I would suggest that you ask a reliable friend or associate to approach the agents as if they are potential buyers of your property and make sure they obtain the details of the surveyor who valued the property for the Bldg. Soc'y. Also, they should express interest in another property,similar in as many ways poss.particularly price, that has not been repossessed. THEY should then obtain in writing from the agent the reason for the difference in price. Obtain as much info. as poss.regarding the marketing of your property. i.e. where, when, how, who by? Scour the archives of the local newspaper that the agent usually uses for advertising to see what , if any, activity has taken place - even if it is only a notice saying that 'an offer for £xxxxx has been received and further offers should be made by.......'. Gather as much relevant info. as you can Eleanor - it then gives you ammunition to use. I cannot say how VERY,VERY STRONGLY I feel about this blatant robbery that is going on.IT IS ABSOLUTELY DISGUSTINGLY CORRUPT. The lenders know full well and care less about this common practice and consequently do not deserve an ounce of respect. I personally am about to pick up the cudgels, after several years, further to info. I have gathered from this marvellous site. I would not recommend anyone using the B.Soc. Ombudsman - he told me a lie - so don't waste your time or emotions. I'll be in touch again - if you wish to e-mail me direct, please do so. Good luck and take care. JOY.

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