Proof of underselling : LUSENET : Repossession : One Thread

Not a question, just couuldn't find a place to leave you info! We are an estate agents that does not sell repossessions. basically the story is this: a client of ours was due to be repossessed so for a quick sale we put their flat on the market and received an offer for #41,000. (this was enough to cover their mortgage & arrrears, but not other selling fees). At this stage they had not been repossessed. We immediately forwarded the offer to the banks 'agents' and their solicitors. We were led to believe the offer was accepted. The clients were STILL repossessed!! About three weeks later the 'agent' instrcuted their own Estate Agents to sell the property! They put it on the market for #36,500, knowing we had an offer of #41,000!! We complained, the buyer rang the agent concerned to ask to see the property but was told it was sold! Cut a long story short we contacted the bank, who confirmed that they had not received our offer from their agent. We eventually got instructions to procced with the sale, but the buyer was now reluctant to buy it for #41,000 (not surprisingly). After much correspondance the bank agreed to sell it for #36,500 to the buyer, We found out later that the other estate agents had in fact sold it for #33,000, and had it valued at #31,500!! the property eventually completed for #36,500. The other estate agent involved knew immediately we had a higher offer, and did everything they could to disrupt the sale (intimidation, advertising it a lower price, not releasing keys, trying to burden us with administration, not forwarding offers the list goes on and on). We complained to local Trading Standards and Office of Fair Trading about this. They claimed that nothing illegal had happened!!! We eventually forced them to conceed that in fact there were illegal practices, but that they would not prosecute!!! 18 months after the sale we are still fighting the case. We wrote to the bank concerned asking whether the original owners have been left with any bill, to be writen back to saying they were still trying to resolve the issue!! We have documented proof that the property was undersold by at least 25% in a rising market. The only property we are aware of that has actually gone down in value in that time The owners bought the flat for #37,500 two years ago and the market has gone up since! Strangely when Trading Standards asked for the estae agents file on the property they were not given it! We have a very comprehensive file on this matter and want help on how to publicise it to the maximum benefit. Feel free to contact us. Tel 023 92 668111.

-- Martin Evans (, March 24, 2000


try sending the details in breif to Peter.Prendergast@newa-of-the- I'm trying to get him interested in indemnity which also incorperates underselling, hope this helps

-- Micheal Beaney (, March 26, 2000.

Yet again we see the cross road effect Idemnity and underselling ,would be seen as two seperate points in court, Idemnity goes via the Mortgage Contract and Underselling has to be proven.

The disclosure of documents stage should show the facts ,but alas not that many Lawyers appear to be able to get all the documents

Sway is always put in court by the lender to the Judge re how much they the Lender have lost and show massive debt figures,This has the effect of clouding the Judgement and those that have been to court will im sure agree with me on this point-so any smaller items like few thousand or small idemnity are lost in the overhaul case This will always be the case untill Like, Sue Edwards stated in another case re, Idemnity -when a case on this alone is won-untill then we are saddled with the present system-which shows its self in sadly so many emails

Charles Twford

-- charles twford (, March 26, 2000.

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