Halifax - who feels they undersold their propertygreenspun.com : LUSENET : Repossession : One Thread
I have had a thought about underselling. We put our property on the market with Halifax Property Services, plus other agents for £41K, got no response so reduced asking price to £35K, still no offers. Handed in keys and Halifax sold flat within the month for £28,500. Surely this proves underselling.
My question is, does anyone feel their property was undersold by their lender after repossession. If there are enough of us, could we ask for a public enquiry, because this has implications on the whole housing market at the time, and PROVES beyond doubt that lenders have undersold properties.
If anyone feels a bit shy about airing their views on site, please email me privately, but I would be interested in your answers.
-- One Angry Mother (firstname.lastname@example.org), November 04, 2002
How can you say that this proves beyond douby that lenders have undersold properties,including your own. You state that you placed yours on the market for 47K no response so reduced to 35K still no response, so you handed back keys and lender sold for £28.500. A very reasonable price i would say. you yourself couldnt sell for 35K so what do you expect the lender to get for it.
-- julie (email@example.com), November 04, 2002.
If you are buying a property and you have a budget of £30K, who do you buy from, the private vendor selling for £30K or the repo next door selling for £25K priced for quick sale.
You buy the cheaper if you have any sense, which in turn means the private vendor has to reduce his property to £25K to keep up with repo prices and stand a chance of selling. Ergo, repo's are reduced too again. Given enough instances like this, the whole market is affected.
-- One Angry Mother (firstname.lastname@example.org), November 05, 2002.