what are the laws governing bids on a reposession in the UK?greenspun.com : LUSENET : Repossession : One Thread
Does the property owner(lender) have to go with the highest bidder on a reposessed house? I have heard that they will choose the best option(cash buyer etc) but i am offering 7k more with my current property already under offer. What are the laws that they have to stick to, because as far as i am aware they have to get back as much as possible for the previous owners? Please help.
-- shaun wright (email@example.com), April 12, 2004
There arn't any laws as such that say they have to take the highest offer - the mortgagees are under a duty to secure the best price and may ovbiously take a lower offer from a man with cash in his hand in preference to a higher offer where the offer is reliant on disposal of other assets which may or may not realise.
It all comes down to which is the speediest way to raise ready cash to clear or reduce the borrowers debt which is going up every month due to interest charges.
-- David J. Button (firstname.lastname@example.org), April 12, 2004.