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Is My property being marketed correctly

from Steven Hyne (stevehyne@hotmail.com)
I’m concerned that my repossessed property is not being marketed correctly and that any potential money coming back to me will be lost or worst still that a shortfall may occur. Basically myself and my ex-partner lived in this property. We split and I moved on. However I was left paying the mortgage as I felt obliged at the time as we have two children together. I was then made redundant and could not afford to pay for this anyway. I explained this to my ex but she stuck her head in the sand and it has now been repossessed. Repossession took place on the 24/4/03.

The house has been put on the market for 140,000. This will amply cover the remaining money owed on the mortgage (80,000 approx) and pay any fees on the dealings. My concerns are :-

a. There is no for sale sign up and no internet advertisement. Their best effort of advertising this property seems to be an A4 piece of paper saying this property has been reposed and the name of the estate agents company name. b. My old next door neighbour knows the situation. It just so happened that a friend of hers was extremely interested in buying this. So much so that she rang the estate agents involved and said I’d like to offer the asking price. They asked if she was in a chain herself as they have to have a completion in 28 days. She is and so they refused to accept her offer. Can they do this? What happens if they don’t sell in the allotted 28 days? Does it then go to auction? Incidentally, my partner tried to get details on the house and was told it wasn’t worth it because of the same reason.

c. In the same conversation that this lady had they said this property is going ‘so cheap’ because it is repossession. Surely this indicates that they are not selling this at its best possible price!

I haven’t contacted the mortgage company at this point. Should I air my views now? Is e-mail a reasonable media to write to them asking these questions or should I really stick with normal mail. Where do I go from here?

Any advice will be welcomed as soon as possible due to the 28 day sell by date.

Many thanks

(posted 7631 days ago)

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