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Response to Is My property being marketed correctly

from M Amos (idgroms@hotmail.com)
Steven,

Which mortgage company are you with ? Are they members of the Council of Mortgage Lenders ? The CML state " When selling properties which have been taken into possession lenders are under a duty to obtain the best price reasonably obtainable." Exactly what this duty is nobody has been able to answer satisfactorily, the legal duty/obligation was repealed (Building Society Act 1986 schedule 4) when the Building Society Act 1997 was brought in, surprise surprise.

Anyway, the CML also state " A lender is not bound to postpone the sale in the hope of obtaining a better price at some future date; however, the lender should allow sufficient time to permit, for example, proper advertising so that the best price obtainable may be achieved. "

" Agents may advertise properties in the local press, with such advertisements being repeated as and when necessary. Mailshots and national advertising may also be carried out in some cases. In general, lenders do not market these properties as "repossessed properties"; in many cases estate agents are specifically instructed not to do so." ha ha ha.

" Estate agents are usually required to report on activity every four to six weeks if a property remains unsold." 28 days??

There is more, have a look on their web page entitled "Handling of Arrears and Possessions" : http://www.cml.org.uk/servlet/dycon/zt- cml/cml/live/en/cml/pub_info_arrears

It might be worth ringing the CML Compliance Board if your lenders are members, they have been known to act, well, at least once. I think it would also be a good idea to get your local MP to monitor this, if he's not helpful try one who signed Mike Hancock's EDM62 (MP for Portsmouth South). Please let us know the name of your Mortgage Company and let's see if they really do try and get the best possible price.

Good Luck

Mark.

(posted 7631 days ago)

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