Repossessed Property Sales Scandal - Even the US knows of it !greenspun.com : LUSENET : Repossession : One Thread
The "Financial Benefits" to be gained from the results of lenders under-selling repossessed properties in the UK are even highlighted for investors in the United States!
Below are extracts from The "Escape from America Magazine" web site article on investing in property in the UK. The article can be found at:
"A glut of repossessions in areas of high unemployment in the past eight years has boosted auction sales, as building societies and banks, anxious to get rid of unwanted houses andflats, recoup what they can quickly through auctions."
"Prices of repossessed houses are often rock-bottom..."
"You can spot a repossessed property in the auction catalogue: It will have a note saying 'For sale by order of mortgagees'."
Talk about the global economy!
-- Tony Hayter (Tony@Hayter.com), November 02, 2000