Don't be foolishgreenspun.com : LUSENET : Repossession : One Thread
I know! Instead of the 'man on the street' finding a bargain amongst the Repossessed properties available, why don't we avoid them and let property developers make even more money!!! No-one likes to think that they are cashing in on someone elses misery, but to avoid these types of property in the current climate is pure stupidity. If I find a good repossessed property I will jump at the chance to purchase a bargain.
-- Jamie Armer (firstname.lastname@example.org), August 12, 2001
It's not a case of being foolish - it's a case of having the moral courage to say "no" to the big financial institutions who think that they can use any tactics to make money.
If you have been forced out of your home, often through no fault of your own, and you then see that home being sold for a fraction of it's true value that is heartbreaking enough.
To then be hounded for years, threatened and harrassed because that financial institution now thinks it is your fault it lost money on the sale is adding even more to an already heavy burden.
If more people had the courage to refuse these repossessed properties, the financial institutions would have to rethink their approach.
Unfortunately, it is short-sighted, gutless, moral cowards like you that make this misery a profitably business for them.
-- Chris (email@example.com), August 12, 2001.
I can sympathise with Chris's point, but the short-term consequence of his advice would be that the price of repo'ed properties would fall even lower...
As was discussed previously, it's not the buyer who makes the decision on the price, it's the seller. Our job is to draw attention to the sellers inadequate discharge of the responsibilities under the Building Societies Act, which puts a duty on the BS as the vender to realise the market value from the sale of any asset they have repossessed under the terms of a mortgage. Advertising properties seperately as repossessed, having lists of such, is not doing this.
-- (firstname.lastname@example.org), August 14, 2001.
ok just an opinin but empty houses blight an area an this in turn brings down the value of the repoed property.I think we are all better served to try an give free help and advice than to moralise.Although I do respect all of the opionions expressed.I am afraid that the market forces and the element of human weakness will always prevail .Let not get side tracked with this but all pul together to make our stand against the financial bullies ,and mercenary solicitors et al
-- roger watts (email@example.com), August 15, 2001.
Roger - I think the thing that angers is not so much the weaknesses of human nature,which we are all guilty of at times, but the blatant under- valueing, lack of fair marketing and consequent under-selling of re- possessed properties. This happens time after time after time and it is against the requirements of the B.Soc'ty Act - and the lenders get away with it! These questionable actions on the part of so many lenders create a 'false'shortfall which is the precursor to years of distress for many, many people - as you know.
However I do agree strongly that we should all 'work to together' United we stand ....and all that.
If anyone reading this has had any trouble with the Cheltenham & Gloucester pehaps they would let me know -private e-mail please if they prefer.
-- Joy Harker (firstname.lastname@example.org), August 15, 2001.