FORCED SALE VALUEgreenspun.com : LUSENET : Repossession : One Thread
looking through SARN documents I find the Report and Valuation,Property in Possession to show 1)value in present condition.... £x amount 2) forced sale value............ £x amount the difference on my report is 23% difference (ie loss for me automatically if the building society go with this valuation) If valuers are allowing this sort of easy valuation, following one of the leads down below, of Halifax staff reaching set targets by underselling...then this proves the case? yes? regards Vijay
-- vijay (CIBCEARLY90s@aol.com), February 27, 2002
i asked my legal adviser on the same point and told me that they have the right under the covenant of the deed to sell the property for a little as they like even £10 .......... and this is supposed to be law?
-- mario (email@example.com), April 10, 2002.
I would seriously advise you to get a new legal adviser.
Companies such as the HALIFAX do NOT have any legal right to undersell repossessed properties!
-- Tony Hayter (Tony@Hayter.com), April 10, 2002.
Mario, Tony is right. The Mortgagee in possession is required by Law (and regulatory body agreement) to achieve the best possible selling price, given market conditions etc. Your "legal advisor" could be negligent in advising you otherwise.
Vijay, in theory, there should be little discrepancy between the value in present condition figure and the "forced sale" which is probably Halifax speak for "bottom line repo figure". The value in present condition is the important one. If you can demonstrate that the property was undersold, then you should have a case to argue. However, in practice this underselling seems to be ignored. My solictor's had two valuations, including the Lender's own (!) showing my property to be worth forty eight thousand or thereabouts - they sold it for thirty one thousand to the first taker.
-- Too scared to say (firstname.lastname@example.org), April 11, 2002.