voluntary repossessiongreenspun.com : LUSENET : Repossession : One Thread
I am considering doing a voluntary repossession. I 'should' have lots of equity in the property. What costs would I be likely to incur? Any advice?
-- PJDean (email@example.com), June 17, 2003
If you have equity, you should try to sell it yourself, if you let the BS deal with it, they will charge big bucks and you'll have to wait for your money for ages.
-- John (firstname.lastname@example.org), June 18, 2003.
If you have lots of equity in the property why are you considering a voluntary repossession? Whoever your building society is will charge you interest, estate agents AND valuation fees, plus contractor and locksmith fees. They will also market the property at a level below the norm. If they receive an offer below this figure, they will accept it, just to get it off their hands! All of this will add to your outstanding mortgage and will eat into any profit from equity. Wouldn't it be easier to sell it at auction for a quick sale if that's what you need?
-- Mel (email@example.com), June 20, 2003.