Deliberate undervaluing of property????

greenspun.com : LUSENET : Repossession : One Thread

I read in an earlier posting of a Building Society 'protecting' itself against underselling a house by getting valuations done for 8000 less than the property sold for. When I received all my SARN info, it included 2 valuations done for the same amount by 2 different estate agents and the advertisement which was in the Estate Agents with the same asking price as the valuations. Within 2 months of this valuation the property was sold for 8000 more than the asking price and I really don't understand this. Could something dodgy be going on when getting these valuations done, are they deliberately undervaluing the property? If I saw an asking price of X in the estate agents window I wouldn't go in and offer 8000 over the top, at most you would offer the asking price. We're only talking about 8 weeks from when the property went on the market to when completion took place and the proceeds of sale entered on to the mortgage account so the property was sold pretty damn quick. I have repeatedly asked the Building Society for details on numbers of viewings/ offers made/ who it was sold to but the information is not forthcoming, they keep ignoring my requests and instead send me the 2 valuations over and over again. Anyone got any ideas??

Julie

-- Julie (jmj260101@aol.com), January 15, 2004

Answers

Julie

you can easily find out who bought your house by checking the Electoral roll (try 192.com). I did this when I was fighting a mortgage shortfall. I also phoned the people who bought my house (as I too was suspicious). I told them I was calling on behalf of the post possession department of the lender I was fighting and asked if they would mind assisting us with a little market research. I asked them a few questions like ...what condition the house was in when they bought it...was anything missing....did they feel there was a stigma attached to buying a repossession ....and then I sneaked in a few questions re what was their profession etc ....

If you're confident they will answer your questions and it might get you the answers you want or at least put your mind at rest.

I know this is not proper and correct but sometimes you have to be bold to get the answers you need!

Good luck!

Moira

-- Moira (Anderston828@aol.com), January 15, 2004.


Sorry I don't think I was very clear in my previous reply. When I read it over it didn't sound right.

I didn't tell the new owner I was fighting the lender!!! I simply posed as one of their employees doing some market research on post possession issues!

-- Moira (Anderston828@aol.com), January 15, 2004.


Julie,

Perhaps it might be worth contacting the OFT ?

Mark.

-- M Amos (idgroms@hotmail.com), January 17, 2004.


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