House Repossession lost woman £22k
Saturday, 24th February 2007An article on the bbc website highlights how a woman from Torquay lost out on £22′000 due to her house being repossessed and sold at auction.
Susan Smiths flat was sold at auction in London for £60′000, but six weeks later sold for £82′000 at auction in Plymouth. This highlights how borrowers who have had their homes repossessed due to mortgage arrears fail to get the best price when their home is sold on.
The £60,000 she received for her home leaves her with £27,000 still to find to repay her mortgage company.
When a property is repossessd by the lender due to mortgage arrears they have a duty to try and get the best possible price for the property within a reasonable timeframe. Sometimes properties are sold through estate agents to try for a better price, but usually most repossessed homes end up going through the auctions where they can be sold for as much as 50% less then the market value.
If you are in arrears with your mortgage Soda Estates can usually help. We can purchase your home quickly for a fair price, stopping your repossession. You will then be able to remain in the property as our tenant or you may decide to move on. In most circumstances we can offer a rent free period and we always fix the rents that we charge for a number of years.