Saturday, Apr 04, 2009
Lender repossession auctions
The Times: Failed banks accused over showbusiness-style property auctions
Dozens of homes repossessed by two nationalised banks are being sold this week for knockdown prices at a series of auctions where buyers are whipped up into a frenzy.
Northern Rock and Bradford & Bingley have been accused of profiting from the misery of repossessed families by disposing of their homes in showbusiness-style sales.
Critics claim that the high commission charged to buyers by Real Estate Disposition Corporation (REDC), which claims to be America’s biggest seller of foreclosed property, mean that there is less money for borrowers to pay off their mortgage debts.
Posted by devo @ 10:42 PM (903 views) Add Comment
4 Comments
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1. devo said...
They shoot horses, don't they?
2. drewster said...
If the owners are so clever, why don't they sell the properties themselves before they are repossessed?
3. Tenyearstogetmymoneyback said...
I don't understand why they say "where buyers are whipped up into a frenzy" in what is otherwise a negative article.
Surely that is exactly what should happen at an auction. Do they think it is better to have a fading photo of a
snow covered house sat in an estate agents window.
:- Duncan
4. Hanzramp said...
I agree with drewster - proceedings had begun on my home but im still in it now. I used property rescue (http://www.propertyrescue.co.uk/stop-repossession/) and yes i received under value, but i am in a much better situation as a result and didnt have to uproot my kids from routine, school, friends etc....