Saturday, February 26, 2011
Fewer auction-room bargains ahead
Property buyers are finding themselves being unwittingly â€œgazumpedâ€ at the last minute when trying to buy repossessed homes from large UK banks. The trend follows a change in the way banks sell the majority of repossessed homes. In 2008, government-backed banks such as Northern Rock came under fire when selling foreclosed homes through big auction houses. Defaulting borrowers often felt the lender had not maximised the sale of properties. To avoid such accusations banks are increasingly selling through estate agents.