house reprocessed how do i make sure they value it right?

[tiger33]

hi,my house so due to be repossed on the 11th of aug but people have already been coming round to look at it before its gone to the estateagents,i owe £90000 to 1st plus and they took me to court in december and got a eviction order for the 11th of jan,they have never acted on it,they are the second charge on my deeds,i owe yorkshire £53000 and have acted on a court order so i have to be out on the 11th/08/10,the thing is the house is worth about £110000,so the questions are how do i go about getting the best price and can 1st plus stop the yorkshire from selling it at a silly price so only the yorkshire get their £53000 back.thanks

[newstarter]

Hi there,sorry to read about your situation.First things first could you give some more info,for example,are you working at the moment,is the Yorkshire,the company who are forcing you out,and have you had any further word from first plus regarding the possession order.

[tiger33]

yes i,am working,its the yorkshire who are going ahead with the eviction on the 11-08-10,1st plus did get a eviction order back in feb but never acted on it and i,ve not heard anything off them at all.

[Ubiquitious]

Most lenders upon eviction will have a professional valuation carried out by a Chartered Surveyor and seek to sell the property within 15% of that value.

 

Yorkshire will have to inform First Plus.

[newstarter]

Right Tiger 33 thanks for clearing that up.First off the combined debt is around 160,000,90,000 to first plus and the rest owed to the Yorkshire.The fact is when a property is repossessed the lender has a duty to get the best possible price for it,however it very rarely happens,and most properties are auctioned of at well below market value.So you could end up with a shortfall and owe money after the property is sold,dont forget you can be chased by debt collectors for up to six years for the intrest owed and up to twelve years for the actual debt,if its the first charge lender,so you have to be careful here. As i see it you have two options,either you can vacate the property on the morning of the 11th and keep your fingers crossed that you get a good price at auction (dont forget the Yorkshire will take out their fees and belive me they can mount up big time) or you can challenge the eviction order and apply for it to be suspended,its not too late even at this stage.If i were in your shoes i would try to keep the roof over my head,is this a possibility for you,let me know and i can advise you further,you can pm me if you like.

[newstarter]

Sorry about the spelling i have only just walked into the house.