Ordered to Leave Your Home

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Ordered to Leave Your Home

When a Repossession Order has been issued you still have rights to protect and a better future to secure. Since the Lender will desire a fast sale to recoup as much money as quickly as possible, repossessed properties are often undervalued by lenders and under-marketed by agents. You need to make sure the lenders get the best possible price for your property to ensure as much of the debt as possible can be paid off.

Make sure you:

Find out the exact date the property was given to the Estate Agents to handle.
Ensure the property has been cleaned and the garden tidied.
That a 'For Sale' sign has been erected. Take a photograph of the property if there isn't a sign (preferably with a date stamp).
Visit the agents to check your property is in the window or at least displayed inside.
If it is not displayed ask about the availability of properties where it is located. If you are shown yours, show interest and ask for a copy of the same sales particulars. If they don't show yours just get the name of the sales person for future reference.
Check the sales particulars in comparison with others for positive selling points. They may have neglected to mention "No Chain" or "Vacant Possession". If they have, then the case for under-marketing grows stronger as Estate Agents tend to cite this as one of the best selling points for a property.
Check the value of the property against similar properties in your area.

If the property has been undervalued you can ask the courts for an injunction to prevent the sale. This can be done at any time before the completion date. Lenders have a legal responsibility to get the best price for the property that can reasonably be obtained. If you think your lender has failed to get a fair price, get advice from a solicitor. You may be entitled to compensation.

It may be possible to stop the sale if you can raise the money to pay off your debts soon after the eviction. If you want to do this, you need to act quickly. You have to apply for an injunction to stop the sale of your home while the arrangements are made. If contracts are exchanged with a buyer before you do this, you can't stop the sale from going ahead.

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Home Repossession : information and advice on having your house repossessed and how to prevent it

Home Repossession >> After A Repossession >> Ordered to Leave Your Home

Ordered to Leave Your Home