My house was sold at a very low price
My property was repossessed by the bank and auctioned when I lost my job. The problem is that it was sold at a very low price. Now I am left with paying a hefty outstanding amount. I suspect the bank didn’t make enough effort to ensure that they recover most of their money at the auction, or there might have been collusion. Can I ask them to prove that they followed the correct procedure when auctioning the property?
Distressed properties like yours have unfortunately become big business and there is often the suspicion of collusion between the authorities and those who want to buy low and sell high. In cases like yours it is best to try to sell the property yourself. You are entitled to request from the Bank all of the supporting documentation regarding the auction, including when the auction was advertised, the terms and conditions of the auction, the sale agreement that was eventually signed, the account from the Sheriff who performed the auction which details the purchase price and the amount due and owing to the Bank, the accounts from the conveyancing attorney who did the transfer, and a final reconciliation of the amount the property was sold for less the amount due to the Bank – which gives you the shortfall. Often the bank is just interested in recovering its money and thus they are not diligent with the sale price.