Does the receiver sell my home for market value?

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kathleen

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Post by kathleen » Sun Dec 12, 2010 4:16 pm
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does the receiver sell my home for just the debts i owe to creditors or does he sell at the market value
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Broke of London

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Post by Broke of London » Sun Dec 12, 2010 5:27 pm
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I think the OR will try to get the best price on a quick sale...for a distressed sale the sale price is usually slightly lower than if you were to sell yourself. Hopefully someone will be along to tell you what happens to any equity left after your debts have been paid.
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kathleen

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Post by kathleen » Sun Dec 12, 2010 5:40 pm
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thank you very much for your reply
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kallis3

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Post by kallis3 » Sun Dec 12, 2010 5:56 pm
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I agree - they will sell for whatever they can get, but any shortfall will be covered by your bankruptcy.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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MelanieGiles

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Post by MelanieGiles » Sun Dec 12, 2010 8:08 pm
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The Official Receiver will take great steps to ensure that properties are sold at proper market value.
Regards, Melanie Giles, Insolvency Practitioner
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