There's an interesting piece in Estate Agent Today, posing questions about the legality of recent REDC auctions. The rules are that lenders must obtain a reasonable value for a repossessed property... since, in the UK, the previous owner is liable for the difference between the outstanding debt and the what was raised by its sale. According to data from rival company WhiteHotProperty.co.uk, the auction houses are typically bringing in 30% less than can be achieved. REDC has a reputation for shifting property fast, and charges the buyer a 10% commission. The suggestion is that canny landlords are factoring the 10% into what they pay. Read the full piece, here.

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