Yesterday we paid payment 66 of a 6 year iva and now need to get valuations etc to decide whether equity needs to be released.
Approached a local estate agent by phone this morning and asked if they could do a 'forced sale valuation' for us. They said they could but if it was required for legal purposes, eg for a court, we would need to get a chartered surveyor to do it as all estate agents can do is 'appraisals' rather than true valuations.
Will this still be ok? Absolutely bricking it because I honestly do not know that I can do another year..........
Difficult to know really - I know what others have sold for recently but they were in far better condition and the 'forced sale' bit will have an impact too.
Will have an idea tomorrow as agent is coming out to
value/appraise so probably not long to wait now.
Another sleepless night worrying I expect!
Our IP accepted estate agent valuations as realistically its what the house would sell for that counts. What it is worth is only what someone will pay for it so the estate agents valuation really is the best judgement in my opinion.
We just told 2 local agents we were thinking of selling and could they do a valuation? They came out and then I asked them to put it in writing with all their terms so we could decide who we would put it on sale with ... ta daaaaa 2 free estate agent valuations.
Good luck
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
Just had the valuation done and unfortunately for us, it appears that the housing market in our area is buoyant and our idea of value was totally off and the valuation looks to be between 50 and 75k more than we thought.
Obviously overall that's a positive as there is equity in the house, and in normal circumstances I'd be happy, but the agent also said he doesn't think the prices can be maintained and that he expects a drop in 6 months or so -no help to us though!
Although I am obviously grateful that we were given the chance to clear our debt via an iva, we have already paid 66 payments of a 6 year iva and the prospect of a further 12 months fills me with panic. It has got harder and harder to live with and I am now absolutely gutted that I have to wait another year before I can buy a headstone for my child. Before the iva started it was too soon for us to want to buy a permanent memorial but about 2 years ago I suddenly needed to do this and every day hate myself a little more for not being able to and that makes me panic about how I'll cope with another year. I'm not sure my mental health will survive.......... sorry to be so negative.......
I realise this will prolong the IVA, as it will be tagged on to the end -- but have you thought of asking your IP for a break of a few months to fund the memorial stone ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I might add ... have a look on Rightmove to see what similar houses are selling for at the moment and if the figures appear in your favour see if the IP will take that as valuation evidence. Your estate agent might have been optimistic and / or boosting the value to get you on his books. In my experience they ( agents) are still asking around 10% above what houses are actually getting.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014